All Forum Posts by: Damian Young

 Agreed. I see your point. There's NOTHING new under the sun. The wheel was invented 4th Millennium B.C., but we have gold wheels for cars, BIG wheels for trucks, higher tolerance wheels for off-roading, and so on... Different wheels for different vehicle needs-I see this method as nothing more than another wheel (opportunity) to help your vehicle's (portfolio's) ability to adapt to any terrain (market changes). (Sorry for the auto references. I worked in the auto industry for too long😂). Point #2 Wholesaling is a thing and that thing is literally selling a home for more than what you contracted it for-More being 5x-10x sometimes. Aren't all home sales this way? Aren't all sales on the planet done this way?🤷🏽‍♂️ If I was a Handy-Dandy Contractor and I can pay $2k down and $875/mo. for a home, knowing I can fix up a rent this home out for $1200/mo., why wouldn't I? Third, any interaction, especially sales, has the ability to be predatory if you're a predator. Just be honest with people and they have the ability to accept or deny the terms. Your first deal in real estate is rarely your best deal, but you're creating opportunity for yourself. Lastly, I don't know about the Non-English speaking portion. Mi Espanol es muy malo and I don't know any other languages.😂 Look into it or don't, I'm just the messenger and I'm a terrible one at that. Watch the videos, contact his constituents and as always, make an educated decision for yourself.🙌

 This is the best way I've seen it explained. I'm not getting across Scott's theory very well, but the book explains it very well in detail. YOU WANT THE BUYER TO BUY. YOU WANT EVERYONE TO WIN. You're not being predatory, you're helping people who can't get or just plain old don't want conventional loans (Investors, Flippers, Divorcees, etc...). You end up working with a lot of investors who buy from you to get the low payment without the stipulations and process of a conventional loan. This allows flippers, live-in flippers and regular joes to have another route for their financial or home owner goals. There is no downside or predatory nature to Scott's "Slow Flip" system that I've seen so far. Once again, I would read the book ($10) and do my own do diligence before I ever take the advice of anyone in a forum, but I'm definitely getting in, as I see it as a way to provide people who can't or just don't want to deal with the bank for reasons of their own. I also think it's a great tool to help build wealth opportunities for those who may not be able to go the conventional route. You can watch any of his videos on youtube for free. Tons of free info and reviews out there too. I honestly don't think the guy has a predatory bone in his body. I won't work with or subscribe to anyone I think is like that. I got into real estate to help underserved communities. This system seems to be a great tool to add to the toolbox to do just that. If you're in this to make a million this year, this program ain't for you, but if you're looking to help people and build generational wealth for underserved communities, Scott's system seems to be a very viable pathway to do so. Check his Masterclass Academy video too. Lengthy, but detailed. I plan on joining it soon. I'll update you on it all, as I gain more clarity and do some deals. Here's the first video I ever watched on the Slow Flip Method:

 Kinda like a lease option. The new buyer buys a 30-year amortized home loan from you for $2k-$5k down and for $875/mo. They always has a option to sell it to a new "new" buyer and get their piece if the market jumps up. They can also relinquish it back to you or rent it out anytime. Even during the 5 years. The 5 years is just the loan period you use with your investor to procure the $30k, assuming you use investor money. You're essentially acting as the bank for a buyer with suspect credit and giving your investor 12% until the debt is paid back (60 months at $667.33). You keep all payments and monies from the sale after that 60 month period.

 If you're not using an investor, you buy a house for $30k cash, sell it for $89k "on loan" with $2k-$5k down at $875/mo for 30 years. The book lays it out well and it's only $10.  

Okay, so I finished the book. The system is awesome and so is the book. I'll be primarily focusing on the "Slow Flip Method" for a few months to see if the juice is worth the squeeze, but essentially, you look for distressed properties in or below $30k and sell them FSBO to people with bad credit for $80-$90k with $2k-$5k down. Most people never actually buy the home, so they forfeit the down payment and move. Then you FSBO it to someone else. If they do buy within the 5 years, you pay off investor and you take the leftover. If they buy after the 5 years, you take it all! If for some reason, you're inhabitant wants to sell or rent it out for market value at anytime, you all still win!

Investor side:  Pitch it to your private investor as 12% interests on a 5-year private loan from your investor to secure the $30k. You take home all payments and sale money if the home sells after the 5 years are up. 

From what I've seen and the reviews, it's fairly easy to find these deals and works in remote markets, as you're not maintaining the properties. His private group is $3k upfront or $997 for 4 months. I'll keep ya'll posted...

I just bought his book "The Art of the Slow Flip". I'll let you know when I finish it. I'm looking into his Freedom Accelerator program also. Basically, it's his 3-day, in-person teaching put into an online format with mentorship from Scott and group connections, so we'll see...

@Dave Foster: Thanks for the advice. I may wait to do the refi then. I don't need to refi. Just wanted to open up some debt to income ratio points. LOL!!!!

This is a 2-parter. 

1. I want to do a 1031 exchange when I sell my Jenks rental property, so I can reinvest the capital gains in another property without being taxed. My question is can I use $5k of the capital gains towards my current live-in home without being taxed, or is it not considered a like-kind investment since I already own it? 

2. Also, I'd then like to refinance my live-in house to my wife's name only. The reason I would like to transfer it to her is she get's the VA loan opened up after we sell the rental property. We can save the $100/month in PMI on our live-in property, and it reopens me back up for a more credible income-to-debt ratio and FHA loans. Is this a good idea or would you suggest something else?

@Callum K. and @John Kunick. Thanks fellas!!! All worked out. Got the place rented for $925/month with pet fee. Deposit and 6 months rent up front with 1 year lease. I stand to make $245/month as of right now. Will up the rent to $975-$1,000 this time next year depending on the market at the time. So far, so good!