We had a great meeting training meeting this week for the "pacrats" land trust group. Wow what a great turn out! Over 50 people! We were so fortunate, because not only did we get Joe Cain from NARS to come and train us on the Trust documentation, we also had Pete Mendenhall, land trust educator extraordinary!
Actually, I talked Pete into coming with me because it was his birthday and I wanted all of us to take him out for a couple of drinkie poos afterward!
I realized something very interesting that night. I have been talking to Pete about this on our radio show "The Naked Investors", but I really saw it true for other investors as well. Putting properties into a Land Trust is not a new concept by any means. But what seems to be new is that we have a whole new market of sellers and buyers out there. The last time the industry had this many problems getting loans or selling homes there was a different generation of people! So now - even though investors may understand the concept of "owner financing" type of deals, the main stream public doesn't quite get it yet.
So as these homeowners in trouble call us for help, we try to explain "leaving the loan in your name for a couple of years and put you home in a Land Trust concept", and they have no clue what we are talking about. As a matter of fact - they get sketchy about it. Also with Buyers. They don't quite get what a great deal it is for them to not have to qualify for traditional financing, but rather purchase one of our properties through a Land Trust.
It seems that not only educating ourselves as investors is important, but also educating the sellers and buyers about this incredible strategy on how to sell & buy homes - The Non Traditional Way! Creative financing is all we are talking about here. Of course - investors - we are not trying to teach them how to fly a plane here. We are just the travel agents showing them the different flights & hotels that are available for their trip. As my grand pappy used to say: I don't want to know where the water comes from, I just want to turn on the facet and have water come out. Actually my grand pappy never used to say that - I always say it. But it sounds better coming from someone older and wiser doesn't it?
Anyway - it seems that Buyers & Sellers workshops might be in order ey? .... stay tuned!
Pictures and video from our fun filled Pacrat Meeting!
"Little Petey" as he is called on our radio show - goes over questions with Lisa Cooley a member of Pacrats.
Happy 22nd anniversay of your 21st B-day Little Petey!
Several drinks later...
