Episode 83:
You may know Ron LeGrand as the real estate guy. He’s been at it for 36 years and has bought and sold well over 3000 houses without using his money or credit, and he’s taught hundreds of thousands of people to do the same and still do to this very day. Ron still teaches classes all over America and does live deals with students everywhere he goes.
What you’ll learn about in this episode:
- In this second part of a Q&A session between Ron and his students, he answers more questions regarding the deals his students are currently working on
- Ron explains why he recommends a student contact the HOA of a property to ask if they will allow her to sell a lease option prior to signing an agreement with the seller
- Why the state the property is located in typically determines what rules you are required to abide by, rather than where you set up your LLC
- Why you shouldn’t be having conversations with sellers about future tenant-buyers or your plans for the property once you purchase it
- Why, when you are setting up a land trust, you cannot be both the beneficiary and the trustee, and why you can set it up so that your LLC is the trustee and you are the beneficiary
- How to handle the breach of the due-on-sale clause in subject-to deals, and why the due-on-sale clause being called due isn’t generally something to worry about
- Why double-insuring a property under two different policies doesn’t actually help keep the deed transfer discreet
- Why guaranteeing debt is the biggest mistake you can possibly make in real estate investing
- Why Ron’s views on subject-to deals have changed in recent years, and why it’s important to understand individual state requirements on LLCs
- Why you should never go to a bank for refinancing, and why lease purchasing your own home when considering downsizing is a good idea
Additional resources: