Nick Legamaro and Jay Conner talk about how to make a Real Estate deal using the wrap mortgage strategy.
This strategy is one of Nick’s favorite when buying distressed properties.
Watch this video now to learn more.
Nick Legamaro a.k.a “Nick The Note Guy” has been investing in real estate since 2001. He has done just about everything there is to do in real estate. He even experienced the crash firsthand in 2008 and lived to talk about it!
He has bought, fixed, rented, sold, flipped, or been a lender on 1000+ properties. He has personally looked at over 10,000 deals. He has built companies for profit and recently sold one to a 100-year-old Federally Chartered BANK! He has done lots of “HEAVY LIFTING” but in moving forward I have made a HUGE shift!
This is where investing in Performing and NPL Real Estate Notes comes in. With his expertise and technology, he can “control” not “own” millions of dollars of assets nationwide. Now he is ready to show how you too can “Be the Bank” and invest in High Yield, Low Risk, Securitized Real Estate Mortgage Notes.
For more valuable information click on this link and watch the complete episode: https://youtu.be/NlD3O9B8rc0 – “Notes & Wholesale Deals With Nick Legamaro & Jay Conner”
Private Money Academy Conference:
https://jaysliveevent.com/live/?oprid=&ref=42135
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner:
Do you ever buy a house with a note and then turn right around and sell it with a note?
Nick Legamaro:
I do a lot of wrap mortgages, it’s one of my favorite strategies. To be quite honest with you, I think that’s where the real opportunities going to come in. Once we come out of this forbearance period and banks will always get paid, Jay, and there’s no other way around it. They might not get paid today, they might not get paid tomorrow, but they will get paid because they have the house as secure as security for the loan that they made. And they might have to do a loan modification or deed in lieu or Castro keys — all those other strategies. But the end of the day, the bank will get paid.
What I think is going to happen moving forward, this is where the private money comes in to a big play in this. and where you can really help out a lot of people. What’s different today than was in 2008 is that houses have a large amount of equity now. They didn’t have that back then. There was a ton of short sales back then, and a lot of people that are investing they don’t even probably know what a short sale is. You can go search that on MOS and see what comes up in short sale and you might be searching for a while because there’s no reason to do a short sale if there’s equity in the property. They might not get all of it out, but they are going to get some of it out.
So where I see the opportunity coming in and where the ability to buy something subject to an existing existing debt is for example, it’s a $300,000 house and the mortgage might be $200,000 left on it but that seller could be in a default situation or distress situation and can no longer make that payment, but there’s still a large chunk of equity that has to be come out of that deal. If you want to come in and buy that property and do something on the wrap side, which we love to do, you’re gonna have to have some stack of capital to be able to go and buy that equity position out of the way from the seller to be able to obtain that low interest debt. That’s so desirable in this model.
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