What do I do if I can't sell my house? Kris Krohn, Limitless TV and I get this
question all the time in the comments. I know that some of you are trying to sell
a house because there's a need to or there's a financial hemorrhage going on
and I want you to know that in today's video, we're going to be providing some
answers and we're going to provide some really awesome solutions.
I don't know if you can hear that but we totally got the cleaners upstairs that
are that are cleaning the house so we might have a little bit of vacuum sounds
going on in the background, I hope that doesn't bother you too much. What we're
going to be doing today is, we're going to be talking about what do you do when you
have a house you can't sell. We get this question all the time, it's common where
I've got this house, I can't sell it and first of all, I want to talk about some
of the different reasons why people are struggling and actually in this
situation in the first place because it can often be a byproduct of, I didn't
have a plan or the market did something I didn't plan for. Steven, you know, with
you running the back into the entire real estate system, I know that you work
with people on a pretty regular basis that have a home and they perceive and
need to sell it, what are some of the reasons why people become don't want or
need to get out of the house? - First, so first of all, I want to talk about, you
don't ever need to sell a home when the market's bad, right? That's a bad
decision. - That's actually the opposite of what you want to be. When everyone's
selling you should be, what.. - Yeah, you should be holding on to the right or
buy. So the reality is, if you think you need to sell your home, chances
are you probably don't need to sell it, you just need to find a different option.
So I want to just challenge your thinking for a second, right, what if I
need to sell my home or what if I I want to sell it but I can't sell it, well the
real answer is, you just don't sell it, you just hold on to it, as a matter of
fact, when markets go down, if your home is in a lease option or a rental and the
market kind of starts to tank a little bit, you're actually in a better position
than you were before because although your equity that home, may it look
like on paper that it's leaving, it's going away, the reality is, demand for
your home's going to go up because people can't qualify for a homes with
the bank so they have to get into your property. - But I want to push
back, Steven. Some people say, "I'm in a bad financial situation" or "There's
equity in my house" or "I got this house and I can't cover the payments" So
sometimes people will look at their struggling financial situation or a
house just have some extra repairs and it's like, I can't afford to keep this
house so I can't sell it in the market and I'm financially struggling, what do you
tell that person where it's not about the market, it's about their personal
market? - Great so there's a couple things. Number one, if you keep that home in a
normal rental market, it's probably not going to be the best thing for you but
we talked about lease options a little bit, right? The lease option is a
wonderful solution if you're in a financial pinch and let's just
say that you need an extra $2,000 or you need an
extra $5,000 or even extra $10,000, a lease option is a perfect scenario for
you because what a lease option allows you to do is to collect this initial
money right off the bat and click more than your typical rental would be anyway.
- If you don't know the lease option is, check out some of the lease option
videos on our channel so that you can get an explanation of what that is but
essentially what Steven is saying here is, if you need to hold your house and
the market is telling you, we're not going to buy it from you at the price
that you need or want, then you need to hold it. So instead of losing it, hold it
in the most intelligent way. Right now on a lease option, on a home, a single-family
home purchased at or below the median, there's usually a $40,000 difference
between renting and doing the lease option because like Steven said, you can
collect a $3,000, $5,000, $7,000, $10,000 down payment, you're going to collect a higher rent so
if you were renting it for $1,300, you can probably lease option it for $1,500, that
extra cash flow can create that breathing room of, I'm not going negative,
I'm not losing money, I collected a down payment, I got someone
taking care of the house, they're actually doing all the maintenance on it,
it actually manages mostly itself, I can breathe again and then sell that house
at the right time later in the market or you can wait for a rebound, you can wait
for the market to come back but you get to be positive on your cash flow. - So one
thing that people often say is, "Well what if I'm upside down in my house?
I need to get rid of my house or I feel like I need to
but I'm upside down." - That is the worst time to be thinking, "Oh I'm down in the
market, I should sell." - Please don't, like please don't sell off your upside down
in your home but the reality is, the lease option done right also accounts
for that type of a scenario. - Well just think about it, man. Every 15 years, the
market is going through its ups and its downs. In time, it will correct itself.
How can we say that with confidence over the last 3,000 years? I'll tell you, they've
been tracking it and it's because we keep doing this thing called making
babies. Population increases and it always
creates more demand. We might be in a market right now where at one point in
the market, it's like there's not enough houses and we're building like crazy but
you know what always follows that? Too many houses and not enough buyers and that's
when people start getting skittish and fearful, the market goes down, they want
to take, they want out. I'm like, don't sell the house, manage
house. This is part of knowing how to manage your assets so really the message
that we're sharing today is, if the market will not take your house and a
price you need for it to go for, then you need to hang on to the house - get
creative - but do it strategically and watch one of the lease option videos
because we'll share with you the most intelligent way to do that and we even
have a course that will show you, give you the contracts, show you how to market
it, it's really simple, we create so many successes with this system and so if
you're in that position where you're thinking, "Man, I really need to get out of
this." Maybe you don't, you might fast forward five years and say, "Whoa at that
time, I thought it needed out but I ended up making $30,000 out of a lemon
situation, I turn it into lemonade and thirty thousand dollars is way better
off where I was fighting.. - I want to say something crazy here for just a second.
- Give them a bonus okay. - This is a bonus. What if you're upside down in your home,
you can no longer afford your payments so you need to downsize. Now for often
for people, they think, I used to get rid of this home, I need to get it off, get it
out of my mind, I need to move on and move out.. - Because of the fear and the
scares, how am I going to pay for it - Here's an idea.. If you can't qualify
to buy another home, what if you, what if you downsized, what if you rented for a
while and now what if while you're renting, you turn that home into a lease
option? - Well and you can actually get your own self into a lease option. - You
can absolutely do that. - And at the same time, so your own house and before you notice
like, man, I reduced my payments, I increased my profitability,
I'm way better off. - Yeah, all of a sudden, you thought you were down because maybe
you had a decrease in monthly income or whatever the case is but now all the
sudden you're able to maybe make up some of that, maybe make up a lot of that and
put yourself in a situation where five years down the road,
you're not only a little bit better off, you're way better off. - So if you are in a
situation where you need to sell your house and you don't know how and you
want to make that extra forty thousand gain that we're talking about, make sure
you click the link here and we'll go ahead and have one of our team, it might
even be Steven Miller or myself that reaches out to you and actually shares a
gameplan for a very real solution to take a stressful situation and turn it
into a beautiful profitable situation.I hope this provided some really good
optional solution for you on what you can do. The lease option truly
is an amazing way to go click the link so that you can learn more about it.
Otherwise, subscribe and join our Facebook channel. Oh my heavens, Facebook
is the place for us to meet up, it's a place where I'm doing a lot of real time
and life videos, it's a place to find partners and introduce partners, it's a
place where I can share deals with you, if you want to get way more hands-on in
real estate then you know what? Come find us on that Facebook page.
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