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Ron Legrand – Work For Equity
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It was 1989, and I’d been buying and selling houses for over seven years and completed several hundred deals. All were either wholesale flipping or rehabs I’d done and sold to owner occupants. This was three years after the 1986 tax law change that turned the real estate world upside down and created chaos in the business. The economy wasn’t great, interest rates were high, and real estate was getting slaughtered in the news. I’d just closed on the purchase of a house on Prospect St. on the westside of Jacksonville, FL, my home town. The after-repaired value was about $80,000 with $10,000 in repairs. I borrowed $40,000 from one of my private lenders to cover my $20,000 purchase price, repairs and closing costs and brought home about $9,000 for other use…i.e., my personal account. My intent was to rehab the house just as I’d done a couple of hundred times prior. I had the crews lined up, I knew the business, and it was just another deal. Little did I know this ugly little house would soon become a game changer for years to come and create a whole new exit strategy I’d use many times. That day, I had someone put a sign in the front yard that said…
For Sale by Owner, Renovation Underway
The next day, we got a call from a guy who insisted on talking with the owner, so I took it and found out he worked for a construction company. He told me he could do the work himself and buy his own materials and asked how much I’d discount the house if he did. Since he caught me by surprise, the only thing I could say was, “I don’t know. What you would pay?” His answer…”$75,000.” I knew immediately we were on to something here and ultimately wound up lease optioning the house to him for $600 a month rent and a $1,000 nonrefundable deposit. Seven months later, after he finished the work and he cleaned up some credit issues, we got him financed with an FHA loan and my new Work for Equity Program was born. What’s the big deal you say?
Well, let’s take a look at the facts that slowly occurred to me, and you’ll see the big deal.
- He fixed the house with his money so I kept the $10,000 set aside to fix it.
- He was responsible for all the repairs before, during and after. That means I hired no contractor, had no costly renovation delays and didn’t get any calls after the sale to fix something I thought was fixed.
- I sold the house at 95% of its after-repaired value without touching it.
- I didn’t have to deal with finding and getting picky buyers qualified for a loan.
- He gave me $1,000 in non refundable cash I could spend any way I want.
- I collected rent on a house that needed repairs, enough to cover my interest, taxes and insurance.
- I knew if he moved out, I’d be no worse off than when I put him in the house, even if he didn’t do the repairs.
Then I sat down and did a comparison of what I made on this Work for Equity deal compared to a standard rehab deal. It looked like this…
- Tenant buyer did all the repairs with his money.
- I had no marketing costs to sell, and my seller concession on closing costs were much less than you will pay to get a buyer closed with new financing, and the buyer has time to accumulate some cash to apply to costs.
Okay, which is better? Do you need a minute? That’s right; I made 50% more money by not doing the rehab. Amazing, huh? I know I was shocked. But I discovered a brand new exit strategy that none of the gurus told me about and went on to do dozens of these deals.
And still do today, 25 years later.
Recently, I taped an all-day seminar on Work for Equity for the first time ever, and I put in all the stuff I learned in the 25 years since my first Work for Equity deal. You now have a chance to acquire my 25 years of experience in minute detail for a small amount of money, which will all be recaptured with the first monthly payment you will not make on a vacant rehab waiting for a contractor to get done and a buyer to get qualified. Here’s what I covered:
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- Which houses are the best candidates and who are the best buyers. Get either wrong, and work for equity will not work.
- Why your after-tax profit can add another 20% to your net on a Work for Equity that you will always lose on a rehab.
- How to borrow private money correctly to make sure you have no outgoing monthly payment, have at least $10,000 excess cash the day you buy and how to avoid deadly traps many investors fall into from lack of experience. You have mine.
- How you lease option a sale with owner financing, discussed in detail, the good, the bad and the ugly.
- Why work for equity is the perfect solution for all the subject-to deals you find that need work and you don’t have the cash to fix.
- What you should always do in the first 30 days to have a secondary plan ready and what you may have to do in some cases to secure a buyer.
- How I use work for equity to sell to investors even condemned houses and make three times what you’ll make on a wholesale deal.
- How to determine the true, after-repaired value in today’s market so you’ll know what to pay and what to sell for. You’ll get my formula to set your sales price to get maximum profit and not kill the sale.
- How to build a big work for equity buyers list in a hurry so you have several buyers to choose from before you find the house.
A Complete System
You’ll get the new forms to use on the countertop in the house, the sales letter to sell work for equity, a Q&A form for the buyer and step-by-step instruction how to find and prescreen your prospects.
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- A checklist for your meeting with prospective buyers so you don’t forget anything.
- How to get extra money above the rent to help your buyer build a down payment and my special down payment assistance agreement along with my special work for equity lease option agreement. Don’t even think about putting a tenant buyer in a house needing work without this agreement. It could be costly. How do you think I know this? FYI, this agreement alone cost me $6,000 to get prepared and is worth far more than you’ll pay for my entire Work for Equity System.
- Setting the time to complete the repairs, the repair list and agreement, how to monitor without personal visits, how to get paid to inspect and what to do if repairs aren’t done on time.
- How to process several buyers at the same time with a deposit from each without taking the house off the market.
It took me 15 years to stumble on this special form, and I wish I’d known about it earlier. You never want to sign a sales agreement to tie up your house until you’re about ready to close. You’ll learn why in my system.
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- How to get any bad credit cleaned so your buyer can qualify when the repairs are done. It will be done for you, and you’ll get paid to provide this valuable service to your client. Works for you as well. If your credit needs work, you’ll hear from the guy who can fix it, including foreclosures, bankruptcies, judgments, late payments, IRS liens and anything else.
- How to make sure your buyer gets new financing and what has to be done along the way and why you’d better have a system or it’ll never get done.
- How to run your business so you win no matter what your buyer does even if they don’t buy or rehab the house.
- My 25 years of work for equity experience has uncovered all the tricks of the trade and will save you a lot of years of mistakes.
- How you can buy the materials in some cases to really flood your system with buyers and why you make more if you do it properly.
Once you truly understand my Work for Equity system, you’ll likely never want to do another rehab. Frankly, it just doesn’t make mathematical sense. You may be wondering where your cash flow comes from if it took seven months to get cashed out.
But Ron, Where’s My Cash Flow?
Here’s the answer:
- $10,000 from the private loan plus $10,000 set aside for repairs I can use after my buyer fixes the house.
- $1,000 from buyer a few days later.
- $600 a month for seven months.
$21,600 cash flow before I cashed out. $28,700 when I cash out. As you can see, you won’t starve while you’re waiting to get cashed out. What if you had 10-20 of these deals with tenants all in the process? You see, you can do five of these for every one rehab job. That means more deals, less work, no contractors, no costly delays, no holding costs not covered by the tenant buyer, no checks delayed by the slow lenders and no haggling over the price. It’s all in my system, and you can have it in hard copy CDs and manual shipped to your door. You’ll receive the CDs and manual for $497, and it’s a steal at that. The minimal cost will be recovered many times over on holding costs alone on your first deal, much less the repairs you saved and the reduced closing costs. In fact, one month’s rent you’ll collect on Work for Equity that you’d never collect on a rehab just paid for my system. Seems like an easy decision to me. Order it now because you should listen to the CDs before you make your next offer to buy a house. This system will alter your offer and make you aware of some current traps in this recession.
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