{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Subject to Creative Financing with Chris A Williams | BTF 280","description":"LEARN MORE - https:\/\/epa-learn-more.scoreapp.com\/  YouTube Channel - https:\/\/www.youtube.com\/@GavinJGallagher  *** What if owning a property has nothing to do with getting the mortgage? My guest this week, Chris A Williams, buys houses in Virginia without applying for a new mortgage. He uses a creative financing strategy called "subject to": he takes over the seller's existing mortgage payments, takes the deed, and gets into each deal for under $20,000 all in. It won't work the same way here in Ireland, but the thinking behind it will change how you look at any deal that seems out of reach. First, the property news. Mortgage approvals hit record levels, with almost \u20ac1.7 billion approved in August alone. Wholesale electricity prices are up 76.9% year to date, which will feed through to the property market. Construction costs are also rising, though not at 2022 levels, with asphalt the biggest mover, up 16% since January. Chris's own story is the other half of this episode. He lost his football scholarship, had $30 in the bank, and got his real estate licence a week before COVID shut the world down. His first year produced two sales and $12,000, and he sold every share of Tesla stock he owned to pay his bills. By 26, his brokerage team had done $58 million in sales. The lesson I took from him is the one I give my own clients: it is never a lack of resources, it is a lack of resourcefulness. For Irish and UK listeners: subject to, as Chris describes it, does not transfer to Ireland or the UK. Here the lender's charge is cleared on sale, and taking over payments without lender consent breaches the mortgage terms. In the outro I cover what does transfer: finding the seller with a problem, structuring a solution others can't, and buying right on day one. CONNECT WITH CHRIS @IamChrisAWilliams on YouTube, Instagram, TikTok and Facebook *** In this episode: How subject to deals work, and the due-on-sale grey area Why banks never advertise this strategy Who sells on these terms, from low-equity sellers to military families on 0% down loans Wholesaling explained: locking up a contract at $100K and assigning it for $150K The max allowable offer formula flippers use to protect their margin The daily texting habit that turned a dead first year into a pipeline Why subject to doesn't transfer to Ireland, and what does *** CHAPTERS: 00:00 Intro 00:23 Property news: mortgage approvals, energy and build costs 02:39 Meet Chris A Williams 03:36 Lost scholarship, $30 in the bank 06:15 Passing the real estate exam 08:31 Starting out during COVID 10:25 Year one: two sales and $12K 12:24 Bulk texting: four leads in one day 14:33 Selling Tesla stock to survive 16:21 Building a brokerage and team 19:47 The Navy SEALs team model 20:57 Elite Property Academy 21:31 First deal: buying subject to 22:39 The due-on-sale grey area 25:13 Why banks don't advertise subject to 25:54 Deal economics and the entry fee 28:02 Who sells subject to and why 31:11 The 5am routine 32:40 How $58M in sales breaks down 33:54 Wholesaling explained 37:03 The max allowable offer formula 39:26 Building on YouTube 41:02 What he'd do differently 42:27 Elite Property Accelerator 42:53 Resources vs resourcefulness *** Behind the Facade is hosted by Gavin J Gallagher, a Dublin-based property investor and developer with 30 years in the Irish and international market, and first-hand experience of three property crashes. Need some help: https:\/\/workwithgavin.com  *** Support the podcast: https:\/\/buymeacoffee.com\/gavinjgallagher  ","author_name":"Behind The Facade - Real Estate Investing","author_url":"https:\/\/behindthefacadepodcast.com\/","html":"