WHAT IS OPC?
Just like you can use OPM, you can use OPC.
Other People's Credit...
Even though OPC is a "second level dealer" technique you need to know it so you can TEACH IT TO YOUR BUYERS TOO.
CASE STUDY #18
The "Tony & Rosa" Model
This is the story of a stranger that became my client, a good friend, and then my beloved brother.
Tony wanted to buy houses to resell but he had terrible credit.
WHAT A GOLDMINE
Tony worked at the post office and many postal workers have good credit. Since the post office is "a good steady job" banks like to lend money to postal workers.
Tony is a good looking guy with a great personality, everyone likes Tony, even me.
So Tony began taĺking to his coworkers to partner with him buying properties from me and then resell them for a profit or rent them out for monthly cashflow.
The first partner he brought on was ravishing Rosa.
AT THE TITLE COMPANY
1) Rosa buys one of my $120,000 FMV (Fair Market Value) houses that needed $20,000 in repairs for only $60,000 AS IS. Tony is Rosa's silent partner and his name won't figure anywhere.
2) Tony, acting as the mortgage broker, get's Rosa a $90,000 mortgage and makes his 3% commission, $2,700.
3) At closing, Rosa pays me $90,000 and I give her $30,000 back as "repair credit", I kept the $60,000 sales price; I bought it for $45,000 with OPM 3 weeks earlier so I made $15,000, a 33% ROI.
1) Tony uses $20,000 to fix the house hiring a contractor and sells the house for $120,000 to Missy, another 90% buyer from the post office. She was going to live in it (Got a 90% LTV $108,000, a 30 year mortgage).
2) Tony and Rosa pocketed $5,000 each NONTAXABLE by splitting the $10,000 balance on the $30,000 repair credit Rosa received from me at closing.
3) Tony and Rosa made $9,000 each TAXABLE by splitting the $18,000 profit from the sale to their other coworker and created a small second mortgage of $12,000 which they sold for $6,000 to a 3rd party note buyer, another $3,000 each to Tony & Rosa.
That's why we call it "The Ninety Ten", or 90/10, a 90% loan from a bank and 10% seller carryback, a.k.a. "seller holds a second morgage", there are many names, it's common practice.
And the end buyer ends up with a just remodeled house NO MONEY DOWN.
OMG, Can you see what happened here?
Rosa's $100 earnest money check became $17,000 in 6 weeks.
What is her ROI???
Tony's brains, time, and dedication made him $17,000 on one deal, no money or credit needed from Tony.
WHAT TONY DID ON THIS DEAL
1) He found a coworker that qualified for $90% LTV to be his investor.
2) He found another coworker that also qualified for $90% LTV to be his investor's buyer, he had an "out" before even getting "in".
3) He called a general contractor to do all repairs while he convinced more and more coworkers to "play monopoly for real" with him and he convinced dozens to be investors and end buyers, lol.
All when others, maybe even you, would not even attemp it.
Tony did not let his current financial limitations limit him.
Tony is the kind of person you want to study, a survivor.
Will I bend over backwards to help Tony buy my properties?
We made it work many dozens of times.
A DUPLICATABLE BUSINESS FORMAT SYSTEM
Tony became a full time "second level dealer" basically putting my properties together with investors and end buyers, homeowners, that he found at the post office he USED TO work at.
And obviously, because of the "just remodeled home no money down" feature, the referrals snowballed in and it became childsplay for Tony... and for me.
Qualified people begged Tony for a remodeled home No Money Down.
Tony begged me to sell my houses to Rosa.
I begged my OPM investors to stop throwing their money at me, lol.
When people beg to buy from you then you no longer need to sell them anything.
Tony was one of the dozen or so second level dealers that bought from me on an ongoing basis, this is extremelly duplicatable.
And when people throw their money at you just to get your attention then you know that you did everything right.
What a badass little niche huh?
DO YOU WANT TO DO IT TOO?
There is obviously much more to it, this sample lesson is simplified, and I can teach you if you are coachable.
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HERE IS WHAT TO DO
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