5 Transformative Mindset, Business, and Real Estate Books That Changed My Mindset
Note: this blog post will contain affiliate links that when you click and buy will make me filthy rich… joking.
Books have a profound impact on our minds and souls. For those seeking to enrich their mindset, amplify their business insights, or understand the intricate dance of real estate, these titles will undoubtedly enlighten and inspire. Here are a few books that have
Drawing from his rich experience as an FBI hostage negotiator, Voss demonstrates how a deep understanding of human psychology and tactical empathy can dramatically impact negotiation outcomes, whether in business or personal confrontations. This is a book I re-read at least once a year, so much value in this book!
Kiyosaki's seminal work contrasts the financial philosophies of his two "dads," unveiling the profound differences between conventional beliefs about money and the mindset that leads to wealth accumulation.
Wealth Without Cash - Pace Morby
Did you know you can acquire real estate without having to go to the bank, with no cash down, and it’s 100% legal? And no, it’s not the same as a loan assumption. You can! Morby talks about acquiring real estate with little to no money down. This is becoming a popular way to acquire real estate with low-interest rates in a world where rates are 8% and climbing
Dalio, a legendary investor, shares the core principles that shaped his personal and professional journey, offering readers a blueprint for decision-making, leadersip, and success.
Super Attractor - Gabrielle Bernstein
A holistic approach to manifesting one's desires, this book delves into practices that align us with the powerful forces of the universe.
Why Would I Want to Sell My Home Subject To The Existing Mortgage
1. Salvation from Foreclosure
The Emotional and Financial Toll of Foreclosure:
Foreclosure is more than just losing a house; it's about the memories, security, and dreams associated with it. From an emotional standpoint, the stress of possibly losing one's home can be overwhelming. Financially, foreclosure can result in the loss of any equity built in the home, hefty lawyer fees, and the lingering dark cloud it leaves on one's credit report. With a "subject to" sale, you can not only avoid these adversities but can also offer a sense of closure, as the responsibility is shifted and the impending doom of foreclosure is averted.
Maintaining Control:
In a typical foreclosure scenario, control is often relinquished to the banks. By opting for a "subject to" sale, homeowners retain some control over the transaction process, ensuring a smoother transition and more predictable outcomes.
2. Protect and Improve Your Credit Score
Long-term Implications:
A credit score is more than just a number; it's a testament to your financial health and credibility. Negative marks, like missed payments or foreclosure, can stay on your credit report for up to seven years. By selling "subject to," you're ensuring timely mortgage payments, even if they're made by someone else.
Opening Future Doors:
With a healthier credit score, you're better positioned for future financial moves, whether that's buying a new home, securing a loan for a business, or even landing a job in some industries where credit checks are routine.
3. Ideal for Homes with Little to No Equity
Freedom from the Traditional Sale Trap:
When homes have minimal equity, homeowners can often feel trapped. Traditional sale avenues might not cover the remaining mortgage, leading to potential out-of-pocket costs. "Subject to" sales offer a way out without the financial strain.
No Need for Home Improvements:
Selling traditionally might require home improvements to increase market appeal. If equity is already tight, these additional expenses can be burdensome. With "subject to," the buyer takes the property as-is, saving sellers from added costs.
4. Bypass the Traditional Market Constraints
Diverse Buyer Pool:
The traditional market can sometimes be limiting, catering to buyers looking for move-in-ready homes or those reliant on traditional mortgages. The "subject to" method attracts a more diverse range of buyers, including investors and those looking for creative financing.
Time Advantage:
In a sluggish market, listings can stagnate for months. "Subject to" can expedite the process, especially when pitched to buyers eager to skip the lengthy mortgage approval processes.
5. Evade Capital Gains Tax
The Tax Advantage:
When you sell a property and make a profit, capital gains tax can take a substantial chunk of your earnings. With the "subject to" method, since the loan remains under the original owner's name, there's no formal sale in the eyes of the IRS, potentially delaying or circumventing capital gains tax, depending on the specifics of the transaction.
A Word of Caution:
While there are tax advantages, it's essential to consult with a tax professional to ensure full compliance and understanding of potential future implications.