Buying Property Without The Bank
Posted by Ivetta Babadjanian on Sep 2, 2013 - 4:39:59 PM
LOS ANGELES—At a young age, Don Nay experienced first-hand the difficulties of attempting to buy a home with the help of the bank. After being mistreated, Nay decided to discover a way to buy a home without the need of the bank. Not only was Nay able to achieve his goal, but he strives to teach others how they can achieve it as well.
“Banks are financial institutions, not people,” explains Nay. “They have a cookie-cutter approach to making and servicing home loans in Southern California that is without concern for the person responsible for repaying that loan. I figured it was time to share what I’ve learned about the home buying process so that it might just help a few folks to buy a home. It might help wake the banks up, too.”
Having bought over 3,300 residential properties, not once has Nay ventured to the bank for a loan. Nay explains that many people do not know the best way to buy a home so they simply rely on a real estate agent who leads them right back to the bank. The techniques he teaches puts control back into people's hands and allows them to understand why relying on the bank can be detrimental to their lives.
“If people knew how to buy a home without a bank loan, there wouldn’t be so many loan modifications, foreclosures and repossessions,” said Nay. “In fact, the entire economy would be in much better shape.”
In order to exclude the bank while buying property, Nay uses Purchase Money Mortgages (PMM) which is a transaction between a seller and buyer that accelerates the process.
“About twenty years ago, PMMs were a common tool used to purchase homes,” said Nay. “As banks became more ”˜creative’ with their home loan offerings, the same offerings that caused consumers to become over-extended with their home loans, PMMs slowly lost prominence. But, they are more relevant today than ever before.”
Nay explains that most people generally make the same mistakes when it comes to real estate like paying too high an interest rate when there is no need as most of Nay's transactions were made with no interest rate. Many people are conditioned to believe there is only one way to buy a home, thus, they do not question the process despite how negatively it affects their lives. Nay allows people to see opportunities they did not before, which can help them avoid countless financial blows.
Nay himself has spent at least $2 million over 30 years to see more than 250 different real estate seminars, most of which he deems as wasted money.
During his seminars and workshops, Nay walks people through the process of buying a home without the bank and provides them with techniques that changes lives. It is gratifying for him to see people who are struggling to make ends meet improving their lives through the use of his teachings.
Nay’s free workshops will be held at Hilton Orange County on September 10 from 12 p.m. to 3 p.m., September 12 from 6 p.m. to 9 p.m. and September 17 from 12 p.m. to 3 p.m. His three-day seminar will also be at the Hilton Orange County on September 20 through September 22 from 8 a.m. to 5 p.m.
To register for the free workshops or the three-day seminar visit www.donnayzerorules.comor call (800) 994-6330.