I want to make this as simple as possible.
If you’ve been following me for a while, but still haven’t grasped exactly what a wrap is, listen up.
If we owe the bank $1,000 a month, and a family pays us $2,000 a month, we keep the $1,000 in between.
That's a wrap.
It's really not more complicated than that.
Now, there are different ways to structure the paperwork:
True wraps where the deed transfers immediately.
Contract for deed where the deed transfers at payoff.
30-year lease options that we structured specifically so we wouldn't violate our underlying financing terms.
Each has pros and cons. I go through all of them in this video.
But I want you to hear something I tell every student in WrapAcademy.
Don't get overwhelmed by the details and paperwork until it's time.
We take it one chunk at a time. Finding deals. Underwriting deals. Acquiring deals. Finding the buyer. Then paperwork.
You do it once. You do it twice. You do it three times.
And suddenly you have a tool in your belt you can use forever.
Generational wealth, lifelong freedom, and so much more.
The students who have the most successaren’t the ones who know every single nuance before they start. They're the ones who are action-oriented and keep moving forward.
Play in decades. Build skill sets no one can take away from you.
Impatience with actions. Patience with results.
To your freedom,
Phil