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Lease Purchase Programs - Home Partners of America, TRIO, Divvy & Dream America - YouTube
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are you looking to do a lease purchase
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on a home I've compared four different
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programs and I'm going to share my
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findings stay tuned
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[Music]
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hi my name is Natasha Brazil with soul
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by Netcom real estate services and I
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help people improve their lives and
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build wealth by owning real estate and I
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do this by enlightening educating and
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guiding them through the buying and
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selling processes if you have not
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already subscribed please go ahead and
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do so hit that button below
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I bring you new content every Tuesday
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and my content is geared toward home
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buyers home sellers homeowners and
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renters so now that we got that out the
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way let's get in today's topic today's
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topic is lease purchase programs if you
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are not familiar with what lease
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purchase programs are basically someone
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wants to rent a home but their intention
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is that after this lease they want to go
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ahead and buy it so they're gonna lease
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it now but their intention is to
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purchase it later
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for many years I would advise against
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doing the lease purchase and the reason
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why is because it just depends on how it
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is structured a lot of the times you'll
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end up putting a large amount of money
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down upfront and if you decide not to
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buy that property or things don't work
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out you lose that money so they were
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really set up or can be really set up to
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benefit the landlord or the owner okay
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I have come across a couple of companies
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that offer a lease purchase option and I
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feel comfortable enough to present this
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as an option to my clients I have two
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disclaimers for you before we get
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started one the information that I'm
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going to share is based upon my research
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on paper I have not personally purchased
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a home through lease purchase okay some
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of these companies I am more familiar
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with than others but again these are my
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opinions and I urge you to do your own
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research do your own due diligence and
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then you have to apply it to your
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particular situation and what's going to
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work out best for you that leads me to
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my second disclaimer any time someone
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asks me about a lease or lease purchase
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I first talk to them about getting
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approved to just buy outright it's gonna
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be in your best interest and cheaper in
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the long run for you to just go ahead
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and buy outright there are some people
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who cannot for various reasons buy
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outright
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within the next 12 months those people
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may want to look at these programs to
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see if that's an option for them
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the four companies that I compared our
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home partners of America Trio Divi homes
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and Dream America and I spent a lot of
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time going through each company and
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putting this information together okay
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if you see me looking down just know I
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have my laptop here with my lovely Excel
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spreadsheet that I put together Pat
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myself on the back so let's start with
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home partners of America and this is
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directly from their website and their
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About section home partners of America
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allows you to find a home that you want
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to rent from us initially but you may
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also like to buy any time within the
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next three to five years okay
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they are available in several states if
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you go to their website you click on
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communities you can see all of the
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states that they are listed in
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in my opinion this program would be good
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for a person that needs a couple of
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years to qualify to buy a home but they
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want to get into that home now okay one
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of the highlights from this program is
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as I compared them against the other
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programs they seem to have the lowest
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monthly cost okay so that was the
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highlight that I gathered and what I did
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is I went in and I put in the same
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property in every you know website and
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compared what it you know what is that
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the monthly rent was going to be and I
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also did that for how much it would be
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to buy it back and and if the rent
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escalated okay next up is Trio if you
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are in the state of Georgia like I am at
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the time that I'm recording this video
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Trio is kind of on hold and if you go to
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their website to apply you will get this
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disclaimer important announcement please
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read carefully due to a delay with the
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Department of Housing and Urban
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Development Trio is temporarily not
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accepting any new purchase and sale
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agreements in Georgia we are continuing
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to process applications and have a few
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move-in ready homes available in the
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Atlanta market we XA you wait to submit
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any offers on a home as we're not
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accepting any purchase of sale
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agreements in Georgia at this time and
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then it goes on to say basically for all
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other markets as we continue with norm
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operations for updates and announcements
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please sign up for our newsletter okay
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so they are currently on hold and not
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accepting any new applications but I'm
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still gonna go ahead and review them
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because when they do start accepting new
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applications is to definitely want to
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look into alright so they're about Trio
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offers a new path to homeownership
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that's affordable realistic sustainable
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and secure for American households it
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allows the renter to assume the mortgage
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when they qualify all right they are
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available in several states as well and
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if you go to their website you check
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click on locations and you'll
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when they're available my opinion for
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this company trio again it's for the
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person that's going to need a couple of
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years to qualify for their home so
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they're similar I would compare home
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parts of America and trio the highlight
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for trio is that so you get to assume
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there's a loan in the future when you're
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ready to buy so let's just say you're in
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the house two years three years and now
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you're like okay I'm ready to buy you
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assume the mortgage that trio has in
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place which has several benefits to it
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next up is Debbie Homes dippy allows you
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to choose the home you want to live in
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now while saving up for a downpayment
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divvy is available in the metro areas of
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Georgia Cleveland Tennessee so Georgia
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that means Atlanta metro Cleveland is
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akron metro tennessee is method memphis
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in metro my opinion is that this is for
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the person that wants the house now and
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needs help saving for that down payment
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because divvy is gonna make sure that
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you have that down payment when it comes
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time for you to buy and just in short
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seventy five percent is going to go to
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your rent and maintenance cost and
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twenty five percent is going to go to
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your savings for your down payment so
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you're gonna have your down payment when
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it comes time to buy the highlight to
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this program is that it has the highest
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monthly cost so it's a little bit more
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than the other ones but it forces you to
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save for a down payment
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so if you're one of those people that
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have been saving for a house for a very
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long time and it has not happened but
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you have the newest bags and shoes and
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yes you might want to take a look at
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this program okay last but not least is
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Dream America Dream America offers a
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12-month lease with the option to buy
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program it's offered exclusively to
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aspiring homeowners it is for
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individuals and families that want to
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pick a home from any available from
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their community within an approved
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budget lease it from Dream America and
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then buy as soon as they qualify for a
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mortgage they are available in metro
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areas of Florida Georgia Nevada
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Tennessee and Texas my opinion of this
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is this would be good for the person who
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couldn't get approved for a mortgage but
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they really want that house and they can
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definitely get qualified within the next
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12 months and this is more of a shorter
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term professed I'm gonna say divvy and
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dream America their goal is not to be
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long-term landlords they are truly
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trying to get you to be a homeowner you
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know quickly trio at home parts of
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America give you a little bit more time
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to get it together dream America you
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definitely need to be getting together
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within 12 months after those 12 months
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they could still work with you but
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ideally they want to get you in the
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house within 12 months the highlight and
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what I say highlight is not like the
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greatest thing about this program but
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one something that stuck out to me with
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Dream America the applicant needs to
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have at least seven to ten thousand
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dollars to work with okay this is a
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short-term program and aside from that
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they also have a program that help
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people compete as cash buyers so if in
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some markets you know there's a lot of
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competition and if you have been trying
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to buy a house and you have been losing
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out to cash offers they have a program
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that could and you have to go to the
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website to look at all the details but
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you could
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as a cash buyer I have not yet decided
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if I'm gonna post this information on my
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website but I can definitely tell you
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that if you call me I will definitely
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talk to you about some of these programs
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and if you email me I'll send you some
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information as well my contact
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information will be in the description
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box
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you
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