Work for Equity – Ron Legrand

Ron Legrand – Work for Equity

I learned to make more and work less with an accidental discovery in 1989.
It was 1989, and I’d been buying and selling houses for over seven years and completed several hundred deals.
All were either wholesale ipping or rehabs I’d done and sold to owner occupants.
This was three years after the 1986 tax law change that turned the real estate world upside down and created
chaos in the business.
The economy wasn’t great, interest rates were high, and real estate was getting slaughtered in the news.
I’d just closed on the purchase of a house on Prospect St. on the westside of Jacksonville, FL, my home town.
The after-repaired value was about $80,000 with $10,000 in repairs. I borrowed $40,000 from one of my private
lenders to cover my $20,000 purchase price, repairs and closing costs and brought home about $9,000 for other
use…i.e., my personal account.
My intent was to rehab the house just as I’d done a couple of hundred times prior. I had the crews lined up, I
knew the business, and it was just another deal.
Little did I know this ugly little house would soon become a game changer for years to come and create a whole
new exit strategy I’d use many times.
That day, I had someone put a sign in the front yard that said…
For Sale by Owner, Renovation Underway

The next day, we got a call from a guy who insisted on talking with the owner, so I took it and found out he
worked for a construction company.
He told me he could do the work himself and buy his own materials and asked how much I’d discount the house
if he did.
Since he caught me by surprise, the only thing I could say was, “I don’t know. What you would pay?”
His answer…”$75,000.”
I knew immediately we were on to something here and ultimately wound up lease optioning the house to him
for $600 a month rent and a $1,000 nonrefundable deposit.
Seven months later, after he nished the work and he cleaned up some credit issues, we got him nanced with
an FHA loan and my new Work for Equity Program was born.
What’s the big deal you say?
Well, let’s take a look at the facts that slowly occurred to me, and you’ll see the big deal.
He xed the house with his money so I kept the $10,000 set aside to x it.
He was responsible for all the repairs before, during and after. That means I hired no contractor, had no costly
renovation delays and didn’t get any calls after the sale to x something I thought was xed.
I sold the house at 95% of its after-repaired value without touching it.
I didn’t have to deal with nding and getting picky buyers qualied for a loan.
I collected rent on a house that needed repairs, enough to cover my interest, taxes and insurance.
He gave me $1,000 in non refundable cash I could spend any way I want.
I knew if he moved out, I’d be no worse o than when I put him in the house, even if he didn’t do the repairs.
Then I sat down and did a comparison of what I made on this Work for Equity deal compared to a standard
rehab deal. It looked like this…
Rehab Deal Work for Equity
Sale price $80,000 $75,000
Rent collected $0 $4,200
Purchase $30,000 $30,000
Repairs $10,000 $0
Sales cost $8,000 $4,000
Interest (12%) $2,400 (6 months) $2,800 (7 months)
Holding cost
(Taxes, Ins, Maintenance – appx. $300 mo) $1,800 (6 months) $2,100 (7 months)
Net $37,800 $50,300

Tenant buyer did all the repairs with his money.
I had no marketing costs to sell, and my seller concession on closing costs were much less than you will pay to
get a buyer closed with new nancing, and the buyer has time to accumulate some cash to apply to costs.
Okay, which is better?
Do you need a minute? That’s right; I made 50% more money by not doing the rehab.
Amazing, huh?
I know I was shocked. But I discovered a brand new exit strategy that none of the gurus told me about and went
on to do dozens of these deals.
A d till d t d 22 l t

And still do today, 22 years later.
Recently, I taped an all-day seminar on Work for Equity for the rst time ever, and I put in all the stu I learned
in the 22 years since my rst Work for Equity deal.
You now a have a chance to acquire my 22 years of experience in minute detail for a small amount of money,
which will all be recaptured with the rst monthly payment you will not make on a vacant rehab waiting for a
contractor to get done and a buyer to get qualied.
Here’s what I covered:
Which houses are the best candidates and who are the best buyers. Get either wrong, and work for equity will
not work.
Why your after-tax prot can add another 20% to your net on a Work for Equity that you will always lose on a
rehab.
How to borrow private money correctly to make sure you have no outgoing monthly payment, have at least
$10,000 excess cash the day you buy and how to avoid deadly traps many investors fall into from lack of
experience. You have mine.
Why work for equity is the perfect solution for all the subject-to deals you nd that need work and you don’t
have the cash to x.
What you should always do in the rst 30 days to have a secondary plan ready and what you may have to do in
some cases to secure a buyer.
How I use work for equity to sell to investors even condemned houses and make three times what you’ll make
on a wholesale deal.
How you lease option a sale with owner nancing, discussed in detail, the good, the bad and the ugly.
How to determine the true, after-repaired value in today’s market so you’ll know what to pay and what to sell
for. You’ll get my formula to set your sales price to get maximum prot and not kill the sale.
How to build a big work for equity buyers list in a hurry so you have several buyers to choose from before you
nd the house.
A Complete System
You’ll get the new forms to use on the countertop in the house, the sales letter to sell work for equity, a Q&A
form for the buyer and step-by-step instruction how to nd and prescreen your prospects.
A checklist for your meeting with prospective buyers so you don’t forget anything.
How to get extra money above the rent to help your buyer build a down payment and my special down payment
assistance agreement along with my special work for equity lease option agreement. Don’t even think about
putting a tenant buyer in a house needing work without this agreement. It could be costly. How do you think I
know this? FYI, this agreement alone cost me $6,000 to get prepared and is worth far more than you’ll pay for
my entire Work for Equity System

Setting the time to complete the repairs, the repair list and agreement, how to monitor without personal visits,
how to get paid to inspect and what to do if repairs aren’t done on time.
How to process several buyers at the same time with a deposit from each contract taking the house o the
market.
It t k 15 t t bl thi i l f d I i h I’d k b t it li Y t t i

It took me 15 years to stumble on this special form, and I wish I d known about it earlier. You never want to sign
a sales agreement to tie up your house until you’re about ready to close. You’ll learn why in my system.
How to get any bad credit cleaned so your buyer can qualify when the repairs are done. It will be done for you,
and you’ll get paid to provide this valuable service to your client. Works for you as well. If your credit needs work,
you’ll hear from the guy who can x it, including foreclosures, bankruptcies, judgments, late payments, IRS liens
and anything else.
How to make sure your buyer gets new nancing and what has to be done along the way and why you’d better
have a system or it’ll never get done.
How you can buy the materials in some cases to really ood your system with buyers and why you make more if
you do it properly.
How to run your business so you win no matter what your buyer does even if they don’t buy or rehab the house.
My 22 years of work for equity experience has uncovered all the tricks of the trade and will save you a lot of
years of mistakes.
Once you truly understand my Work for Equity system, you’ll likely never want to do another rehab. Frankly, it
just doesn’t make mathematical sense.
You may be wondering where your cash ow comes from if it took seven months to get cashed out.
But Ron, Where’s My Cash Flow?
Here’s the answer:
$20,000 for the private loan plus $10,000 set aside for repairs.
$1,000 from buyer a few days later.
$600 a month for seven months.
$10,000 I can use after the repairs are done by my buyer.
$21,600 cash ow before I cashed out.
$28,700 when I cash out.
As you can see, you won’t starve while you’re waiting to get cashed out.
What if you had 10-20 of these deals with tenants all in the process?
You see, you can do ve of these for every one rehab job. That means more deals, less work, no contractors, no
costly delays, no holding costs not covered by the tenant buyer, no checks delayed by the slow lenders and no
haggling over the price.

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