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In this episode of Bill Faeth Unfiltered, Bill is joined by Tyler Coon of Savvy Realty at the Savvy Summit to discuss the concept of seller credits in real estate transactions. Bill highlights his extensive experience with seller credits, having secured over $2.2 million in credits, which contributed significantly to building his $20 million real estate portfolio. Tyler, praised as the 'King of Seller Credits' for his expertise on the agent side, shares insights on how buyers and agents can effectively negotiate and utilize seller credits. Bill recounts a successful transaction where Tyler helped him secure a $65,000 seller credit on a $1.6 million property in Banner Elk, North Carolina. They also discuss a more recent transaction where Bill obtained a $150,000 seller credit on a $3 million property in Montana. The conversation delves into the confusion surrounding traditional concessions versus seller credits and the necessity for agents to understand the difference and how to negotiate them. Tyler explains the steps involved in executing seller credits, emphasizing the importance of having a separate addendum outside the main contract. They provide examples of how seller credits can substantially improve cash on cash returns and property appreciation. The discussion also covers the importance of working with knowledgeable agents who can navigate complex transactions and have experience with seller credits. Bill advises viewers to ask prospective agents about their experience with seller credits and underscores that integrity and thoroughness are crucial traits in an agent. The episode concludes with a reminder that mastering seller credits can be pivotal in optimizing real estate investments.
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00:00 Introduction and Welcome
00:10 Introducing Tyler Coon and Seller Credits
00:41 The Importance of Seller Credits
01:28 How to Handle Seller Credits
02:49 Types of Seller Credits
04:39 Executing Seller Credits
05:33 Common Misconceptions and Legalities
08:34 Negotiation Strategies
10:29 Choosing the Right Agent
12:08 Conclusion and Final Thoughts
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On Bill Faeth Unfiltered, Bill Faeth breaks down the ins and outs of short-term rental hosting, giving listeners actionable advice that they can use to take their businesses to the next level.
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Bill Faeth Unfiltered