Flipping America

FAR 135 Expected Air Date: 03/26/18 Opening David Kraus has bought over 40 properties for no money down and no credit check. He has accomplished this by using a combination of Land Trust, Wraparound Mortgages, Lease Options and Contract for Deeds. The favorite tool in his arsenal are land trust and his story on how he started using land trust is one to hear. With an investor, David went out and found a very discounted deal in Joliet, Illinois. It was a two unit in need of cosmetic repairs for only $28,000. Once the property was closed it only took 10 days to do the entire rehab. An appraiser then went out and it appraised for $75,000. Running an ad in the paper, a nice couple wanted to purchase the property and put in a contract for $71,000. The bank they were using gathered all the paperwork and the banks appraiser appraised the property for $71,000, the agreed upon asking price. Then the deal started to self destruct. When the lender pulled title and saw the property originally sold less than a month before