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hey guys when you buy real estate you don't want to lose money right so in today's episode I got a story for you this is a doozy whatever you do make sure that you don't do this it's Jerry with Jerry Pincus real estate experts here in Myrtle Beach South Carolina I just had to record this video because we had a client let me give you this scenario I want you to be beware of this when you see the rent to own the land contracts the lease to own I'm going to tell you exactly what happened and why you want to run client limited income okay so this really is bad because he didn't even have the income to be able to do this I just want to make sure that he's safe when you're making a purchase looked at a condo was in his price range the condo was right and everything what was not right about it was it was one it was supposed to be in the in it's in the MLS so everybody who reads it thinks it's legit but in the MLS and it says owner financing call for details so we got a little bit of details one of our agents went out and looked at it took a look at the property all this wasn't disclosed but the the case of the matter is that the person who was selling had a mortgage on it still now unless you guys know this if you know this you know back in the 80s you could do an assumable mortgage but today if you take a mortgage on in the contract with any bank who has a mortgage there's a non assumable in other words payable and demand so if someone who owns that property tries to mortgage it or take payments or or that sort of thing it's a payable and demand the bank wants their money all upfront so that's one thing the second thing is that there's a clause in there why is it not assumable it's because people would flip properties and the next person who was buying the property would have the house but wouldn't necessarily have the full and clear title and you guys want a full and clear title when you purchase a property we don't want you make this mistake I know a lot of you who are looking on the Internet you know you're desperate to find a place because it's not a whole lot in your price range I know that you're desperate to find a rent-to-own because you know you want to put some money in your pocket maybe your credits not great I want you to avoid this pitfall because here's the thing I want to give you some some good advice and and guidance and make sure that you're not losing money because here's the deal you know you have no real protection you know this person that...