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It's hard to see someone living your dream.
@hannah_ingram_ The best stream of passive income 🙌🏻 #sidehustle #money #finance #foryou
♬ original sound - The Hannah Ingram 👑
"I had to get creative, so I applied a seller financing method where basically the seller is your bank," Hannah explained. (Seller financing means the buyer enters into a mortgage-like contract with the seller directly, so an actual bank is not involved. The contract between Hannah and the seller states that she's responsible for paying off the car wash and if not, they repossess the car wash.)
"That's what is so great about seller financing," she continued. "I didn't have to get my credit pulled from a bank and the bank didn't make me put 20% down for a commercial loan. All I did was have a lawyer draw up a contract saying I was responsible for the car wash mortgage that the sellers already had obtained from the bank years ago."
It cost Hannah $400 to have a lawyer explain the legalities of her situation and draw up the paperwork for the car wash. "You definitely want to choose a lawyer that communicates well and can help gently guide you through the process if needed," she added.
"I went to school to please my parents and the people around me," she said. "And I just sat there one day stressed out and I was like, I'm gonna get out." Because she dropped out of Martin in her first semester, she was able to avoid student loan debt.
That quote stuck with her, so she started studying the business model for passive income, and "one of the outlets for that was a car wash."
"Real estate is kind of my main thing," she said. "I do investment properties, I do wholesaling, but most of my business ventures are in real estate."