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Show Summary
In this episode of the Investor Fuel Podcast, Host Michelle Kesil speaks with Corrina Webber, the owner of Rent 2 Own LLC. Corrina shares her insights on creative financing solutions for real estate investors, particularly through the rent-2-own model. She discusses her experiences in the Wichita, Kansas market, the challenges she faces, and her strategies for networking and building relationships. Corrina also highlights her future goals for scaling her business and the lessons she has learned along the way.
Resources and Links from this show:
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- Investor Fuel Real Estate Mastermind
- Investor Machine Real Estate Lead Generation
- Mike on Facebook
- Mike on Instagram
- Mike on LinkedIn
- Corrina Webber’s Website
- Corrina Webber on Facebook
- Corrina Webber’s Email Address: [email protected]
- Corrina Webber’s Phone Number: (316) 841-0229
Listen to the Audio Version of this Episode
Investor Fuel Show Transcript:
Corrina Webber (00:00)
Well, I have two things. One, I’m totally trying to crack this code on this DSCR thing. Okay. So what I want to do is I’m trying to figure out a way where for my investors, they can take out the DSC, a DSCR loan. ⁓ because you know, with a lease with option, they have a lease, a good lease, and it’s usually a high lease value because these, these properties, when I rent to own them out,you’re getting so much higher of a price than you would if you were to just regularly lease it. And then you’re not paying the maintenance, you’re not paying property management fees, all of those things. So you have a really good lease value that’s great for a DSCR loan. So they can get DSCR loans approved, but remember, there’s a big down payment a lot of times on DSCR loans. So what I’m trying to crack the code of is using the down payment from the rent to own tenant buyer to pay for that down payment.
do it in a way where it’s kind of seamless so that the investor gets that down payment at same time basically,
Michelle Kesil (02:31)
Hey everybody, welcome to the Investor Fuel Podcast. I’m your host, Michelle Kesil And today I’m joined by someone I’m looking forward to chatting with, Corrina Webber who’s been making serious moves as the owner of Rent 2 Own LLC, helping investors find properties and solutions for their rentals. So, excited to have you here.Corrina Webber (02:55)
Thank you for having me, I appreciate it. I’m happy to be here.Michelle Kesil (02:58)
Awesome, yeah, I think our listeners are going to take something away from all of your creative solutions that you have for them. So let’s dive in. First off, for those that are not familiar with you and your world yet, can you give the short version of what your main focus is?Corrina Webber (03:14)
Sure, yeah, so I am the creative finance girl. So I will help investors basically take their properties and cash flow better using the rent to model. And then I will find the rent to own tenant buyers and put them into those homes. I started this just because I wanted to help people get into houses that couldn’t, traditionally.Michelle Kesil (03:37)
Amazing. I love that. And where are you operating out of? What markets are you working in?Corrina Webber (03:43)
Sure.Corrina Webber (03:44)
Wichita, Kansas market ⁓ and the surrounding areas like El Dorado, Kansas, like pretty much Kansas. And then also some Kansas City.Michelle Kesil (03:52)
Awesome. So what has been like the key to keeping your business to run smoothly?Corrina Webber (04:46)
I would just say keeping inventory and then marketing, marketing, right? So ⁓ I’m the constant networker, but also just making sure that I’m solving problems on the daily. So not only just getting constant inventory in, but also connecting people and solving those problems. So that’s really kind of the key to keeping my business afloat every day and keeping things moving is actually keeping things moving, moving, moving, moving.So I have a pretty cool like routine. I get up early in the morning and I start my marketing from my bedroom when I wake up. I literally wake up, drink some iced coffee and start marketing. You know, so it’s really just consistently doing it every single day.
Michelle Kesil (05:31)
Amazing, I love that. So you’ve mentioned a lot about the creative financing process. Can you expand on what that looks like? What kind some of those solutions are?Corrina Webber (05:33)
Thanks.Definitely, definitely. So, you know, it’s funny because everybody thinks that the way to, that there’s banks, banks are it, and they’re really not. So I say they’re really not, really. There’s other people that need to, other investors that need a solution to offload their property. ⁓ There’s so many different ways to finance a property or for someone else that needs that property, just vote. And so matching up those two people is just,
It’s the way it’s creative financing. That’s what it is. And so what I do is I, I’m the person that matches those two people. So I will take an investor’s portfolio and sometimes I will go find those properties for an investor. And through acquisition, just like you would a regular wholesale, a wholesaler, right? So go find those properties and then get them to where, Hey, we’ll find those for you. And then match them up to the rent to own buyers. Sometimes it’s as easy.
So the rent to own buyer will go ahead and do the repairs themselves, but they’re building their own equity into that. there’s just so many ways, creative financing is just such a broad term, because there’s so many fun ways to do creative finance. But really the goal is for the investor to be kind of that one stop shop where, listen, I’ll either take your current inventory and just go to where it cash flows. And then for the rent to own buyer tenant,
hey, I’m helping you get into a home that you wouldn’t have been able to purchase through a bank and get funded this way. And then once they get into it, if they want to refinance and work on, usually it’s credit that’s holding them back, then they can go ahead and do that. But it might take two, five, 10, 20 years in order to refinance that house out. And by that time, the investors definitely cashflowed.
and then they’re still getting their sale price they want. So it’s definitely a win-win for both parties.
Michelle Kesil (07:32)
Absolutely. What have been some of like those fun creative solutions that have been your favorite with some of the clients that you’ve worked with.Corrina Webber (07:41)
sure. my gosh, I so many stories. ⁓ I would say one of my favorites, I probably have two. ⁓ One of my first favorites would be a commercial deal because commercial is so exciting and you don’t think of commercial as rent-a-phone, right? And so my investor had gotten a school slash church on a great deal. He really did. And so we found areally cool buyer. are like a neuro neuro divergent school for children. And so we got them in there and their lease was optioning it. And so they’ll be in there, they’ll probably cash like convert it over to a full option in seven years and then purchase in 10. But it’s just such a cool deal because you don’t think of a big commercial property like that.
The investor is doing a win-win because he refinanced off of that contract. So he made, he definitely made very well on that deal. But then now this school has an opportunity to purchase a property. They were struggling to find something to rent. And now they have this great space. I mean, it’s a fantastic space. And so both parties really won. A lot of people just don’t think of rent to own in the commercial world.
And it’s just, it was a really neat story. So that’s one of my favorites by far. And then I will say the other one is, is, you know, when you think rent to own, you think beat up, right? You think like smaller properties, kind of distressed. Well, I have properties that in my market, the top of like the market is probably like, I mean, good properties are 400, 500,000 are beautiful properties here. And so I have properties in that.
in that price range. So I have properties from 60,000 all the way up to 500,000. And so one of my favorite stories is probably a family that they worked so hard on their credit and it just still wasn’t right there. And we got them into a $350,000 property. And then within a year, they went ahead and refinanced that. And that right there was just, man, that’s awesome. That’s gold, you know? And the investor of course is thrilled because they got to sell that property exactly overmarket what they wanted.
And then the tenant buyer ⁓ got the property that they wanted as well. So it was just a perfect match.
Michelle Kesil (09:57)
Amazing. I love that story.So I’d love to ask you this. Every business owner has those moments where things get more real. Maybe a deal goes sideways or you have to pivot fast. Would you mind sharing one of those moments that you’ve experienced and how you overcame it?
Corrina Webber (10:33)
Thank you.girl that is like on the weekly okay I swear that is the this world yeah yeah so but my gosh so I would say one reason is is hey we this client had said hey listen I’m moving out and I will have the down payment to move into this rental property and I’m closing I want to close
Michelle Kesil (10:53)
Yeah. ⁓Yeah, yeah, totally. So I’m sure you have many.
Corrina Webber (11:16)
two days from the day I sell the other property. And this is still rent owned, realize, but it still goes through a closing process. It still goes through escrow and all of that. So they’re like, but I need a place to store my items for two days. So we got special permission. This is so crazy. We got special permission for them to put their belongings into the garage. Now we didn’t want to give them early possession because what happens if…something falls away, you falls out, I don’t want to give them early possession of the full property two days early, because you never know what’s going to happen. So we’re like, okay, we’ll give you the garage. So we go and show up, they had full movers, you guys, like full movers. I’m talking like a whole house full of stuff, they’re bringing appliances and they’re like, well, the movers want to move the appliances in at least and just install everything. And like, I don’t have permission to give you.
like full of possession of this property two days before you close. So we ended up having to put everything still in the garage ⁓ and then just put like some special locks on it and then two days later have the movers come back and move everything back in after they close but they actually did close but talk about like we were expecting just to go and open the garage and let them move a couple things in. No I’m talking like a whole day.
And so that was kind of wild. Like I hadn’t experienced that one before. But talk about something kind of going like, just thank you.
Michelle Kesil (12:43)
That’s good. I thought you were aboutto say they didn’t close. I was waiting for the horror story, but I’m glad they closed.
Corrina Webber (12:49)
Girl,I think I would have cried. I would have cried. Yeah, it luckily closed, but I was nervous because what if it doesn’t? Like, you know how many times deals fall out the day of closing or it gets pushed off like two weeks? You know, the tech didn’t clear, you know, those type of things. like, you’re just nervous the whole time and there’s stuffs in the garage, full movers, you know? So I’m like, this is terrifying. But yeah, it still went through, thank goodness. But it was still like.
Michelle Kesil (13:16)
Yeah.Corrina Webber (13:16)
I was expecting a couple of boxes. Like, you know, I’m just gonna put a couple boxes in the garage. Not like the whole family and movers and the whole shebang.Michelle Kesil (13:19)
Yeah.Yeah, that’s funny.
Yeah,
they’re like, my lease has ended in my last place. Sorry. Like, I’m going.
Corrina Webber (13:33)
I’m like, I’m not kenneling the dogs. I’m not doing it.Michelle Kesil (13:35)
Totally. Wow. Love that. So what are you? Yeah. What are you most focused on solving or scaling next in your business?Corrina Webber (13:36)
Yeah, so that was why. Yeah.Well, I have two things. One, I’m totally trying to crack this code on this DSCR thing. Okay. So what I want to do is I’m trying to figure out a way where for my investors, they can take out the DSC, a DSCR loan. ⁓ because you know, with a lease with option, they have a lease, a good lease, and it’s usually a high lease value because these, these properties, when I rent to own them out,
you’re getting so much higher of a price than you would if you were to just regularly lease it. And then you’re not paying the maintenance, you’re not paying property management fees, all of those things. So you have a really good lease value that’s great for a DSCR loan. So they can get DSCR loans approved, but remember, there’s a big down payment a lot of times on DSCR loans. So what I’m trying to crack the code of is using the down payment from the rent to own tenant buyer to pay for that down payment.
for the DSCR loan, but do it in a way where it’s kind of seamless so that the investor gets that down payment at closing so that they close at the same time basically, or close within 24 hours so that the rent to own tenant buyer can get the keys, but that down payment still pays for the DSCR loan down payment.
I’m trying to crack that code. I mean, I’m closed, but I’m really, that’s where I’m at.
So that’s the one I’m like trying to the Rubik’s Cube, know, trying to solve the puzzle. ⁓ And then the other thing I’m doing is I’m getting ready to scale. And I’m super, super excited about that. Because I’ve been piloting in the Wichita, Kansas market for two and a half years now. And really seeing if this rent-own thing would fly, right? Like, hey, does this model work? Putting together like how the program works, building it out, like really building the whole foundation of it. And
Definitely over the last two and half years, we’ve put 257 families into houses using the rent-own model, which is a lot for this market in such a short period of time. And so taking that and now that we’ve got kind of it all put together into other markets, because I think there’s, have investors who are ready for me to go into like the Dallas market, Kansas city, and even Ohio, I’ve heard there’s a big need and really kind of show this model.
over in those markets. And so those are my two kind of excitement, crack the code, all in one type of things that I’m working on.
Michelle Kesil (16:52)
Amazing. Those are some exciting goals that you have. I’m sure you’ll crack the code and you’ll definitely continue to scale. Of course. So when it comes to growing your network and building new relationships, what are some things that have made the biggest difference for you?Corrina Webber (16:56)
Thank you.Thank you.
One is I would say, ⁓ talk to everybody. I talk to everybody. Like I will be, when I’m a social media person, I love social media. So I’m not afraid, it makes me crazy. Okay, listen, I’m old, okay? I’m an old girl. I still am not afraid to try new technology, get on to the, in front of the camera. And I’m always blown away because I’ll have people join my team and they’re just adorable. Like.
So social media worthy, like you are perfect. You speak well, you communicate great. You’re just perfect for social media and they’re terrified to get in front of a camera. And so I’m like, you need to be marketing yourself. Like these are real estate agents or different type of people that are in this, you know, in this world. And I’m like, network, network, network, but also don’t be afraid to put yourself out there. So I think the biggest thing for me is I’m not afraid to put myself out there. I’m not shy.
If I do ever feel any type of nervousness or anxiety, it kind of fuels me and I’m like, ooh, that’s kind of fun, let’s go for it. That means I need to push myself past that. So I would say just not being afraid to put myself out there and then talk to everybody. So if I’m in person, I go to every networking thing I can. If I’m in grocery store, I talk to every single person. You never know, one, what a person is going through. So just never judge a book by its cover. I talk to every single person I can.
And just really, I am just the consistent networker at all times. I don’t care where I am, what I’m doing. Like my kids make fun of me because they’re like, could you just turn it off sometimes? And I’m like, nope, because you guys will be pitching for me. You’ll be repeating this for me when you go out. You you’ll talk to everybody and this, you know, and they do now. So I have my kids, my kids even do investments and they’re investors themselves now.
⁓ So yeah, it’s turned into kind of a family thing, which is really cool, but I never stopped talking about it. I never stopped networking. I just constantly put myself out there.
Michelle Kesil (19:14)
Amazing. I think that’s so important to put yourself out there to network, to share, to connect with people. Because yeah, relationships are everything in this space.Corrina Webber (19:25)
It really is. really is. And no matter how far somebody is away, like I don’t care if you’re in, you know, Timbuktu, I want to still build something and find out a little bit more about you and see if there’s some kind of value I can provide to you. It’s not always what you can provide to me. It’s like what value can I provide to your life? Because if I’m providing a value, doesn’t matter to who, then, you know, my business is going to grow, period.Michelle Kesil (19:52)
Agreed. So yeah, what has been like the biggest thing that you’ve learned from owning this business?Corrina Webber (19:58)
⁓ This is the thing I’m still probably learning. This is my work in progress. It’s probably stretching myself too thin because I can’t be all things to all people and sometimes I try. I’m that constant problem solver and so sometimes I just want to solve everybody’s problems and I can’t all the time. that is probably my biggest challenge is trying to solve all the problems and I don’t really need to solve problems, I just need to provide value.Michelle Kesil (20:02)
Yeah.Corrina Webber (20:26)
Okay, this is what the value I can provide. These are the solutions I have, but really at the end of the day, I can’t solve problems. I can just provide solutions. And that is really sometimes my challenge because I’m a fixer. You know what I want to fix. And sometimes I can’t fix. I just need to provide the solutions that I have and it’s up to somebody else to solve problems. ⁓ And that really is something I’m working on.That’s like my recent growth that I’ve come to is, hey, I can give all the tools. I can share every bit of knowledge I have. I can help you in any way possible that I can. But at the end of the day, ⁓ the choice to make action or do something is yours, not mine.
Michelle Kesil (21:12)
Yeah, 100%, but that’s a beautiful thing for you to learn and to work through. mean, yeah, you’re already in the process of doing it.Corrina Webber (21:22)
Definitely work in process, work in process.Michelle Kesil (21:25)
Amazing, I love it. So before we wrap up here, if someone wants to reach out, connect, collaborate, learn more from you, where can people find you and connect?Corrina Webber (21:36)
Definitely. So ⁓ you can always reach out to me. You can email me, corrina at ictrent, the number two, own.com. You can also my Facebook, you can connect with me on Facebook, which is Rent to Own Homes, rent to own homes, LLC. My phone number is 316-841.0229 that’s my business line you can always reach out to me there as well and um you can text or call that line and they’ll connect you with me or if i don’t answer they’ll connect you with me and you’ll probably get Emily or myself and yeah that’s how you can connect.
Michelle Kesil (22:17)
Perfect. Well, I really appreciate your time, your story, your perspective. Thank you for being here.Corrina Webber (22:23)
Thanks for having me. It was a joy. appreciate your time. Bye guys.Michelle Kesil (22:26)
Of course. Yeah.And for those listeners that are tuning in, if you got value, make sure that you’ve subscribed. We’ve got more conversations with operators just like Corrina who are building real businesses. We’ll see you on our next episode.
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