It’s not often I hear something new to me in real estate. Today for the first time I’m going to share with you how real estate novations are used by investors.
We have all heard of innovation. By definition it is the introduction of something new. Innovations are not inventions. They may use existing technology in a new way, or they may combine existing ideas. The focus is on the newness or novelty. So what is novation? According to the dictionary it is “the substitution of a new contract in place of an old one.”
So what is the connection between novation and innovation? I looked it up on wikidiff. (Yes that’s a thing) and basically learned…they are not really connected. Novation is (legal) replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party while innovation is the act of innovating; the introduction of something new, ideas, technology, etc.
Apparently the only connection between the two is — well they are only two letters and one syllable different. The two letters “in” which as a prefix means “not” as “incompetent” for “not competent” or “impossible” for “not possible.” Although the “in” is not used as a prefix in this case it almost works, “innovation” for “not novation.”
Ok, enough of the dad jokes. Let’s talk about Corey Geary and what how he is using Novations as a real estate investor. Corey is a realtor in Arizona and is a 7-figure Wholesaler and fix and flipper. He’s joining us shortly.
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