I was just wondering, has anyone here tried out Bill Vaughn's course and reading materials? For those of youwho aren't quite sure who I am speaking about, the link is as follows; http://www.simple-mans-guide-to-real-estate.com/
The site says that his company is a non-profit organization and that they have an A+ with the better business bureau. Also, I've found several sites that have reviewed it and say that it is great, and the review also says that Bill Vaughn's materials are better than Rich Dad's content and Than Merrill's content. I just wanted some feedback from someone on here who also actually taken up this course, or has spent the $75 and taken the time out to read his material. Thank you guys for looking and for sharing! Have a blessed day.
I bought Bill Vons product 10 years ago and it's not Dodd Frank compliant but it gives you great ideas on how to be creative on buying on terms
There's free stuff on my BP blog that goes through the same concepts, they are not new
I like how he teaches very much he's a good teacher is very sincere about people learning not a lot of fluff not a lot of Guru speak
Great input @Brian Gibbons I highly appreciate your timely response. I have signed up to receive your free ebook via your website and will be reading it very soon. Thanks again and I wish you the best of luck and prosperity in your life and in your business.
Get a real estate Lic in fl
Then buy on terms as a principal bus owner
@Brian Gibbons I do have an active license in FL. Can you please elaborate more on what you mean by "buy on terms as a principal bus owner?" Please and thank you!
Start a Florida llc
Specialize in listings
Go after expired
Tell sellers you will work for no comission - no kidding!
Tell sellers they need to be creative to net more money
Show them the costs to sell traditionally 9 to 12 per cent of appraisal
Then offer a sub 2 offer, a wrap offer and a lease option offer
You act as a Pricipal not as an agent
See my BP blog for more
Oh, nice! Thank you @Brian Gibbons I had no idea how it worked but thanks to your insight I'm learning more! I will be checking out your blog very soon to learn even more. Once again, I appreciate your help and support.
Did you ever end up doing anything with the Bill Vaughn course? If so, what are your thoughts?
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Bill Vaughn here (not Von). Not sure Brian Gibbons was ever a client of mine, since he doesn't even seem to know my last name (^.^) But he is 100% wrong about my course not being Dodd-Frank compliant. For starters, it is fully compliant, whereas Dodd-Frank regulations revolve around lenders & Wall Street, not private, individual investors. Perhaps Brian would like to elaborate as to just how my course is not compliant...
@Bill Vaughn that's interesting.. Dodd Frank definitely affects anyone doing more than a few transactions a year whether they are private or not...
For instance in Oregon there is a carve out you may do 3 seller carries or private money originations without being licensed ... after that it requires a license.. same with other states. So unless your just talking about doing one a year selling your own residence to an owner occ DF does apply generally speaking.. is it adhered to by the private investors NOPE LOL.. but its the law.
Thank you for your post, but...
You seem to be talking about very limited methods of investing. It requires NO LICENSE for a private individual to flip, rehab or buy as many properties as rental units as one wishes. In fact, if such a law were to be passed, it would be unconstitutional. Perhaps you do not fully understand DF, nor do you seem to fathom the tens of thousands of UNLICENSED investors that are active in this country, and operating legally. If investors had to get licensed, there would be few investors.
PRIVATE MONEY ORIGINATIONS (incl. SELLER CARRY) - yes, because you are not just an investor, but an ORIGINATOR, and hence acting as a lender (as I had pointed out). It's not the individual investor that is affected, but his choice to also be an originator, or using one. Again, it is the LENDERS and WALL STREET that DF targeted
NOTE: Even most of the "gurus" are not licensed in any way, and I trust they might do more than 3 per year.
I hate debating federal laws and I always try to have attorneys to talk about TILA, RESPA, DFA, Safe Act, etc post Jan 10 2014.
Here's an example. You can buy as many land contracts you want in OH. SELLING as many as want is another story.
Here is an attorney talking about DFA.
Bill Vaughn, I am sorry I mispelled your name. I was using text to speech on an Iphone.
I had read your course circa 2005. Never a student.
@Bill Vaughn Actually Bill I am a NMLS licensed Mortgage banker.. so I am up on the rules. when you talk about fix and flip well of course .. most can do that.. with no license's
but again not a blanket statement.. IN Orygun it is illegal to fix and flip without a GC license or a developers license and the subsequent insurance and bonds.. Even for one house.. You may work on your own home to live in.. but not sell to the public. Now most states its wide open but not all.
So I am also a licensed developer in Orygun... as this is state law..
I was referring to originating loans and seller carry backs... some are exempt others are not.. its state specific and most coach's and gurus talk in General terms that may or may not be relevant for where your student resides.
that's all I was pointing out...these folks DF and Safe act absolutely impact the private investor who is doing any volume.. in some states not so much in others it moves you to the status of NMLS or RE broker like CA.
For the "fix and flip" it is generally assumed the investor would use qualified, licensed contractors, unless the investor, himself, is a licensed contractor. But none of the methods we teach fall under the purview of DF, if done as suggested.
@Bill Vaughn that's just it in Orygun.. you CANNOT as the investor buy and resell to the public for profit any property without being a licensed GC .and if your not then you need to be a Licensed Developer... I know its rare.. but crap I probably did 150 rehabs before some one told me about it.. then I went and got licensed...
So take your average working investor who decides they want to buy your materials and they want to flip and they are in Orygun... they buy a property in their LLC name .. hire a GC to do all the work licensed or not... then resell to public.. NOT LEGAL.... that's my point every state has their rules nad generally speaking most materials put out by coachs are not state specific.. so in theory and in practice your correct most of the time but not all the time.. this is just one area.. and Any financing of any 1 to 4 in Oregon seller carry back or new originations if doing more than 3 in a year NMLS is required.. that's the law as well. I know ORYGUN sucks when it comes to this ...
I am not going to get into a discussion on the intricacies of Oregon regulations/laws, but as far as Dodd_frank is concerned, I state it all quite clearly on the IntelliBiz website, at www.intellibiz.com/DF.html. The short take is that if an investor is not playing banker (self-financing part or all of a transaction), Dodd-Frank does not apply at all. Yes, some states, like Oregon & Texas, may take it upon themselves to pass other regulations, but that is not Dodd-Frank. For real estate investors, Dodd-Frank ONLY applies to those who provide financing, or arrange to do so. DF was specifically designed to address the problems in the financial industry. If an investor buys a property, then resells it without actually financing any part of it, there are no restrictions under Dodd-Frank.
That said, I am done arguing the point. I do realize that a lot of investors, bankers and even lawyers seem to wrap a lot of "state-bred" regulations under the cloak of DF, but that is their problem.
If an investor acts as a lender, they can run afoul of DF if they ignore the requirements. If an investor does not act as a lender, there are no DF restrictions.
It appears you are focusing on rehabs. I do not believe that even Oregon can pass a law requiring an investor to be a General Contractor to resell a property if there was no need for any rehabbing (which has nothing to do with Dodd-Frank). Perhaps you should clarify that. You make it sound like anyone who buys a property, then resells it without doing fix ups, cannot do so in OR. I believe that is false. I am speaking to strategies like a double escrow (simultaneous closing) for example. So, while you may be correct for properties being rehabbed, not all investing methods involve rehabbing. And while you may be correct concerning Oregon regs, they have nothing to do with Dodd-Frank, which was, after all, the basis of this thread.
@Bill Vaughn you are correct... if you do no work you can buy and sell.. its only when you do work on the homes that you need licensing.. I know its counter intuitive.. and most folks get into flipping not knowing this law.. but the competition if they see you don't have a developers license or GC will file complaints.. and you get a 5 to 10k fine. Just ask me how I know.
and of course if there is no financing no dodd frank
whats happened at the state level is 18 states have enacted DF and Safe act as their rules .. the rest of the states .. separate 1 to 4 unit commercial purpose loans.. and are exempt my only point is that this stuff is really state specific so one size does not fit all that's for sure.
@Jay Hinrichs, this is a little disheartening to hear about Oregon, though I'm certainly glad to be accidentally educated on it. We have just started our new venture in flipping and Brrring (hopefully Brrring, but we'll have to see if we can get the financing when ready). Our first place will close in about a week and we paid cash for it. It has some deferred maintenance and repairs needed, but is otherwise cute as a button. At any rate, we do not have our contractor's license. I was thinking I might need or want to get my realtor's license at some point, but definitely didn't foresee the contractor's license. We have a brother/brother-in-law who has been flipping many homes for a few years, and I doubt knows this law either. We are all in Southern Oregon - brother in Rogue Valley, us on the Coast. Probably more daunting than the contractor's license would just be the ongoing fees, when we are just starting out. Although we will be proceeding as planned (without a license), it is something that is now on our radar and we will have to consider. And yes, I do know you are not an attorney, and we will consult with one. :-)
By the way, my Uncle and Aunt lived in Lake Oswego for years up till recently when they went to a retirement community (The Scheers). They loved it there.
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