All Forum Posts by: Brian Gibbons
Brian Gibbons has started 114 posts and replied 4413 times.
Post: New FNMA program 95% cash out refi, but not Dodd Frank Compliant
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- Sherman Oaks, CA
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- Votes 3,921
Post: Lease option, subject to. Should I? Its in North Carolina.
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- Sherman Oaks, CA
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I still say in North Carolina an operator who is honest and that wants to help renters become homeowners can create a lease with the properly drafted ROFR with an excellent attorney who knows the courts well as far as what a judge would think with the ROFR as written
I have a preference over lease with sale and purchase rather than a lease with option to help the seller have certainty in the transaction, and if you do a lease purchase and as a renter buyer you lose your earnest money, that's acceptable in the courts; if you lose your option money it's another story with how some of the judges think.
I think the judges of had enough about operators doing rent to own business.
Post: Lease option, subject to. Should I? Its in North Carolina.
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- Sherman Oaks, CA
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Originally posted by @Chris Martin:
If you are executing a lease with ROFR (Right Of First Refusal) in NC, I highly recommend you follow the 47G guidelines/requirements. If your ROFR is in writing, has defined the parties and property, has a time line, and has 'consideration' a judge may consider your ROFR as an 'option' covered under 47G.
Disclosures: I do not offer ROFR on NC property. I have not entered into a lease/option since 47G was ratified in 2010, but if I did, I would follow 47G to the letter.
This post is for entertainment purposes and should not be construed as legal advice. Consult your attorney for your legal matters.
Chris I missed this.
See ROFR writing and not getting language confused JD's in CCIM Magazine.
http://bundlr.com/b/lease-options-nc
Post: Subject To, Dodd Frank Act and Virginia
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- Sherman Oaks, CA
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Hi @Scott Nolan
I coach in DC MD and VA area. There is info on my BP Blog
Post: Why to invest in Notes?
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- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Try marketplace. :)
Post: Private Money Investor - First Investment Property
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- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
How do reverse mortgages work? Any risks?
http://member.aarp.org/money/estate-planning/info-03-2012/risks-of-taking-reverse-mortgage-early.html
Post: Should I Buy Subject To, Lease Purchase Or Land Contract?
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- Sherman Oaks, CA
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In a divorce, husbands hide things, and vice versa.
I always get deals signed by anyone on the deed and the mortgage, ALWAYS.
Post: Real estate investing for felons
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- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Yup, used to live in Colfax/Nevada City.
Family in Roseville.
Most of the cheaper properties are off of the I5.
Thanks
Post: Real estate investing for felons
- Investor
- Sherman Oaks, CA
- Posts 6,088
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Originally posted by @Bill P.:
@Pierce Dandridge As @Brian Gibbons said, your best bet would be to study creative finance techniques. With no money and no credit, this would be your best bet. But as @Mindy Jensen pointed out, CA is a much harder state to do creative finance unless you are away from the big metro areas. Just keep on working your regular job and work on your credit, network and study. If you stumble upon a deal, don't be afraid to work with other investors to learn the ropes. Good luck to you on your endeavors.
In the west, I would not be in CALI, look a UT, WASH, NV for cheaper properties where REI is cheaper, and more creative deals can be done.
I live in LA and buying on terms for a $900K modest house in Sherman Oaks CA is tough, but in Las Vegas NV its alot easier to find a starter home at $150K. But can be done in Modesto or Bakersfield.
And creative financing, like buying on sub2, lease option, wrap, etc, is alot easier with cheaper homes.
OH, PA, GA is also great.
CA, DC, MD, VA all tough.
Post: Should I Buy Subject To, Lease Purchase Or Land Contract?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @Marvin McTaw:
Originally posted by @Steve Vaughan:
Profit numbers aside, isn't this a textbook sub2 deal? Pay the arrears for the deed. If you need to pass along, (i.e. get someone else to pay the arrears) then obtain an option so your eventual owner-occ/ TB can pay assignment fee+ arrears for the deed like @Desi Arnaz suggests, then do that.
Either way, qualify your tenant buyer properly to ensure your seller's mortgage is paid and there are no issues with Dodd Frank / SA stuff.
To your original question about Land Contracts @Marvin McTaw - they pretty much offer no more security to the buyer than a lease option or just an exclusive option to buy. I would use a seller-finance medium that actually gives me title!
The complicating factor for this deal is that the owner's ex-wife is on the mortgage but not the title. Due to his failed listing (been talking to the seller for about 9 months), he only recently said he would be open to these other options. I think buying it Subject To and the and selling it via seller finance or lease purchase as-is, is probably the best option at this point. Thanks for the suggestion.
I had a problem like that, seller (husband) on title and mortgage, wife on mortgage only, recent divorce; See the divorce decree. DO NOT BUY SUB2 WITHOUT WIFE AGREEING. She will mess it up.