All Forum Posts by: Brian Gibbons
Brian Gibbons has started 114 posts and replied 4413 times.
Post: Need to know the nuts and bolts of seller financing
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Www.sellerfinanceconsultants.com
Post: Real estate investing for felons
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Creative financing
Subject to, lease options, wraps, private landings Ira loans
Get a coach
Avoid banks
Post: Need to know the nuts and bolts of seller financing
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
www.IRS.gov
Search installment sale residence
Free and clear properties
Search imputed interest
Post: Brokers against Wholesaling & Lease Options. Why are you?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
That was well said! When you buy something as a principal has nothing to do with the brokerage. It's important to get a statement if you're going to do a principal deal and you're the principal buyer or lesse or optionee or vendee but there's no money do the brokerage because you're not acting as a fiduciary agent and you are acting as a for-profit business person
Post: Should I Buy Subject To, Lease Purchase Or Land Contract?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Please look at the video link that I gave you in a previous post
Jv with the seller is better than 70% of ARV - costs because sellers make more money on the JV if it is minor Rehab
Post: Texas moving to Tampa
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Best guy I know in Florida is@Wayne Brooks
Bill please help these people out, get them to an attorney
BP Folks don't ever improve or property without being on the Deed.
Contract for deed or lease option is not the deed
The only way you're going to get damages in a court room
You can make some noise for fraud at the FBI and the Better Business Bureau
Get on the phone now
Post: Wholesale Lease Option Paperwork
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @Justin Conza:
Hi, My name is Justin and I'm a newbie to REI but I am very eager to get started investing.
My background is in IT as a Systems admin and I've had my hand in a lot of other smaller business ventures. Now i am really trying to learn as much as possible about REI so i can put my best foot forward. I'm just about ready to take the next step, but i need some clarification.
I've been up and down forums, blog posts, videos and books and I am still unclear as to exactly what paperwork is needed for wholesaling lease options.
I'm Located on Long Island, NY and want to get this all straight before i begin calling leads.
I guess my main questions are as follows...
1. Do i need a separate lease agreement and separate option to purchase, or should it just be one solid document?
Separate
2. Is the letter of intent something entirely different from the lease and option to purchase?Is it a necessary document?
It is a Meeting of the Minds and acts as Escrow Instructions
Seller Side
1. Letter of Intent
2. Option
3. Lease
4. Memorandum of Agreement
5. Release Mortgage Info
6. Option Release Doc
7. Seller's Acknowledgement
Tenant Buyer Side
1. Earnest Money for Lease Option
2. Lease
3. Option
4. Option Release Doc
5. Tenant Buyer's Acknowledgement
Post: Should I Buy Subject To, Lease Purchase Or Land Contract?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
You could do a JV with the seller
1. Buy it sub2 the loan, get on title
2. Use private money for rehab
3. Fix and resell, DONT FSBO, use agent
4. Get seller to give a note for equity, subtract sales costs, subtract 5% JV fee, get a moratorium
5. Everyone gets paid on re sale.
See
Post: Brokers against Wholesaling & Lease Options. Why are you?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @Bill Gulley:
Originally posted by @Devan Mcclish:
Here's the other factor that I just learned. The national board of realtors says that the seller has the right to market and sell the property. When you get the property under contract, you become the seller because you hold equitable interest, meaning you can market and sell that property legally, ethically, and morally.
It just comes down to people are upset that they are not making money. As an agent and an investor myself, I am going to wholesale a house for 10k vs. listing a property and making a lot less just to split a commission with someone.
any agent out there that has a broker like that just needs to pay the transfer fee to move to another firm
I agree that brokers have a financial motivation.
You are totally misguided thinking equitable title, equitable interest is the same as the ownership rights to title which are required when offering good title to real estate through any advertisement. If you're an agent, open up your old text book and refresh yourself as to the bundle of sticks, title rights and interests. Wholesalers need to offer the contract, not the property! Don't know where you heard that from the NAR, but I can tell you the NAR doesn't make laws.
Your last paragraph is predatory from gouging a price for your service if you aren't taking title. I know, you posted while I was typing.
Agreed, if an agent has that attitude, they really do need to move on. :)
Edited: Yes, personal transactions that don't run through the broker are not covered, yet, he still has "vicarious liability" for anything real estate related that an agent does, you also carry that broker's name, good will, reputation with you everywhere as long as your license hangs there, it doesn't matter if you are acting in your own interests, you're still dealing with the public. :)