All Forum Posts by: Brian Gibbons

 You cannot circumvent Dodd Frank, The safe act, TILA, RESPA, et al

You can use an RMLO to help you with financing, that is a registered mortgage loan originator

Land trusts or property trusts that are for privacy and estate planning are perfectly legal

@Ken Rishel

Is your best source for mobile home regulations with the new laws

If you are in florida, 

What is your goal?

To control a house and sandwich?  You have to guarantee the payment to the owner.  I would have 3-4 months in reserves.  And a good eviction attorney.

To lease option and assign?  I would be licensed in florida.  Charge a 3% fee.  Act as a principal and tell the seller you will sell the paperwork.  Use a good RMLO for your tenant buyer.  Use a good credit improvement specialist like this one.

@Wayne Brooks is a great florida resource.

I am in Cali, Los Angeles.

I would get your license.

See

http://dredefenselawyer.com/california-bureau-of-r...

@DG H.

Well the lease option model needs a component of mortgage and credit counseling by YOU and or Your Credit Counselling Company to be more successful in getting families mortgages than a small percentage of your rent to own tenant buyers.

It is true that only a small percentage will buy if left to their own planning for a mortgage.

See a credit improvement coach like Blair Warner

Build the cost of that service into your program (my tenant buyers really want to own)

It is a "one on one service" to get NEW marks on the bureau and to look seriously as to their DTI to get a FHA mortgage.

See these articles.

And getting an ADDITIONAL part time job for 10 hours a week to be a home owner is not out of the question. :)

Craigslist Ad:

ARE YOU WILLING TO DO WHAT IT TAKES TO BE A HOME OWNER?  

Rent to Own and Stop Making Your Landlord Rich!

@Shanda Williams

Many Realtors will make an installment sale look not attractive.

Here are steps I take to make installment sales attractive.

3 columns

1. Listing with an agent and paying the costs to sell

2. Renting and waiting and dealing with tenants

3. Seller Financing - Installment Sales

Download Sources to Educate the Home Seller on Installment Sales

Buying on Lease Options and either assigning or sandwiching is legal in SC, but I would be licensed.

Buying on Sub2 ypu need to have a strategy if the loan is called due: pay off the loan or refinance. Sub2 in my opinion is for the short term, like fix and resell strategy.

You can be a principal and not act as a fiduciary agent.

See your RE Commissioner that licenses agents.  See

http://www.llronline.com/POL/REC/index.asp?file=ce...

Wendy Patton is a Real Estate Broker in MI, I believe.  She has an excellent reputation as a lease option and sub2 trainer.

@Alisha Mingus

First of all you're just do you're not dumb and some of my best students are beautiful blonde women!

For new people that I coach they should never get involved with upside down house and friends especially

The best thing to do with an upside down house it's in a great neighborhood and great schools is a lease option, over 5 years, but not a five-year lease , one-year lease with 4 possible extensions, and I wouldn't do them in North Carolina. 

If somebody's upside down they need to aggressively pay the upside down portion if  they want to maintain a great credit rating

And if somebody has a house that's 100% financed that has no equity. If they have no equity in the property is NOT worth anything to me. Because ten percent to sell with commissions at 6%, closing costs or 2%, and wiggle room to sell at2%

And that is to go to zero profit!

So if I am paying cash I'm not paying any more than 80% of value so that I can pay 10% of value to sell, and that 10% profit, paying taxes on that you're lucky to net  5%

I would look at your REIA president in Tennessee and start off with a two or four unit and live in one of the units, apply for a 203B loan from FHA 3 1/2% down

After a year I believe you could rent that unit out and do it again

Best of luck!

If you buy on subject to or by on wraparound mortgage , the seller has to keep that loan in their name for a while, it doesn't free up their credit for generally two years or more

@Alisha Mingus

I spoke to a Raleigh NC attorney and the LOCAL opinion is that judges think that lease options are not a great deal for the tenant buyer.

Buying on terms is great as long as you have LOCAL legal representation.

Buying sub2, getting the deed, giving a note for any equity, getting on title, then LEASING with a ROFR or right of first refusal, is the way, I believe, the get the renter into home ownership, not a lease option, in NC.

@Chris Lynch

If you are soliciting as a licensed agent, I would write to the Board of Realtors and get their opinion.

I would say something like:

I currently hold a sales Lic# xccvvbn in RI, and I am soliciting owners of property for my own private account.

What do I need to place on my letters of solicitation marketing, and on my websites?

Respectfully,

Your Name

Your Lic#

Your Contact Details

your Lic Broker Name, Contact Details, Broker's Lic #

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If you are buying in your own account, not representing the seller as a fiduciary agent, I would have the prospective seller(s) sign a note to that affect.

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Go Paw Sox! 

Go PC Friars Hockey!

(Im from Boston)