All Forum Posts by: Brian Gibbons

@Alisha Mingus

Be cautious of Lease Options in NC.

See

http://bundlr.com/b/lease-options-nc

@Bill Gulley

Much more eloquent than I could do at present, as I am just a humble REI Grasshopper. LOL

For someone who is new, I would get a license and list property for 12 months, know values, know players.  I assume you want to do this full time?  Get out of publishing?

Learn creative financing

See

http://www.biggerpockets.com/search?utf8=%E2%9C%93...

which means all the ways to finance property.

Read 

How to Finance any property any time, by James Misko

Real Estate Entrepreneurship is about learning how to solve problems for Sellers and how to make money at the same time.

Get an attorney @Bradford Myatt

Open up an escrow with title company.

Money goes from you to 3rd party payee to PITI payment - mortg, taxes, insurance

I recc www.Notecollection.com

Anything outside that PITI goes to owner - seller.

Re: default, needs to spell out in an agreement.

What happens if seller dies?  gets incapacitated?  10 years is a long time.

@Bill Gulley may want to comment.

All mortgages since 1982 or so have a due on sale clause

I wouldn't try to get the mortgage company to get their blessing about you doing anything with someone else's mortgage

The tools that you use in creative financing are

Subject to (loans taken subject to the existing mortgage)

Lease option or lease purchase

Wraparound mortgage 

seller carried second mortgage

Contract for sale or contract for deed or land contract

For free and clear houses, installment sales

@Blake Dowe if you live in Maine and are doing creative financing in Maine, find a real estate attorney that understands these terms and has experience with these terms

I use all these contracts on daily basis and I'm blessed to have a talented real estate contract attorney

@John Marino

You can be a real estate operator instead of investor without using banks

Low equity deals, buy subject to or wrap aitd , exit strategy lease or lease to own

Low equity deals,lease to own and then assign for a fee

Minor rehabs, do a joint venture with the seller instead of a wholesale, use private money for the minor rehab, create a note for the seller table for months after the rehab

Free and clear houses, learn about installment sales at IRS.gov, offer 105% of FMV but get the payment of installment sale low, search imputed interest table on the IRS site, show the seller that installment sale private mortgage is a way for them to further their retirement plan, and the payment can survive their death, payment can go to their heirs or to a charity

There are more things you can do without banks :)

@Josh Caldwell

I loved that answer @Bill Gulley

Put together a plan that works for the Seller :)

@Aaron Mazzrillo

Truman show in the Valley, ...... Fo Suuure! 

@Gordon Cuffe

Consider doing a joint venture with the seller

If the 20K repairs are right and 

the ARV is the 240s,

If it cost 24k to sell the property

And say you make 10,000

240,000-20-24-10

186

You need to pay off 197

So for you to make your 10,000 sales price to be 251

Maybe you could say 6% and sell it yourself

You live in Ft Worth, I would go to the REIA and get a private lender.

When you are dealing with the ELDERLY, you could have a problem with competency.

You may want to look at a Life Estate agreement, but I would check with her heirs.

@Bill Gulley has awesome advice.

@Maegan King

What bothers me it seems predatory.

If that was your great grandmother, how would you feel?