All Forum Posts by: Brian Gibbons

I used to be a financial planner, so I get CPAs and Financial Planners thinking.

Raising private money is an important part of real estate investing.  I don't like PG'ing (personal guaranteeing) my life away.  I don't like banks.  I don't like 20% down.  I don't like filling out 1003 apps. :)

Here is a great post by attorney Clint Coons

http://www.biggerpockets.com/renewsblog/2011/1/6/r...

I believe you need:

• Wholesaling Skills (finding wholesaling deals and finding cash buyers)
• Good builders at your disposal for retailing - rehabbing
• Great RMLO for seller financing
• A good creative contract attorney
• Creative Financing Skills (buy on terms: lease option, lease purchase, sub2, land contract, installment sale on free and clear properties, jv with home seller re: minor rehab and using private money, cash-credit partnering with business people, etc)
• SDIRA education - look up www.TrustEtc.com
• Great marketing advice (see the marketing forum here on BP)
• Knowledge of Negotiating with Home Sellers

@Bryan Hancock

@Brian Burke

@Dev Horn

@Michael Quarles

@Jerry Puckett

Perhaps you guys could say a few words.

@Adam Johnson

Used to live in Westchester County New York, around Bedford Hills, and I specialize in estate planning

FLPs or family limited partnerships make it easier to own assets and make it difficult for charging order from creditors

@clint coons is awesome at entity structuring for real estate investors

Many asset protection attorneys talk about stripping equity out of the house rental in case you're sued

Having a balance of owning property in owning private first mortgages I think makes a lot of sense

Having some private mortgages in an IRA makes a lot of sense

If you don't have anything as far as rental properties or notes it's all meaningless

Regarding owning property, I don't like the liability of tenants suing me or other people suing me because I have attachable assets

@Jay Hinrichs might want to post something on this matter

@Robin Tamburri

Joint venture with the seller on minor rehab

Wholesaling offer was terrible for the seller, 70% of after repair value minus cost

I proposed to bring in my own money, fix it, resell it, and make a JV fee of 7%

I used private IRA money to fix it

The seller was happy because he made 30,000 more than the Wholesaling offer

I gave them a note for his equity in the note was paid off after I resold it; I negotiated a moratorium or no payments on the note for four months

The private IRA lender was in second position

The private IRA lender was happy because he made ten per cent in three months

Joint ventures with sellers on minor rehab that just need new kitchens and or new bathrooms because it's grandma's house are an excellent way to get started; you do need private lender money and you do need good rehab crew

Once you do three of them you can go to probate attorneys, show them that houses at just need updating and not major rehab you can help them with 

No Hard Money needed either

My student @Mark Brogan is in VA

Look him up

@Norris Fils-Aime

1. Cut expenses or increase income getting a part-time job on top of your full-time job

2. Learn about creative financing

3. Go to an REIA meeting locally, and tell everybody that you will do anything it takes to LEARN REAL ESTATE INVESTING, such as any job they don't want to do; for instance doorknocking, stuffing envelopes, putting up flyers, data entry, anything

Acting as a principal buyer or seller and not as an agent allows you to use any form you want

There's no law that as a principal buyer in California forces you to use a CAR form.

You should disclose that you're licensed agent and you're not acting as if it is Sherry agent you're acting as a principal buyer

You can use the CAR forms with addendums

Finding the right attorney is not an easy chore in the state of California because most attorneys are used to working with agents

To find my attorney for my business it took me six months, pretty aggravating.

And I had to train him on my agreements with lease options, AITDs, subject to, partnership agreements, joint venture agreements, etc.

I do apologize I can't give you his name 

Continue to work as you are and congratulations on getting your license

A suggestion on getting your attorney is go to your local REIA meeting and ask for the best contract attorney for subject to, Lease options, partnership agreements, etc.

Best of luck

@Brittany Dent

It is extremely unlikely that those county liens can be negotiated for a lower payment or discounted to zero

If they were nongovernment company liens like mechanics liens perhaps you could negotiate a lower payment

Don't get excited about a property unless there's enough equity for you to make a profit, and 

you need to subtract the liens from the after repair value to determine "net equity"

 Cecelia scan the documents that you signed and send them to me to my email for no charge I'll review them.

Brian

See profile

Welcome @Rory Gill

I am from Arlington - Winchester,

Live in LA CA now.

Check out

http://www.biggerpockets.com/blogs/3-reiskills-and...

I work in the arenas of No Equity Deal Acquistions on Sub2, Wraps and Lease Options, JVs w Sellers, Installment Sales on Free and Clear Homes - Multis, Master Lease Options, and Private Lender Marketing.

@Josh Nabors

Dont buy it conventionally,

JV with the seller.

1. Figure costs to sell 10% of ARV

2. Figure labor and materials, get Private Lender Money for materials

3. Put lien on property for labor and materials (retail materials)

4. Give seller a note for ARV - (rehab plus costs to sell) - 5% for JV fee

5. Property needs to be vacant

6. Get JV agreement and Power of Attorney from seller

7. List price .97 x comps

8. You net labor + 5% of ARV

9. Seller gets more money than wholesaling it 70% of ARV less repairs less wholesaling fee

10. Beware - rehab costs need to be spot on, ARV needs to be spot on.