All Forum Posts by: Brian Gibbons

You  may want to try craigslist 

for rent section and 

for sale section, and 

ask them if they would consider a rent to own arrangement, where they got their price but they leased it for a while first

@John Everettundefined

 Jay 

Well said about Wholesaling is area specific, where the cash buyers are buying RIGHT NOW, not 6 months ago.

If more people would get their RE license and offer home sellers

• cash
• listing
• lease option
• sub2
• installment sale
• joint venture (minor rehab)

This is called 

Don't be a One Trick Pony, Be a Transaction Engineer :)

Susie I work with people that terrible credit but they want to build a real estate operator business, which isn't exactly investing but it's making money with residential real estate. 

Some of tools are used are subject to existing financing, lease purchase and lease options, installment sales, doing joint ventures with Sellars, and Wholesaling

None of this requires any credit whatsoever 

@Alex Cotter

Dont sell, 

• Joint venture with a builder,
• tear it down,
• build your new property,
• dont pay back builder materials and labor (he carries) until resale.
• Give return 30% but monthly (2.5% per month); If the materials and labor are only 6 months, pay 2.5% x 6.
• Go to REIAs to find builder.  https://search.yahoo.com/yhs/search?p=REIA+connect...
• Contact @Paul Timmins for the builder.
• List the house in April 2016 with top realtor in that zip code.

@Dev Horn

@Jerry Puckett

@Michael Quarles

"Sell your house for 100% of appraised value in under 7 days, FREE special report tells you how"  Send that to low equity, foreclosures, absentee owners, etc with a phone number and email and you'll get bombarded.

I live in LA where houses are 900K to 1.2 mil for a 1500 sq ft 3 B 2 B house, 1 car gar, small lot.  This is the land of apartments.

But if you are in a cheaper market, you might want to use a jot form to collect info on home sellers.

Here is a form I use to get sellers to give me ALOT of info about their house.

1. See here where the form is pasted on a Lease to Own Website for Home Sellers

Well I coach boy 10 - 18 in lacrosse, where they have to work together.  

I believe there has been a cultural change I have seen in the last 15 years or so, there's a bit of lip and disrespect to their team mates at times, not all but many.  It is "clique-y"

clique
noun \'klek, 'klik\
: a small group of people who spend time together and who are not friendly to other people

Just recently a Jets player hit their own quarterback over an argument in the lockerroom and broke his jaw!

http://espn.go.com/new-york/nfl/story/_/id/1341688...

NO espirit de corps any more

esprit de corps

noun esprit de corps \is-ˌprē-də-ˈkȯr\

: feelings of loyalty, enthusiasm, and devotion to a group among people who are members of the group

The level of excellence in school I think is hurt by molly coddling

mollycoddle (mol'e-kod'l)
v.tr. mollycoddled, mollycoddling, mollycoddles
To be overprotective and indulgent toward. See Synonyms at pamper.
n.
A person, especially a man or a boy, who is pampered and overprotected.
[molly, milksop (from Molly, nickname for Mary) + coddle.]
mol'lycod'dler n.

Over praising kids is a big mistake.

Everybody gets a trophy. Just for showing up!

This article

http://www.nytimes.com/2013/09/25/opinion/losing-i...

Losing is good for you!...

Real estate is about being tough and dealing with alot of failure before success.

If you were a trophy kid (trophy just for showing up) growing up, you just just might not make it in real estate.

The EQ (Emotional Quotient) is more important than IQ, or book smarts.

http://www.forbes.com/sites/travisbradberry/2014/0...

I find many US Veterans and NCAA Student Athletes have strong EQ.

What do you think, @Bill Gulley

Is USA just WAY TOO SOFT?

by the way, USA low in test scores internationally...

http://www.usnews.com/education/blogs/high-school-...

@Bill Gulley

There's a lot of pages in this thread but I think if people would just listen to the sane ones they would be steered  down the right path

Having some time with the sales license can only help you

Getting on title can only help you

@Bill Gulley

@Dion DePaoli

@Marc Faulkner

@Dawn Rickabaugh
@Bill Gulley

Would you please comment?

Note vs Deed of Trust

Hey, John. There are two basic ways to sell land on terms / payments. Deed of Trust (DOT) (the way you did it on the Cochise deal) and a Promissory Note (Note).

My experience is that Promissory Notes don't vary much from state to state if at all, while Deeds of Trust can be regulated by law or by custom.

Here is my two cents (I'm sure there will be widely differing opinions on this post). Use a Promissory Note almost always (99.9% of the time) over a DOT.

DOT are usually completed by title agencies. In the event of default, they usually cost thousands to "undo." A Note is simply an agreement to buy and sell property under certain terms. In the event of default, both parties look to the terms of the agreement to see what to do. In our case, we all shake hands and go our merry way.

Very early on in this business I did several DOTs all of which were defaulted on by the buyers (they stopped paying). To get the properties back in my name, I wrote a 20K check to FATCO (First American Title). And never did another DOT again.

Here is the key difference: DOT get recorded at the beginning of the transaction at the county like when you buy a house and sign a mortgage. A Note is recorded after the last payment is made (usually years from the first payment).

When you look at mailer data from a county tax roll, you will see tons and tons of properties owned by title companies.

This is because the properties were sold with a DOT or equivalent then the deal fell apart (buyer stopped paying) and when the seller found out how much it costs to undo the DOT, he walked away. The cost to undo a DOT can be greater than the value of the land.

The property reverted back the title company as deemed by the agreement.

Just my opinion: If you stick with a Promissory Note and a contact like we do, you will most likely be in great shape in any state.

by @Steve But

@Jack Butala 

You are welcome @Don Harris

You may be interested in my podcast with Joe Fairless

http://www.biggerpockets.com/forums/517/topics/219...

I talk about JVs with home sellers using private lender money on minor rehabs.