All Forum Posts by: Brian Gibbons

Brian Gibbons has started 114 posts and replied 4413 times.

Are great probate people

1 Vote

If you are doing NOO Non Occupied Seller Financing, Investor to Landlord, I believe there are no restrictions. Create any contract you want, but caveat emptor.

For OO Owner Occupied Seller Financing, Dodd Frank, CFPB et al applies.

0 Votes

Read your landlord tenant law in IND

http://www.nolo.com/legal-encyclopedia/overview-la...

http://www.nolo.com/legal-encyclopedia/top-8-landl...

http://www.nolo.com/legal-encyclopedia/tenants-rig...

https://www.landlordology.com/indiana-landlord-ten...

http://www.in.gov/isdh/files/Tenants_Rights_doc.pd...

@Bill Gulley

0 Votes

You can not, as a landlord in Indy, have a legal lease and have tenants do repairs.

@Josh C.

0 Votes

Originally posted by @Shawn Connors:

Hey BP,

So I have a lead on a house, all fixed up that has been on the market for awhile and the seller wants to go another route. The area is great and she is willing to come down a little on her price. It's free and clear and its listed for 209k. I think I can get her down to 190k. I know there are creative financing deals out there and this house is one I want in my portfolio since its in my target area. Any advice ???

Hi Shawn,

Free and clear house strategy: Offer Full Price, your payment, using an installment sale.

What is market rent?

What cash flow do you want?

Say 209K sales price, rent in market = $1,000

offer 210K $500 per month on installment sale (or about that)

Look up imputed interest on IRS tables, charge that

http://apps.irs.gov/app/picklist/list/federalRates...

You want to sell benefits to owner

maximizing her equity,
creating a retirement asset she knows,
Some money in Main Street, some in Wall Street
offer her a quit claim if you do not pay her, held in escrow, with escrow instructions if you default

The key here for you is to

get a property that is a good quality buy and hold rental,
good cash flow,
without a bank
etc.

Sales Tip:

Compare to

Annuity http://www.investopedia.com/university/annuities/
Reverse Mortgage http://www.investopedia.com/search/default.aspx?q=...

Real Estate is about

Buy Cheap for under appraisal for cash

Buy Your Terms if you pay full price

0 Votes

Yes on BiggerPockets search bar type:

"Brian Gibbons lease options"

and you'll get more than you need on lease options, subject to and other subjects

1 Vote

Well my advice is for you to go on REIA president where you live and go split a deal with an experienced wholesaler

1 Vote

Originally posted by @Kevin Parnella:

Hi all,I

Good afternoon. I love the board. I've been reading through the posts and have learned quite a bit.

I am in the mortgage industry and know general guidelines. I'm looking to try and figure out ways if using my IRA as a down payment for a rental? I do realize investment properties need 20% down. I have that 20% down available to me in an IRA that was a previous 401K from a previous company.

My goal is to purchase a $200K investment condo on the beach where most of the units are investment properties. I have three questions.

First, what kind of options do I have to take that 50K from the IRA and use towards the 20% down to purchase a condo? I say 20% because I am familiar with the conventional down payment of 20%.

Second, with these investment condos, how can I get an good idea on what the cash flow is? Will sellers ever provide tax returns or will the property management company provide rent-rolls and how do I know that they are accurate?

Third, what are the rates and terms (DTI, downpayment) for hard or private lenders these days? I have 820+ credit. In my business we always looking at DTI, so is this something that private or hard lenders do?

Thank you,

Kevin

Why BUY, instead LEND?

See

https://www.trustetc.com/investment-options/privat...

https://www.trustetc.com/search-results.aspx?searc...

LEND and do not deal with tenants, toilets, lawsuits, etc.

0 Votes

If I owned it, I would do a lease purchase, w 3% non refundable earnest money.

Get first and last months rent, plus 3%.

Sign a sales and purchase based on your property's comps now.

Have them fill out a 1003 fed mortgage app See

https://www.dropbox.com/s/y6mi2ueocnfa49u/Mortgage...

Go down to mortgage w 1003 app filled out.

Get something in writing that they can pre qualify.

Get a strong pro tenant's lease. see

https://www.dropbox.com/s/bvtijmmf4d4i8ge/Rental_A...

Good luck!

0 Votes

Originally posted by @Tracy Caywood:

You know, I'm actually glad that wholesaling isn't associated with licensees. That would be one mucked up association. Realtors are totally traditional and just don't seem to get it. Let's keep these business separate. PLEASE

Tracy,

There are many Licensed Investor Agents.

Being licensed allows many things. The thing about being licensed,

It is all about disclosure.

Act as a principal business owner and tell the seller:

0 Votes

← … 169 170 171 172 173 174 175 176 177 178 179 … →

All Forum Posts by: Brian Gibbons

Brian Gibbons has started 114 posts and replied 4413 times.

Post: How I Make $50K Profit On A $150K House Even If I Over-Pay For It

Post: If I own a House Free and Clear, Can I Sell With Seller Financing and Refuse Third Party Financing?

Post: If I own a House Free and Clear, Can I Sell With Seller Financing and Refuse Third Party Financing?

Post: If I own a House Free and Clear, Can I Sell With Seller Financing and Refuse Third Party Financing?

Post: creative financing

Post: Lease Option Course?

Post: Mentoring and purchase contract

Post: IRA as down payment

Post: Is lease option a good idea?

Post: Do you need a real estate license to wholesale property in Massachusetts?