All Forum Posts by: Brian Gibbons

@Bill Gulley

I thought those resources would just make it easier for folks. :)

@Bill Gulley

@Richard C.

@Jay Hinrichs

Man, poor Felix, he cant investigate his own back yard.

I have quite a few contacts in Cleveland, OH and I have a good friend that is SMART but is not licensed, and got a cease and desist letter a couple of years ago, very smart guy too, in the game of flipping and landlording.

He needed to get an attorney, and still hasnt got a license.

FYI, folks, you can buy and get on title, with sub2, land contract, transactional funding, etc, THEN resell.

But if your intention and behavior is ALWAYS TO ASSIGN, and never to close the transaction and get on title, beware.

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From the Dept of RE in OH

ATTENTION BROKERS!
Are you forwarding copies of this newsletter to your salespeople?
Cease and Desist Orders Issued

Acting as a real estate agent without a real estate license violates Section 4735.99 of the Ohio Revised Code and is a first degree misdemeanor. Despite this prohibition, the Division still finds evidence that unlicensed people and companies engage in activities requiring
a license. Most often, the Division issues Cease and Desist Orders in these cases, but if offenders continue to engage in the unlicensed conduct, the Division may ask the appropriate local prosecutor to consider initiating criminal action. Since the last newsletter, the following individuals/companies have been issued

Cease and Desist Orders:

xxxxxxxx
xxx Diamond Ave.
Barberton, OH 44203-2635

xxxxxxxxxxxxx
yyyyyyy Investment Corp.
North Olmsted, OH 44070

xxxxxxxxxx
xxxxxxx Carmichael
Chesterland, OH 44026

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Here for the 10th time an attorney talks about what is illegal in OH.

http://watsoninvested.com/wholesaling/

The definition of "cavalier"

adjective: cavalier

1.showing a lack of proper concern; offhand.

"Anne was irritated by his cavalier attitude"

synonyms:offhand, indifferent, casual, dismissive, insouciant, unconcerned; 

@Bill Gulley 

Perhaps you can look at the links above?

Thx

Brian

I dont know of a better RMLO in the country, Bill.

Great resources on Dodd Frank there too.

What you are referring to is an "equity split"

In the sandwich lease purchase business, say you lease with option at $200K (you and seller) and sublease and suboption (you and tenant buyer) for $220K or new appraisal, whichever is higher.

You tell the seller your plans, but offer an equity split in the net profit over $220K.

This works well in appreciating markets.

@Lee S.

The note can be structured with an "either or"

Good point.

But it gets confusing for the seller.

I'd just set the price at .97 of comps to be sure it would sell.

Use a RMLO and a title company.

See

http://sellerfinanceconsultants.com/feature-conten...

I hope these links to the California DRE (Now BRE) will help BP members in California

Posted on by [email protected] — No Comments ↓

1. CDRE Intro

2. RE Licensing

3. Trade and Professional Oganizations

4. Property Definitions

5. Title to Real Property

6. Transfers of Interests in Real Property; Contracts

7. Principal Instruments of Transfer – Deeds etc.

8. Escrow and Closings

9. Landlord Tenant

10. Agency – What is it?

11. Impact of Penal Code and Other Statutes

12. Real Estate Finance

13. Non Mortgage Alternatives to Real Estate Financing

14. Real Estate Syndicates and Investment Trusts

15. Appraisal and Valuation

16. Taxation and Assessments

17. Subdivisions and Other Public Controls

18. Planning, Zoning and Redevelopment

19. Brokerage

20. Basic Contract Provisions and Disclosures in a Residential Real Estate Transaction

21. Trust Funds

22. Property Management

23. Developers of Land And Buildings

24. Buying and Selling Businesses

25. Mineral, Oil and Gas Brokerage

26. Tables, Formulas and Measurements – Using Math in Real Estate

27. Glossary of Real Estate and Finance Terms

All Publications of the DRE – BRE

REAL ESTATE LAW AND SUBDIVIDED LANDS LAW

As amended and in effect January 1, 2015 From the Business and Professions Code

REGULATIONS OF THE REAL ESTATE COMMISSIONER

As contained in theCalifornia Code of Regulations

PERTINENT EXCERPTS FROM THE BUSINESS AND PROFESSIONS CODE

@David Markette

The "JV" is not talked about by gurus, the 70% of ARV less repairs less WH fee is a crap offer with a minor rehab.

And there are not alot of major rehabs out there, at lease where I am.

In my example, 110 net for the seller on a 200 ARV house.

Just add the "JV with the seller offer on minor rehabs", especially "grandma houses" that need updating.

@David Marketteundefined

 Hi David

Wholesaling does not work in every house that needs work.

If 75 year old seller had a "dated house", $200K ARV, needs updating, say $20K to make it into a house a millennial would want, the wholesaling offer would be

.7 x 200K - $20K - $10 wholesaling fee

140K - 20K - 10K =

$110K to the seller, a rip off.

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I do a joint venture with the seller

• I use my $20K for repairs, plus $10% interest (private lender or my cash)
• I buy it on a private first mortgage of plus note
• and sign a JV Agreement, no payments for 4 months on note,
• agreement to use realtor, pay 10% commissions, closing costs and wiggle room

Note to Seller $148K

Costs

• Rehab $22K
• Costs to Sell $20K
• JV Fee to Me $10K

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Total Costs $52

• I do the work and resell for ARV $200K
• I pay off note to seller 148K
• I pay off private lender plus interest $22K
• Seller gets paid $148K

This is also called a "cooperative rehab"

I like it because seller gets top dollar, no banks, no credit

Now if you have a "Mess of a house", 

$200K ARV,

needs $100K in work, it may be a total tear down.

Different story :)

@Richard C.

Being able to earn the title of "fidiciary" is important, with backround checks to be 

a cop, 

to carry a gun, 

be a real estate or insurance agent,

being of good character, 

not having a felony record, 

all this is important.