All Forum Posts by: Brian Gibbons
Brian Gibbons has started 114 posts and replied 4413 times.
Post: Would you rehab a house on a Lease Option??
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
It costs 10 percent to sell a house, commissions, closing costs, wiggle room, etc.
I agree w @Steve Vaughan
A Joint venture w the seller on a rehab should be
1. give the seller a note and mortgage in exchange for a deed
2. use private money for rehab
3. use a joint venture agreement with the seller
4. NEVER do a lease option w repairs on a property you do not have title to.
5. Pay off the note and mortgage to the seller and the private lender when the houses sells.
6. Set the sales price before you do the deal, based on ARV comps. I set the list sale price at 95% of comps to get it sold.
7. You should also make a fixed profit of at least 5% of ARV or $10K which ever is greater. You are basically solving a problem for the seller and making a profit.
Post: What am I missing? 9 monthes, 1 deal...
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Nice advice!
Getting started in any business with no money is dumb and will not work.
Get money partners for marketing or business partners or both.
Learn a cash or terms presentation to sellers.
Best of luck.
Post: What am I missing? 9 monthes, 1 deal...
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @Doug P.:
@John Baker I'm surprised no one else brought this up so here goes... please don't take this the wrong way, but real estate investing isn't the solution to your financial problems.
If your working 60 hours a week at any kind of job, your problem isn't income, your problem is spending. You have to get your spending under control before you can even think about taking on any investments. As has been pointed out, real estate takes time or money, and usually both.
Do you eat out? Stop.
Do you have more than 1 car? Sell them.
Do you have more than one phone? Get rid of them.
Do you have cable? Cancel it.
Do you have a big house? Downsize.
Cut out everything besides absolute necessities and get your spending down below your income and keep it there.
If you or your family refuse to be satisfied with the basics while you get things in order. Then it won't matter if you increase your income 100x with a massive real estate business. You'll just find ways to spend it all and be in the same position you're in now.
Sorry if this sounds harsh.
Double vote Doug, eloquently said
Post: Options for underwater home if I want to move
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Post: What am I missing? 9 monthes, 1 deal...
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
you may want to consider expired listings that's what I coach people to work with sellers have already tried to sell with real estate agents
Being licensed and going after expired listings exclusively helps you keep your marketing costs down
You assist seller and use tools such as subject to existing financing or sub two, wraparound mortgages, and lease-option assignments as acquisition strategies
If it's sub to or wraps, you need a quick exit so either reselling or leasing to own with a good tenant buyer
Lease-option assignments for pretty houses with little equity are also a good strategy
"Don't be a one trick pony cash or terms or list the house as a licensed agent" is a way to have a complete tool box and make money more of your leads
Originally posted by @Casey Cates:
To tell you a little about my self. I have a family of 4 and I am a general manager of a steak house in DFW. I am looking to change my career path and want to start in real estate. I have done some research and am thinking about wholesaling. I need to find a coach/mentor. I live in dallas area. Any information will help. Thank you in advance.
@Casey
Contact @Jerry Puckett, he's awesome
Post: A simple mans guide to Realestate By Bill Vaughn
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
cc: @Bill Vaughn
This is my unsolicited opinion but I think "Simple man Bill Vaughn" is a wonderful coach. I read his materials cover to cover and there are many inspirational pieces to get you off your rear end and into the field.
Although I bought the materials back around 2007, before Dodd Frank and the SAFE Act, the theory is all very sound.
For the money,under hundred dollars I think it's a great value for the consumer to get a grounding in the basics of real estate investing
I have not experienced Simple Man's coaching want to but I can only assume that it's excellent
If anybody that follows me on BP is considering the educational product, I highly recommend that you make the investment
Post: What am I missing? 9 monthes, 1 deal...
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
That is awesome advice
I would add go to every REI a meeting and change cards and have "I buy houses"
Real estate is a team sport and if you have a good team you don't need a lot of time
Post: Owner Financing
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Alabama's a great state for seller financing and installment sales contracts and lease to own, I've done many of them, pm me
Post: What am I missing? 9 monthes, 1 deal...
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @John Baker:
I appreciate everyone's comments. Thank you. @Brian Gibbons You asked about a one trick pony. I have been focused on foreclosures. That was my initial focus. In my reading (many, many books) I have read about probates and abandoned houses. By adding these to my daily endeavors, is that what you were referring to?
https://vimeo.com/channels/934729
PM me if I can help.