All Forum Posts by: Brian Gibbons

Thanks 

@Mark Brogan

Value = $99,000

Cash flow 800 - 752 = thin

Equity = 99 - 52 = 47 - good

I would buy it on sub2 and list it for 90 w an agent and get out of it for 30 net or so.

Or Exit with Lease 2 Own at 105K,  rent  800,  12 month lease, with possible extensions.  Make sure you baby sit the tenant buyer.

There is a fairly new tenant screening service for $50 dollars, and do a Dodd Frank compliant underwriting.

See

http://www.screenthetenant.com/r-e-investors.html

@Michael Hicks pm meif you want some 1 on 1 with sub 2.

Use a Joint Venture with the Seller

Buy on sub to and a note no payments 6 mo

Own it

Get private loan for rehab

Fix it

Resell it

Pay off loans and profit at least 10 K

Factor in all costs to sell

Omg 

@Account Closed

That's amazing!

And that is worth a podcast that I would listen to very carefully!

If you are a "one trick pony" and only trying to wholesale or fix and flip with 65 % LTV, and have very limited money to invest in marketing, it is not unusual to go 9 to 12 months with very little to show for it, maybe longer

If you are a transaction engineer, with a full toolbox, helping sellers sell and maximizing their equity, you can buy on "sub to", wraps, lease options, and installment sales on free and clear properties.

You can jv with sellers on minor rehabs that do not fit traditional numbers.

See @Dev Horn s marketing video "the rule of 7" which means it takes seven mailings to one list to get a meaningful result

Where I live in Los Angeles it's not uncommon for people to spend five to $10,000 every month when searching for wholesaling prospects

Wholesaling is not for the faint of heart. 

If you can do anything to help you learn wholesaling, talk to

@Dev Horn

@Jerry Puckett

@Michael Quarles

@Reed Starkey

That's your traditional Rich dad poor dad where your mom is your poor dad :)

I love the movie "office space" with a 30 something young man is stuck in a cubicle having an ******* for a boss, and says

"yeah I'm going to need to come in on Saturday to finish up those TPS reports,.... yeah Sunday too that be great if you could do that, okay?"

Being self-employed is not for everyone. If you come from corporate it is very difficult to unlearn some habits, especially water cooler gossip, job security, employee benefits, assured into advancement due to seniority, etc.

Being self-employed entails learning a lot of skills, and learning them is very lonely all by yourself. 

With corporate you learn skills with your comrades. You don't learn skills as a self-employed with comrades, you do it all by yourself

Where the greatest things about BiggerPockets.com is you get to learn stuff and ask questions and most people are very very supportive, more supportive than any other blogs I have encountered

The problem I think with new people is the focus way too much and marketing in the beginning

This is ready fire aim

When I  was the US Marines we didn't fire one bullet and until we learn how to aim, meaning getting into a prone position we are selling her on her arm breathing, etc

I think you should be spending six months learning the basics of real estate, which includes talking to title companies and finding out what the average procedures are and how can you do some creative deals  such as subject to, lease options wrap around mortgages etc.

Also learning how to negotiate with sellers I think is more important marketing in the beginning, be able to give the seller a cash offer and a terms offer

Brent the reason I brought that up is that there's different ways of taking title and there's different kinds of title, strongest title subject to where you actually get a warranty deed

The land contract in Ohio is a great tool to buy on  terms. But you don't get a warranty deed

Here's the issue. You get on title and you can't resell it and you can't fix it because you haven't got a plan B with Hardmoney or private lender money or JV money. Then you endanger the seller

The reason why home owners in Ohio are upset is that there's wholesalers tying  up properties and they don't have a plan B in case they cant assign the deal And get the home sold

 Brian I love love love this awesome awesome awesome

My advice is don't be a one trick pony, get your license, be a transaction engineer or list it

One of my favorite but not well known REAL ESTATE INVESTING creative financing strategies is "joint venture with the seller on a minor rehab"

Most wholesaling deals are really needing a lot of work and they're totally neglected

If you have an ARV of hundred thousand and it needs 70,000 work to get to the hundred, you're not going to pay more than 5,000 to 10,000 for it

What if you need a minor rehab that needs updating only, like paint,  carpet, new kitchen?

Let's say it's free and clear

Lets say it's an  expired listing

So if you have a $100,000 house, and need 7000 in work

Is that a good wholesaling deal?

70 percent minus repairs is  63,000

That is a sh$&tty offer

If your mother asks you, "son would you take this offer of 63,000?"

Youd say "no! Don't take that sh$&ty offer!"

So do a joint venture with the seller

Use private lending money for the 7000 renovation and get the seller more money, and earn on flat JV fee of 5 to 10,000

If you are  licensed,  earn the commission too

@JJ W.

@Michael Quarles

And I love www.YellowLetters.com

@JJ W.

Welcome to BP

And Go Sox Nation!

All of these questions can be answered at you REIA or BP Meet up Group.

REIA FL

http://www.biggerpockets.com/rei/florida-real-esta...

See

http://www.biggerpockets.com/rei/

@Wayne Brooks is my favorite FL Agent - Broker - Coach.

Good luck!