All Forum Posts by: Brian Gibbons

This  question is really hard to answer because I can't read the option purchase agreement and see whether not The Option is assignable or not.

When I give an option to purchase to tenant buyer I generally have a clause in there that says it's not assignable ever

@Bri R.

This is an introduction to what I teach and coach.  Each state is different.

As @Dev Horn

Getting suckered....

As PT Barnum said
"there is a sucker born every minute"

As a business coach I hear people getting taken a lot and I won't mention any names here but they get taken.

Pushbutton methods, "done for you" methods, it's amazing to me.

I got a coaching request call 6 months ago from somebody who paid $29,000 to a name brand coach, and the poor customer found out that their mentor coach was this "22-year-old kid" reading out of the book in Salt Lake City Utah phone room.

And I didn't know what to tell this poor duped, she was so upset.

All I can say is, 

-do you due diligence, and 

-realize that the promoter that's promoting the REI "red pill" you are not coming get that person as a rei coach.

The psychology of these 3 day pitch meetings if you don't know what they're doing is this...

Supposedly they are giving away free training to implement but they're holding back.

And they are "conditioning you very subtly" over those period of 3 days.

I've seen this for over 30 years and are fairly immune to their psychological devices.

I really believe that "anything of real value" that they're saying can be found here at BiggerPockets.

There's so many distractions in real estate investing, there is always a "new shiny object", always "some very urgent and important thing to learn".

If more people would just focus on one strategy, or get a coach that's reliable and proven, and listen to that coach and not focus on other things, chances are they would create some profitable business, and be happier and not confused.

I think wholesaling and retailing- rehabbing is not a good place for many people.

I think learning how to talk to sellers and offering them a cash offer and a terms offer is the way to get started.

Terms offers include subject to, wraparound mortgages, lease options, installment sales on free and clear houses, and more.

You need a good attorney and a good coach to help you negotiate the initial deals.

Once you've done a few of them, you gain confidence to do the next few.

@Dev Horn 

@Darrin Carey

Thanks for the phone call today.

Ohio Dept of Real Estate seems to more interested in marketing properties you do not own and wasting sellers' time on the market from wholesalers that are assigning, with no intention of closing if they can not assign.

If you were just licensed or bought on terms and received title as in sub2 or land contract, I imagine you would be in better shape. :)

@Cliff Zarbock

I was lead to her by another realtor here in the city that knows my investment criteria. I got the jump on them prior to them being listed on the MLS. 

I hope you paid that realtor something.  Nice creative work!

@John Hixon

I am sorry about that!

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@John Chapman ?

@John Hixon

@Douglas Dowell

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@Account Closed

John and Douglas are great attorneys.

I "vet" attorneys for my coaching clients.

I ask questions like:

Are you familiar with the following:

-Real estate brokerage laws

-Rehab contractor agreements (scope of work)

-Sub2 and land trusts

-lease options

-wrap around mortgages

-notes

-dodd frank

-safe act

-installment sales

-foreclosures

-what the Attorney Generals Office does not care for (eg foreclosure rescue programs)

-eviction processes

-joint venture agreements

-Reg D Securities

-private lender issues

Not 1 attorney can handle all of these, and it is my 30 year opinion that most re attorneys can only do traditional cash sales.

@Darrell Shepherd

@Josh Caldwell

Buy on Land contract w 5 % down, pay forc36 months and refinance

During this 36 months make sure that you work on your credit

I have helped people do this for 30 years that have had a really bad situation like a bankruptcy or foreclosure

lease option assignment on this deal if rent ready

10 percent sales costs so 15k to sell at 150k

You are at 135

Owes 120k

If little repairs maybe joint venture

Buy sub2, give her nothing, paint carpet, make 10k

She's out of it forever

You made 10k

If you're licensed you made the commission

@dev 

@Dev Horn what do you think?

@Rishi Patel

I would make these kind of contacts right away

A broker of residential real estate 30 years experience

A broker of commercial real estate 30 years experience

Financial planner to understand accumulation of wealth with the stock market, mutual funds, etc

Go to www.ftc.gov and www.myfico.gov and www.investopedia.com - learn as much as you can there

A real estate flipper locally and understand how you can buy, fix it and resell

I would go to Toastmasters right now and learn how to give a great speech

See a title company manager and buy books on closing residential property

Understand leasing property and eviction procedures in your state

Learn what brokering contracts mean as a real estate agent vs not being licensed in your state and see if you can assign or sell real estate sales paperwork in your state

Go to every REIA meeting you can, get a business card that says "I buy houses and solve problems"

Pick up books on negotiating Roger Dawson is excellent

That list should keep you going for quite a while