All Forum Posts by: Brian Gibbons

Welcome to BP @Scott R.

Please pm me to help you find 

Sellers that are expired that may consider lease option or lease purchase or sub2 or AITD

Buyers that  rent and need a lease to own home

Best wishes

Brian

I coach cash or terms investing

I believe that you need to understand the following types of investing

Wholesaling where you control property with a sale and purchase agreement or option agreement and sell the contract; I believe you won't do well in wholesaling unless you have some cash buyers already

Retailing where you actually buy the property fix up and resell it to a retail buyer; you should have Hardmoney lenders and joint venture partners, cash partners,  credit partners before you do retailing

Seller financing which encompasses usually low equity deals.  Types include 

subject to existing financing or sub to, 

lease  options where you enter into a lease and option and assign the deal for a fee, 

sandwich lease options were you enter into a lease and option and sublease and sub option, 

Buy on contract for deed and then lease out, 

But free and  clear houses on installment sale and lease out,

Buy on wrap around mortgage and then lease out

You make your profit at the purchase so either you have really good terms or really good cash price

I hope that helps

 Scott you're  in Maine and I would go to a major city in Maine like Portland  and then go to the Chamber of Commerce and talk to the Chamber president that you need a good mortgage broker for residential loans

That I would use the chamber president's name and call the Mortg broker up and taking him her to lunch

With Dodd Frank a lot of mortgage brokers are worried about lease options so you need to reassure them that you're just trying to get an idea of present borrowing ability if they have the down payment, check DTI if everything else is okay

F ICO is changing to include people with no credit such as paying their phone bill on time, their rent on time, etc

I would write out a written agreement with the broker saying that if the mortgage broker gives a written opinion on a possible borrower they will be compensated a fee for their time and they will be able to originate a home loan and get a commission when the time comes

This is not easy and it may pay for you to get your mortgage brokers license in Maine so that you can do a minor origination on all your time buyers if you're doing a lot of them

Hi @Rob Beland

Buying on terms includes a few things

Subject to existing financing, wraparound mortgages, land contracts, installment sales, etc

No selling on terms includes all the above but you go be really cautious about if the buyer vendee does not pay you how do you get them out?

A wraparound mortgage basically creates a brand-new mortgage it that wraps around the existing financing and it is common in many parts of the country

An example would say that you had an $80,000 mortgage that's worth 100,000

The payment on the 80,000 was 800 a month just talking numbers

The wraparound mortgage we create $100,000 mortgage with a payment that's based on a 30 year amortization of some interest rate

Dodd frank limits the number of deals you can Sell On Terms

Finding a lawyer that understands these and particularly a lawyer that knows what the judge would say if you had a problem with the person in the property to get them out is important

My blog covers these "buying on terms"and Dodd Frank

http://www.biggerpockets.com/blogs/3-reiskills-and...

What the biggest thing about Dodd Frank is you can buy all the terms deals all day long from landlords as long as the person you're buying it from is an investor, Dodd Frank is about selling to owner occupants

Pm me if you have questions

I went to Saint Michaels College, small Jesuit college DII

 I thought was a great game for David and Goliath, a big school versus a small school 

My sister and Dad went to BU

Great all New England Final

Lease Purchase then is much smarter

Lease and Sale and Purchase

Buyer forfeits 3 % if they do not close and get financing, California maximum EMD

@Allen Maris

See an attorney

Could you sell on a wraparound mortgage?

Why did u buy it?

I train in lease options and NEVER lease option a fixer to a tenant buyer, they don't have title.

@Bill Gulley

https://m.facebook.com/dialog/share?app_id=1326213...

Great job PC!

@Curt Smith

Welcome @Ronald Hull?