All Forum Posts by: Brian Gibbons

If you're in Ohio or California or Florida get license if you're doing wholesaling

whether it's option contracts or sale and purchase agreements that are assigned, get licensed and act as a principal

This is a hard ask to ask somebody to wait 24 to 36 months to get paid on the mortgage origination

The credit improvement piece you can go to www.UpgradeMyCredit.com

The key to increasing FICO scores is to get new positive marks on and get them as strong credit references as soon as possible

Re Mortg origination: The best thing to do is to find a RMLO in Ohio and work out a flat fee for analyzing the ability to repay rules for Dodd Frank and put their RMLO number in the letter

My RMLO  charges 1%

Read Ch 4735

Get a lawyer

Get licensed and do wholesaling in OH

02 July 2014

http://www.com.ohio.gov/documents/Fall10REdiscipline.pdf

LYNETTE S. MALY, Twinsburg, Ohio, was found by the Commission to have violated Revised
Code 4735.02, unlicensed activity, and was accessed a civil penalty in the amount of $500.00,
when she held herself out as engaged in the business of real estate, while not licensed under
Revised Code Chapter 4735.

SHARI L. MORTER, Stow, Ohio, was found by the Commission to have violated Revised Code
4735.02, unlicensed activity, and was accessed a civil penalty in the amount of $500.00, when
she held herself out as engaged in the business of real estate, while not licensed under Revised
Code Chapter 4735.


MIKE ZUREN, Willoughby, Ohio, was found by the Commission to have violated Revised Code
4735.02, unlicensed activity, and was accessed a civil penalty in the amount of $1,000.00. The
Commission found that Mr. Zuren, when in expectation of collecting a fee, commission or other
valuable consideration, held itself out as engaged in the business of selling real estate in a
publication and offered or attempted to offer, listed or attempted to list 20 real estate properties
in the publication, without first being licensed under Revised Code Chapter 4735.

SHARI L. MORTER, Stow, Ohio, was found by the Commission to have violated Revised Code
4735.02, unlicensed activity, and was accessed a civil penalty in the amount of $500.00, when
she held herself out as engaged in the business of real estate, while not licensed under Revised
Code Chapter 4735.

GARY UNDERHILL, Wooster, Ohio, as the result of an investigation of the formal complaint,
was found by the Commission to have violated Revised Code 4735.02, unlicensed activity, and
was accessed a civil penalty in the amount of $2,500.00. The Commission found that Mr.
Underhill attempted to or assisted in the negotiation of the sale, exchange, purchase, rental or
leasing of real estate on 47 occasions without first being licensed under Revised Code Chapter
4735.


PAM BALINT, Ravenna, Ohio, was found by the Commission to have violated Revised Code 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $3,500.00. The Commission found that Ms. Balint acted as a real estate broker or real estate salesperson without being licensed under Chapter 4735. Ms. Balint’s conduct included accepting phone calls inquiring about the subject property and directing or assisting in the procuring of a prospective buyer to purchase the subject property. In addition, on five occasions Ms. Balint advertised or held herself out as engaged in the business of selling real estate. She placed signs with her phone number on it in the subject property’s yard. She ran an ad in a newspaper regarding real estate for sale with her phone number and name. She provided a flyer marketing the subject
property with her name and phone number on it. She marketed the property on the phone on two occasions.

EVIE KIDDER, Akron, Ohio, was found by the Commission to have violated Revised Code 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $21,000.00. The Commission found that she consistently took actions to list, negotiate the sale of, sell a property, and made several requests to collect a commission on the sale of a property. Ms. Kidder acted as a real estate broker or real estate salesperson without being licensed under Chapter 4735.

TONY HOFFMAN, Akron, Ohio, was found by the Commission to have violated Revised Code 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $21,000.00. The Commission found that he consistently took actions to list, negotiate the sale of, and sell a property and made several requests to collect a commission on the sale of a property. Mr. Hoffman acted as a real estate broker or real estate salesperson without being licensed under Chapter 4735.

DIANE SHELTROWN, Waynesville, Ohio, was found by the Commission to have violated R.C. 4735.02, unlicensed activity, but no penalty was imposed. Ms. Sheltrown, on 2 separate dates, directed and assisted in the procuring of prospects which was calculated to result in the sale of a property and she intended or expected to receive compensation or other valuable consideration for the conduct.

MUNNA AGARWAL, Euclid, Ohio, was found by the Commission to have violated ORC 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $1,000.00. The Commission found that Mr. Agarwal agreed to negotiate and negotiated a potential purchase of property, agreed to list and listed, agreed to offer and offered a property for sale, advertised and held himself out as engaged in the business of selling real estate, directed and assisted in the procuring of prospects and in the negotiation of a transaction which was calculated to result in the sale of a property and intended or expected to receive compensation or other valuable consideration for the above conduct, while not licensed under Chapter
4735.

ELYHUE E. DUFF, Akron, Ohio, was found by the Commission to have violated ORC 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $1,000.00. The Commission found that Mr. Duff assisted in the procuring of a prospect and negotiation of a transaction, which was calculated to result in the sale of a property, wrote a sales contract for the parties, and intended or expected to receive compensation or other valuable consideration for the above conduct, while not licensed under Chapter 4735.

Www.notecollection.com

I know an investor who has over 100 properties between 25 and $40,000 that rent for 600 to 700 a-month section 8 tenant's

And he's also a property manager so he does his own property management

I guess if you have your systems in place and your insurance it doesn't really matter

If you want to learn wholesaling by J Scott's flipping book 

See the BP store at the top of page

What is existing financing on the property 

is a free and clear  or is there a mortgage? and if there is a loan what are the numbers on the payment and the balance and what kind of loan, fixed or arm ?

I think new people should use a letter of intent and not try to draft documents

Just put together a letter spelling out

Name a purchaser name of seller, address of property, legal description of property, and what you both wish to accomplish

You could say: 

the undersigned agree to enter into a letter of intent in order to purchase the above mentioned property via 

subject to or 

agreement for deed or 

subject to and a note

If you work closely with a local attorney, I believe it's a lot easier for new people so they going to learn everything about offers.

@Brandon M

My attorney friend drafted a lease and a contract for option to purchase 

Send the lessee to a Mortg broker RMLO 

You need to find someone that wants home ownership and that will overpay

I think cheap rent for 24 mo and 3% down is a good strategy

Can you make up the shortfall or pay extra principal to get to zero upside down over 24 months?

Seller financing avoids all this stuff

You need to understand existing financing to do seller financing 

the balance of the note is the payment and whether not fixed or ARM

Seller financing includes installment sales on Franklin properties and lease with option to lease purchase master lease etc.