All Forum Posts by: Brian Gibbons

There is more SDIRA and Private Lender Marketing on my BP  blog

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

@Johanna R. :)

yup! BEAT Canadiens!

@Dev Horn is a great teacher of wholesaling, what to do and what not to do in wholesaling.

If you are offering cash, I would:

1. learn about JV Partnering - half of something is better than nothing.

2. learn about Hard Money Lenders - search BP and your REIA. Know what they will do and what they require.

3. learn about Self Directed IRA Loans - See www.TrustEtc.com

learn about the Private Banker Concept.

4. Give speeches - go to toastmasters.com to learn how to give a speech, talk about you finding the deal, looking for jv partners to get a win win.

And Don't be a one Trick Pony, if you find a thin deal, not enough equity, then 

-list it, 

-buy it sub2, 

-lease option it, etc.

Make money on most of your leads.

You are what you think about.

Face the fear and act.

Common Sense + Action + Persistance + Humor + Visualization of Success = Power, do not lose your power.

Print this out.

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Our Credo as Real Estate Investors: I am a Real Estate Investor.

Of all of the occupations I have tried, researched, pondered, and read about over the years, there is none which compares to mine. My work is fun. I take ugly houses and make them beautiful. I help people out of difficult situations.

I am a Real Estate Investor. I am my own boss. I often work in my pajamas from the comfort of my home. I have no employees to baby sit, no perishable inventory to move, no franchise fees to pay, and no store to maintain. Still, I am in the top 5% of all income earners.

I am a Real Estate Investor. I now enjoy freedoms I’ve never had before. I am the master of my day. I choose who to work with. I choose my hours, and I decide if I will work 20 hours or 40 hours this week. I can also choose to take the day off, without obtaining anyone’s permission. I can take a month-long vacation. I can sleep in, or take a power nap after lunch if I want. I can review my notes and return my calls while lounging in my jacuzzi. I no longer have to commute during rush hour.

I have the freedom to spend lots of time with my wife and child/children. I do not have the stress and pressure of needing to close my next deal by the end of the week, by the end of this month, or even by the end of this year.

I live in one of the nicest neighborhoods, in one of the most beautiful states, in the best country that has ever existed on this Earth.

I am a Real Estate Investor. There are many who ‘want’ to be like me; many who are ‘studying’ to be like me; and many more who would be like me, but are just waiting for ‘this opportunity to appear’ or ‘that circumstance to change’… At the end of the day, very few actually are like me.

I have been very fortunate and blessed. I am finally living my dream. I love doing what I do, and I would not trade places with anyone, nor trade my life experiences for anyone else’s.

I am driven by the belief that life is short, and we need to ‘make a difference’ in the short time that we’re here, because after all is said and done, it’s really not about ‘us.’

I am a Real Estate Investor.

See 

https://www.propertyradar.com/foreclosureradar/

@Rick H.

@Ellis San Jose

You are welcome @Account Closed

I grew up in MA and went to HS and Col in VT.

Go Bruins!  Best Canadiens!

@Dele Ola

This is confusing.

How are you involved, the seller, buyer?  Are you on the deed as an owner?

Was the Contract signed befor 10 Jan 2010?

If the buyer is properly underwritten by a RMLO as to the ability to repay rules, you should be fine.

Any questions re: Dodd Frank you should talk to a RMLO.

Here is the thing about upside down houses

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How old is the mortgage?

Look at the amortization table below.

In the graph above,

In years 1 - 5, each monthly payment is mostly interest on a 30 year note.

You notice it is not "50-50 interest paid vs principal paid"  in year 15.

In year 29, it is like 99% principal.

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What is the term of mortgage (ex) 20, 30 yrs)?

How much percentage is paid toward principal and interest in this current year?

Can the owner pre pay some principal over time, like $200 per month?

200 x 36 months = 7200 toward principal

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What is the chance of appreciation?

I ignore appreciation

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So it depends on underwater homes.

Do a 5 year lease, 12 months at a time, with extensions.

The buyer needs to get an appraisal that matches the loan balance so the seller does not bring cash to closing.

@Julia Blythe

I use google and biggerpockets together

ex) biggerpockets Brian Gibbons lease option

https://www.google.com/?gws_rd=ssl#q=biggerpockets...

1. Buy the property sub2 through a lawyer, check title is clear.  Make sure seller knows about risks of due on sale clause.

2. Lease Purchase to Buyer with 3% down to you, non refundable, create (1) lease and (2) sale and purchase agreement, open escrow

3. Assist the new buyer to increase FICO, I use a Credit Improvement Co 

See

https://reiskills.wistia.com/medias/ihh2sr5yk1

4. Use a RMLO to check out Buyer.  I use www.SellerFinanceConsultants.com