All Forum Posts by: Brian Gibbons

I love this thread

I like 2 things in real estate: 

1st thing I like in real estate are pretty houses with no equity
so I can do a subject to, wrap or a lease to own

The 2nd thing I like in real estate are people that make a lot of money but they can't buy a house right now

So this marketing tip is on the "tenant buyer side" of people that are renting right now but they think they can't buy right now.

Here's my number 1 question:

For tenant buyers what are the best kind tenant buyers? A lot of income and they have some problem getting the mortgage.

Debt to income of 43% is hard, and I like medical people.

Medical people make a lot of money, and they have a lot of debt to to educational bills.

So how do you market to medical people?

Guerrilla marketing:

go to a printer and get brightly colored stock paper, I like limegreen or fluorescent red, stay away from orange which is danger color

Create a one-page website called _________rent to own homes. I get free domains and cheap hosting at justhost.com, put WordPress site together, and just have a video that talks about rent to own. 

Then create a little flyer with your fluorescent stock paper,

Would you like a beautiful rent own home? Is your landlord driving you crazy? Do you hate neighbors right next you in an apartment? Get a 3 or 4 bedroom house with the same you're paying in rent right now, being owner not a renter, stop making a landlord rich. Your job is your passport to homeownership. 

Guerilla Marketing: stick on car door in hospital parking lots.

How is this a good deal?

Seller financing does not add value to the appraisal.

Be careful of predator lending with Seller Financing.  Its federal law.

@Bill Gulleyll

What is the ARV for a fast retail sale?

You bought for 359

need $250 rehab - sounds like a iffy #.

If it can be sold FAST for like $800, then maybe a JV with a builder.

800K ARV

- 80k sales costs

----------------------

720K gross profit

pay builder 250 rehab

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470

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Can you give the builder $50K extra on a JV?

Are you willing to pay maintenance and vacancy and eviction-foreclosure costs?

$85 a month x 12 mo = $1020 a year for use of $15K - $20K capital?

I would take that $15K and lend it out at 10 - 12% to rehabbers, use it for 3 months, be a private lender, make $1500 every 3 months, and 

-no maintenance, 

no taxes, 

-no asset protection costs, 

-no law suits from tenants, 

-no property management costs, 

-etc.

Better yet, I would start a Self Directed Roth IRA.

See https://www.trustetc.com/resources/education/case-...

Own loan notes. not property with tenants and toilets.

@Dmitriy Fomichenko

 is great at Self Directed IRAs, both Traditional and Roth.

Basics are here..

https://www.trustetc.com/resources/education/artic...

Best of luck!

J if you cant adapt....you die in REI, especially with Consumer Protection (CFPB)

The days are gone when you can write a REI contract on the roof of a car.

It can always explode on you down the road.

Get a good lawyer, 

a good RMLO, and 

document everything.

Hell I am starting to video people's agreements like a deposition and 2 attorneys, just read into the iphone the agreement please!  You can video skype it and save it for potential court!

Brave New World.

@Richard Vandenberg

You showed many things here,

• Patience
• Compassion and Empathy
• Deal Making Skills, Creativity, Win Win

I wish you had received all possible heirs to sign off.

And use a Elder Care Attorney for competency issue with the Dad.

See

Generally, in the United States, a person has the capacity or competence to make the decision to enter into a contract if the person has the ability to understand and appreciate, to the extent relevant, all of the following: (a) The rights, duties, and responsibilities created by, or affected by the decision. (b) The probable consequences for the decisionmaker and, where appropriate, the persons affected by the decision. (c) The significant risks, benefits, and reasonable alternatives involved in the decision. See, e.g., California Probate Code §812.[3]

http://leginfo.ca.gov/cgi-bin/displaycode?section=...

@Rick H. any advice?

He owes 35+15 HELOC

That's 50

Put 20 in on rehab thats 70

ARV is 75

65% of a ARV is the wholesaling model less costs

This is not a wholesaling deal.

I wouldn't touch this 

even doing a joint venture with the seller where I use my money to fix it, sell the property, and take a JV fee of 10,000

It costs 10 percent or 7 k to sell at least

@jscott

all large firms have a contract to sign where they want you to be "captive" and do what they want

I like KW tho 

@Jon Holdman

@Brandon Turner

@Tessa Rysztak

1. start a llc

2. See a lawyer and create a jv agreement, your duties, your friends duties

3. Who is the referee if there are disputes

4. Have the financier own everything and when you sell, you pay back all costs, then split profits

5 do not over improve, use a staging co and a great sales agent, know what your retail buyers want