All Forum Posts by: Brian Gibbons

Kathie L. Russell

[email protected]

Email Kathy and tell her that you talked to Brian Gibbons and you'd like to be able to structure subject to existing financing deals in North Carolina

Ask her to email you the seller intake form for sub2 deal

I would look for good reasons

-Loss of job

-Health issues

-Child medical bills

-2-3 years since ch 7 or 13 bankruptcy Discharge, not filed

Attitude-wants to be rehabilitated with credit, will enter into savings program and credit repair program,

A high earner with no debt has a great chance to get a new loan in 3 to 5 years

Best advice is getting attorney and ask what the courts will say if you have a problem in lease options with sellers or buyers there's issues in North Carolina theres issues in Texas there's issues wherever you go and your attorney can guide you The key is not being a one trick pony and learning every legal way there is to buy or sell property with or without banks

Keep it simple

Buying terms whether it be lease option,  wraparound mortgage, or subject to

Exit is generally lease to own.

You have a due on sale clause issue with the wrap or sub2 so sell it fast and get the OF retail buyer traditionally financed and original seller's loan paid off.

Dodd Frank has a penalty if you do not use an RMLO so use a RMLO and you are usually  covered as to proving the ability to repay of the OF buyer.  The penalty is severe as stated on my blog re Dodd Frank

Yes buy the book :)

Welcome @Nicole Carterand I hope you enjoy learning everything that is on biggerpockets

Read all the free downloads especially the beginner e-books and podcasts and follow some of the better posters,  I'm sure you'll do well

Originally posted by @Joel Owens:

... direct owners just looking for a solution to their problem. Since I do not do BS I just tell them in a nice way this is what the value is and why. If they see reason then we can possibly put something together. If they are looking for a Unicorn then I tell them to have a great day.... : )

Do you know how powerful it is when you can tell a seller you have personal contacts and access to hundreds of millions liquid cash??

Build that database. When sellers contact you they want to know you are a closer. If you do not get them to the right price to do a deal then that falls on you and not them. If you do not know how to analyze numbers properly then get educated about the process. Sure under due diligence there may be small adjustments in price but most of the time unless something catastrophic is found there are not big adjustments If you evaluated properly upfront. 

 I just love this, quote, @Joel.

Get educated and buy this by @J Scott

http://get.biggerpockets.com/flippingbook/

@Shawn Holsapple is an incredible REI source for Indy, IN!

Hi Jon Quigley

Real Estate Is local.

Get your REIA president out to lunch

Ask him her for

1. RMLO

2. Creative Real Estate attorney for sub2, trusts, lease options, partnerships, etc.

3. Great real estate broker

Are you licensed?  I would be.  Get referrals from other agents.

Good luck!

I should have @Bill G answer that :)

There is a long mortgage origination Dodd Frank summary here on my BP blog

http://www.biggerpockets.com/blogs/3/blog_posts/39...

Q: What is the penalty if I don’t comply with Dodd-Frank and I’m not exempt?

A: Any borrower on a consumer loan secured by real property has 3 years to bring suit against a lender for failing to consider the borrower’s ability to repay the loan.

If they succeed, the borrower is entitled to EVERYTHING THEY PAID THE LENDER FOR THE PREVIOUS 3 YEARS plus attorney fees, costs, etc. 

At any time after the loan is made (3 years or not) the borrower may bring this as a defense in set off to any foreclosure action and recover the previous 3 years of payments!!