All Forum Posts by: Brian Gibbons

Hi @Chris Severin 

Look at the link above at @J Scott 's link - @Brandon Turner wrote a book on No Money Down.

J Scotts books on Wholesaling and Pricing rehabs are awesome too  See

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

Now if you have time on your hands, see my blog here on BP

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

Make Money Without Banks or Credit

I use these tools

• Sale and Purchase Agreement
• Option Agreement
• Lease Agreement
• JV Partnership Agreement - With Sellers and Credit and Loan Partners
• Letter of Intent to Buy on Seller Financing
• SDIRA Custodians such as Equity Trust - See
• https://www.trustetc.com/search-results.aspx?searc...

No Money Down means you understand the game and have team members to assist you in Creative Financing Deals, such as Self Directed IRAs, JV Partnerships, Sub2, Lease Options, Wraps - AITDs, Master Leases, Master Lease Options, etc.

have fun on BP.

It is a journey! :)

I would look into @Ben Leybovich 's course on Creative Finance for Multis

http://justaskbenwhy.com/cash-flow-freedom-univers...

I just love Ben and his course. :)

@Bill Gulley 

@Brandon L. 

If you are doing a lot of lease option assignments you are helping people buy homes, and licensed agents and brokers will notice.  I like expired listings so being licensed is also helpful when talking to sellers.

I would have placed this thread in another place, like GETTING STARTED.

Find a partner that has 5 years experience and be JUNIOR for 12 months, Read Rich Dad Poor Dad, work for understanding processes and procedures of your real world, not theory.

Think like someone experienced: What do you have to offer me, the experienced professional?

@Ned Carey wrote an article: Finding a Mentor 

http://www.biggerpockets.com/blogs/3225/blog_posts...

Best of luck to you and your learning REI.

Always ask if they own the property or not, they may be co wholesaling.

Finding  cash buyers at REIAs or asking a title co for a list of all cash transactions are good too.

Looking for names of Custodians in public record, which set up self directed IRAs, these buyers are good too

nate@

@Nate T. undefined

I do a lot of these and lease option assignments (where are you are advising buyers and sellers on selling their homes and buying homes, entering into a contract as a lease option with your LLC) and assigning that for a 3% assignment fee

1. If you want to do a lot of them the real estate board in your state is going to get some kind of complaints from other licensed brokers saying you are talking to sellers and buyers about buying and selling homes, so I would get licensed, even though you're only assigning a lease option contract

2. If you're taking any part of an option fee in the contract and then assigning a contract , the CFPB and Dodd Frank look at that as some kind of financing arrangement as per my RMLO, and I want to protect myself in case the tenant buyer gets a lawyer and says that the "ability to repay rule was not followed".

Bottom line get a RMLO with lease option assignments and underwrite the tenant buyer.

@Greg F. 

I think the litmus test for Peter and Joe is this.

Not the leads from marketing but....

Did you net any profit after expenses?

Any one can get leads from marketing.....

And....How about discussing just one of your SUCCESSFUL deals, from prospecting, marketing, negotiating, paperwork to buy, closing, exit strategy, paperwork to sell, etc.

@Peter Adams 

Owner financing 10 per cent down, pay full retail, get good rate

Find a good negotiator buyers agent to help you with the terms and offer to pay his commission

Usually the best owner financing deals are people that want to sell a property it's free and clear of loans and they want to look at owner financing installment sales.

Look into Grand Rapids homes to rent and ask for an option to purchase.

http://www.trulia.com/for_rent/Grand_Rapids,MI

Use a lawyer.

I can not stand the thought of living w family, but that's me.