All Forum Posts by: Brian Gibbons

@Ryan D

Another thing, which looks like you put some analyzing into it, 

$75K or 

$73,437.55 ?

@Ryan Dossey undefined

If you are a veteran in OH, 

1. get a VA loan for low-no money down or

2. do a lease with option or 

3. a land contract for 3 years.

4. See a Mortgage Loan Orginator to get an idea of your borrowability 

5. and an attorney for paperwork.

6. Then get roommates and save money monthly.

Semper Fidelis.

This business is CASH OR TERMS as a REI.

LOW CASH or better price on terms, ie sub2, lease option, wrap, master lease, master lease option, etc.

If you do not like it, then do something else, like social work.  Or pay above retail.

The biggest sin in REI is to pay too much when acquiring.

@Brett S.  you clearly have too much time on your hands.

You need Brian to find a motivated seller, period.

I like expired listings.  

When I present, I show the "costs to sell" if they get their price.

Choice 1. These "costs to sell" include commissions, closing costs, sellers concessions, vacancy costs (paying PITI while selling), spruce up costs to compete with other houses, etc. That adds up to a lot, say 9 - 14% of appraisal.

Choice 2. Then they can rent their home out, and put up with an "unproven tenant", possibly chasing late rent and maybe even an eviction.

Choice 3.  Seller Financing.

"What if, Mr and Mrs Seller, I could get you a payment that was close to your PITI payment, for maybe 24 to 36 months, then pay off your mortgage balance at that time, would that be something to talk about, or maybe not?"

See

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

And Brian, I do this not over the phone, but face to face, with all principals present.

•  Free and Clear Houses
• Think about "whole tailing" the house.
• You do a JV with the seller

buy the house with a private mortgage, no payments for say 6 months (moratorium)

you bring in private money for the rehab

you place a lien on the house for private lender money plus interest plus you jv fee say 5% of value or $10K min

you list the house with your agent, house sells, you get paid and private lender gets paid

You need a really good attorney, seller could sue you if you did not perform on the JV.

In Texas look at buying sub to, wraps and lease option assignments.

Look at expired listings and FSBO's and listed houses and landlords

Look at www.lonestarlandlaw.com

Www.neighborhoodScout.com is awesome

@John Jackson ?

Then set a time at www.reiskills.com

I have used [email protected]

Search these terms in the search bar one at a time

Buying controlling - lease option, sandwich lease option, lease option assignment, contract for deed, subject to existing financing, land trust, wrap around mortgage, master lease, master lease option, private lender, joint venture partner, self directed ira

Selling on terms - lease with option, lease with rofr (right of first refusal)

There is more but that is a good creative list

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Advice - Listen to a lawyer that has prepared alot of lease options, sub 2s, land trusts, private lender and jv docs.

DO NOT listen to seminar junkies.