All Forum Posts by: Brian Gibbons

Hi @Ginny Watson 

I work in seller financing, and as a seller, as @Wayne Brooks advised,

1. Get a RMLO

2. also get a good seller financing attorney, I reccommend http://eckleylaw.com/practices.asp

they do oregon seller financing

Go see your REIA president and ask about raising private money and using a Joint Venture Agreement to buy a foreclosure with alot of equity.

See an attorney to draft the deal.

See http://www.biggerpockets.com/rei/pennsylvania-real...

for PA REIA list.

@Jennifer Fernéz Distrssed property has rights of redemption issues with it, so get an attorney if you want to make an offer.

There is alot of equity there so get private funds to purchase now so you can act fast.

Watch out for "foreclosure rescue" laws in PA.

See http://www.fbi.gov/philadelphia/press-releases/201...

Never do "sale lease backs", buy it and resell it to someone else.

From what I have read about the Dodd Frank, it is for seller financing a buyer that lives in the property. OO oe Owner Occupant.

So if you are ACQUIRING on seller financing, then renting it out, not living in it, it is infinite. 

Seller financing does not go on the credit report as does FHA or Conventional financing, and if you use land trusts for privacy reasons, an asset search can be difficult in case you get sued.

@Jordan Archer 

@Account Closed 

@George 

@George M. undefined

Austin is awesome but not in suburb rentals above the median.

Look at collge housing or apartments that yeild better.

$50K down 20% is $250K purchase.

See

http://www.zillow.com/austin-tx/duplex/

 here you go 

http://www.irs.gov/publications/p523/ar02.html

I think working with a RMLO when selling on terms in CA is best, and even then, when buying on sub2 and selling on terms, try selling on 

1. a lease plus ROFR (right of first refusal) 

see http://www.biggerpockets.com/blogs/3/blog_posts/38...

or 

2. lease plus contract for option to purchase, (where the renters do not get the option to purchase until they complete the lease) might be the safest route to avoid the 4 month rule.

Contract for Option Info is here http://www.biggerpockets.com/blogs/3/blog_posts/26...

if there's no room in equity look at short sale vs ch 7 bk

My advice:

Get comps for ARV

Get a builder in.

Maybe do a JV w the seller

Provide rehab services in the form of a JV Agreement, use a private lender, list it with an agent as soon as the rehab starts, get private money for the rehab costs, get a lien against the house for the rehab costs, including interest, and make $10K for a JV fee to fix the problem.

@Gerald Harris that's awesome.

The DM Coaches (thats Direct Mail) are @Jerry 

@Jerry Puckett undefined

@Dev Horn 

@Michael Quarles 

They are all terrific.