All Forum Posts by: Brian Gibbons

@Dawn Rickabaugh can help u with a safe sellable note.

Welcome Christine!

Go get 'em!

Brian

It is my feeling that an REI should think about doing the following re: Dodd Frank....

Buy on terms any way you want, if not living in it...

• sub2,
• lease option assign
• master lease for cash flow
• owner financing

Sell on terms with straight lease and pure option, no rent credits, no financing option, put all tenant buyers through RMLOs.

Buy as an investor free and clear houses, give terms, charge interest as per the IRS requirements, and rent out til paid off.

Look at case by case basis owner financing any house with note plus mortg or deed of trust, go through RMLO, be careful of selling alot of these this way. Examine the exemptions from Dodd Frank and Safe Act, some exemptions are just for home owners, not investors.

Simple!

@Account Closed undefined what do you think?

I second @Andrew S.

Steven Covey 7th Principal - Sharpen the Saw.

Balance and renew your resources, energy, and health to create a sustainable, long-term, effective lifestyle. It primarily emphasizes exercise for physical renewal, prayer (meditation, yoga, etc.) and good reading for mental renewal. It also mentions service to society for spiritual renewal.

http://www.biggerpockets.com/forums/432/topics/97564-the-best-book-to-learn-about-buying-apartment-buildings about books for valuing apartments.

Nice article here http://kagansblog.com/2011/10/how-to-value-an-apartment-building/

Isnt Meridian MS a military town?

According to the 2000 Census, of the 17,890 housing units inside city limits, 15,966 were occupied, 10,033 of them by families. 31.1% of occupied households had children under the age of 18, 36.2% were married couples living together, 23.3% consisted of a female householder with no husband present, and 37.2% were non-families. 33.2% of all households were made up of individuals, and 14.0% had someone living alone who was 65 years of age or older. The average household size was 2.39 and the average family size was 3.06.[59] The average household size has steadily decreased since 1970 when it was 3.04. On the other hand, Meridian's median age has increased from 30.4 in 1970 to 34.6 in 2000.[58]

The median income for a household in the city was $25,085, and the median income for a family was $31,062. Males had a median income of $29,404 versus $19,702 for females. The per capita income for the city was $15,255. About 24.6% of families and 28.6% of the population were below the poverty line, including 40.8% of those under age 18 and 22.0% of those age 65 or over.[59]

http://en.wikipedia.org/wiki/Meridian,_Mississippi

I know www.NoteQueen.com

See http://notequeen.com/frequently-asked-questions/

Hi @Curt Smith

I am thankful to Bill Gulley to motivate and to write about "imputed interst".

The definition of IRS imputed interest is interested the IRS creates on a personal loan, and taxes the lender down the road, even if the lender is not actually collecting interest.

What if you sold on owner financing at 0% interest, the IRS will charge imputed interest rate on the loan as if the imputed interest were actually being collected by you as income. For many reasons it makes sense to charge a minimal interest rate on all loans, even personal loans to family.

The imputed interest rules apply to loans that are made interest-free, or at a discounted interest rate that is below market. The imputed interest rules were created to prevent the transfer of wealth for the purpose of avoiding higher taxes.

How can you avoid IRS imputed interest? The obvious way is to charge a minimum interest rate on all loans, including loans made to family and owner financing.

The minimum interest is calculated by the IRS depending on the size of the term of the loan. The rates are frequently updated, so it's best to check with the most current IRS tax tables, which can be found on the IRS's website.

And you do need paperwork that portrays the loan. You need good documentation.

If you loan to family, you will want documentation explaining whether or not your family member must pay back the loan to your estate if you pass away, or when the loan is going to be forgiven.

For many reasons, it makes sense to avoid imputed interest by documenting the loan and charging the minimal amount interest, even to family.

For Federal Rates to charge minimum interest, see http://apps.irs.gov/app/picklist/list/federalRates.html

@Steven Hamilton II might want to comment.

Get a URL NashvilleOwnerFinanceHomeSolution

Do a video like this.http://reiskills.evsuite.com/capture-17/

Ask 'em to call u!