All Forum Posts by: Brian Gibbons
Brian Gibbons has started 114 posts and replied 4413 times.
Post: Seller financing. How do the pros qualify owners for seller financing
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Post: Seller finance
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
bus card idea
We buy free and clear houses for 100% of appraisal.
We buy on Owner financing.
Must be in perfect shape. We pay all closing csts.
Call Brian Gibbons 626 318 0599
Post: Seller finance
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
@Account Closed you are sooo right!
Free and clear houses are approx 1/3 of the market.
Offer them full price, buy Investor to Investor, so no Dodd Frank Law.
Get a payment so you can rent out with positive cash flow. You will be paying all costs...maintenance, taxes, insurance. You get tax benefits.
Idea: Get 10 OF deals NOW and maybe have 10 free and clear houses in 15 years! Sell, refi, keep. Up to you!
Post: Seller financing. How do the pros qualify owners for seller financing
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Give the seller a copy of this
http://www.nolo.com/legal-encyclopedia/seller-financing-home-sales-30164.html
If you are Investor to Investor, you can do any kind of SF deal you want.
If you are living in it, go see a RMLO too and get the Ability to Repay ok'ed.
Post: Seller finance
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
I thought I would add that the Dodd Frank Act when Investor to Investor, anything goes.
Dodd Frank Act is only when Owner Financing to OO Owner Occupant.
A great primer on Seller Financing is http://www.nolo.com/legal-encyclopedia/seller-financing-home-sales-30164.html
Get a lawyer EXPERIENCED in seller financing, most are not.
Post: Is there a US equivalent to the "vente en viager" real estate strategy used in France?
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
It has some "life estate" similarities.
Post: Lease Option question on my 4000 sq ft SFR investment
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Originally posted by @Bill Gulley:
Originally posted by @James Park:
Now, that is spooky, you thanked me before I posted and mentioned what I suggested! You should be a very wealthy man James! :)
What Bill Gulley knows about financial instruments is spooky.
Now if @Jon Holdman could get this thread over to Rent to Own - Lease Purchase http://www.biggerpockets.com/forums/83-rent-to-own-a-k-a-lease-purchase-lease-options
Post: Lease Option question on my 4000 sq ft SFR investment
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
You are stuck amigo.
Unless @Bill Gulley can think of something.
And why would you risk your reputation selling something at $40,000 over market? U R a licensed broker?
If your crystal ball is 10% over 18 months, offer the lease option with a purchase price at new appraisal in 18 months, but that is not a pure option, you need a set current price to be a pure option.
And you risk that being a disguised sale per the IRS.
Post: Credit Partners... The Key to Wealth??
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
Thanks Bill. I need to go to law school. :)
Post: Lease Option question on my 4000 sq ft SFR investment
- Investor
- Sherman Oaks, CA
- Posts 6,088
- Votes 3,921
You are basically underwater.
I would lease it for market rent and offer a Contract for Option to Purchase. (CFO) If they finish the lease they can buy it at new appraisal. Create a Delayed Sale and Purchase Agreement. Hold it in escrow.
Or use a ROFR (right of first refusal).
Why would any sane person pay more than appraisal?