All Forum Posts by: Brian Gibbons

Brian Gibbons has started 114 posts and replied 4413 times.

I agree with @Larry Chafe , getting a seller to contribute to "feeding a negative cashflow" but if the seller wants to avoid a short sale, with all the negative connotations of a short sale (hurts your credit - FICO, you have to declare on US Govt employment and loan forms that you went through a foreclosure, the IRS may "claw back" and say you owe money on the short sale, etc), but...

It is not impossible. It all starts with a great house in a great neighborhood, good schools, etc. The Buyer needs to sink their feet for 10 years. The Seller needs to have a long look at fixing the problem.

Appreciation, PITI vs Rent Ratio, and principal paydown both are factors.

Master lease without owning is another strategy if there is a profit there.

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Go to rei association and say you are a hardworking bird dog, everyone wants different things and will pay differently.

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Go to reissue and say you are a hardworking bird dog, everyone wants different things and will pay differently.

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Welcome! Brian in Los Angeles

1 Vote

Originally posted by @Bill Gulley:

I would have made that Realtor give me 3 laps before sending him to the showers!

You might call that agent's broker to ask about a better contract, I'd bet a multi is available through the Board of Realtors, if that broker doesn't usually have such business he may not stock 500 copies for the agents.

I agree with Ned, begin with a basic meeting of the minds with the seller before sinking money into deeper negotiations and due diligence.

$2500 may be steep for a boilerplate contract, but if he's representing you, doing the contract and taking you to closing (not closing but getting you there) that's cheap. I'd begin with the broker, see what bases need to be covered and then approach an attorney, might make his job easier and cheaper for you. I'd say too that if you intend on dealing in commercial, get a commercial agent. :)

If I am looking at a commercial investment, I never get advice from a Residential Realtor. I look for a CCIM

See http://www.ccim.com/about-ccim/what-ccim

They are better educated than a Jesuit Priest (joke)

Seriously, that desigination is about PhD Commercial.

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Originally posted by @Rick H.:

Kyle, I replied to another post if yours. Frankly, I think you're on the right path as you are trying to identify the opportunities from different angles.

If you are comfortable with the idea of mailing, calling and door knocking, you can become one of the local experts. What you lack in technical or legal expertise can more than be compensated by offering to be helpful.

For example, keep a list of handymen, tradesmen and contractors that can fix problems. Let decedent's families know that you are the go-to guy and will share your contacts with them if they contact you directly. You capture their contact info, refer the labor, and now you're an insider to any potential deal.

Truth is, few if any will actually do this. It's not hard but not convenient. I've learned to and it's provided a very lucrative career that few in this forum will know or achieve. Verify all you want.

I know your question was a mailing question however I just want to encourage you to find multiple methods of reaching people who will respond positively if you simply find a way to add to their lives.

Rick Harmon rocks in the Probate niche, he has no peer or equal in So Cal.

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You need a squeeze page for sellers, buyers, and private money.

I use optimize press 2.0.

Get the lead and convert.

Use video email, I use www.bombbomb.com

You can drip 3 - 5 emails. Better than free report. You condition them to your solution.

I hope that helps!

You must

Get the lead
Make a friend
Condition them to your solution
See them
Sign them up!

2 Votes

A good thread on starting wholesaling is

http://www.biggerpockets.com/forums/93/topics/103167-wholesaling

Also listen to podcasts here about wholesaling http://www.biggerpockets.com/renewsblog/category/podcast/

Lastly beware that many have lost money with wholesaling, see http://www.biggerpockets.com/forums/12/topics/111325-ben-leybovic

1 Vote

Originally posted by @Larry Chafe:

Amy,
Anything more than -20% equity is a good rule of thumb where it is past the point of any type of sub-to or creative financing deal is possible.

Larry Chafe

Careful,

-20% of $100K is $120K (Cleveland, Pitt)

-20% of $900K (where I live) is $180K.

Cheap properties can be overcome at -20% neg. :)

1 Vote

Originally posted by @Account Closed:

Why does the motivated seller want to avoid a short sale?

Joe Gore

Short Sales hurt credit - FICO.

See http://www.myfico.com/crediteducation/questions/foreclosure-alternatives-fico-score.aspx

It is a foreclosure.

It hurts your reputation and you have to sign on Govt employment apps you have been through a foreclosure.

IRS You may owe money to the IRS http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

To avoid a short sale,

-rent the property out,

-sell on sub2,

-sell on lease option,

sometimes better than short sale.

1 Vote

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All Forum Posts by: Brian Gibbons

Brian Gibbons has started 114 posts and replied 4413 times.

Post: Underwater House, Can Motiv.Seller avoid ShortSale?

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Post: creating a website...

Post: I am about to start my wholesaling endevour any tip.

Post: Underwater House, Can Motiv.Seller avoid ShortSale?

Post: Underwater House, Can Motiv.Seller avoid ShortSale?