All Forum Posts by: Brian Gibbons

it's a turn around apartment building approach, where u find an apartment with low NOI, master lease it for a low monthly payment, then have an option to buy it for the low NOI based price in the future.

Raise rents and lower operating expenses over time and profit by buying low and selling at retail.

@Bill Walston is great at these.

@Bill Jones Welcome.

You may want to check out these posters as to Creative Financing.

Bill Walston http://www.biggerpockets.com/posts/user/bwalston

John Jackson http://www.biggerpockets.com/posts/user/LeasingToBuy

Brian Gibbons http://www.biggerpockets.com/posts/user/REISkills

There are other senior posters here.

Again welcome!

Brian

Sherman Oaks CA

@John White

Comparing JVing with a seller vs Wholesaling:

Say you have a house worth fixed up $100K, needing $20K in repairs to get the $100K, free and clear house (no liens)

Seller if they sold to wholesaler, they would need to sell cheap, say $40K, so the rehabber would pay the $20K plus $40K plus closing costs, plus holding costs, plus sales costs, to make say $21K.

What if you just JVed with the seller, brought in $20K, did the work, protected your $20K money, added in a minimum profit say $20K with a note and mortgage, and sold the house, then got the seller the balance?

Seller could make more money than the Wholesaling model? You double your money? You dont need to convey title?

The hic up could be are you lending money or JVing - partnering.

@Bill Gulley might comment.

Oh boy, improving a property you do not have title to is dangerous.

I would want the deed before I put one penny in this.

Can you...

1. Buy the property sub2 from the owner

2. Do the work with your money and his skills

3. You protect your money with a note and mortgage (you get paid back at re sale)

You control the whole thing.

@Jon Holdman and

@Bill Gulley might want to comment.

Ahh CJ I am glad you are here....

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My favorite quote:

Common Sense + Consistant Action = Power, you need both.

Merry Christmas to all!

Brian

I thought I would share this...

I wanted to share this quote, because I truly believe many BPers need to write it down and say it out loud every morning and every evening.

I think re framing is great. Mind Talk is the killer. What we say to ourselves, especially in that murky semi present stage (ex Day dreaming, procrasitination, etc).

What we say to ourselves and rationalize our failure while others succeed.

Here are attitude quotes from the Masters, people I draw strength and power to my core.

Jim Rohn

It doesn't matter which side of the fence you get off on sometimes. What matters most is getting off. You cannot make progress without making decisions.

The more you know the less you need to say.

If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.

Character isn't something you were born with and can't change, like your fingerprints. It's something you weren't born with and must take responsibility for forming.

Others:

R Buckminster Fuller http://www.brainyquote.com/quotes/quotes/r/rbuckmins151694.html

You are what you read and what you say and what you think. :)

Ah, a new thread, It Takes B@lls To Get Started

What have you done in your life (that took B@LLS) to get started as a successful entrepreneur?

I'll start.

1) USMC Pariss Island SC, 1978, almost killed me, wanted to quit 10,000 times. My Dad's letters kept me going to graduation. Also boxing in the USMC (Light Heavyweight) was a great experience.

2) Started a business with a business partner that brought sales ability and some capital to the table, when we made money wanted his capital out, we disagreed how to do that, we ended up divorcing our relationship, not fun rebuilding the business.

3) Went door to door selling business health insurance as a young buck, lots of rejection, didnt care, tenacity was the rule. Law of Large Numbers Rule. Was #1 in the Insurance office of 25 sales people in 6 months. Reason: Rejection Proof and got 3 referrals from most new clients.

4) Sold Group Disability to Lawyers and Doctors small firms. I enjoyed the doctors.....Lawyers were, well a pain in the ***.

5) Been a 1099 or S Corp employee since 1986. Never a W-2 since 1986.

Being resilient and persistent are key qualities to entrepreneurs. Coaches/Mentors too.

Welcome aboard @Shawn Young

Low Equity Deals or a little bit underwater houses, if you are acquiring to keep, shoud be Sub2 (Subject to existing financing), now you have the deed.

NM has a CFD, but sub2 is the best.

Then you can rent it out or lease option.

Or you could lease option from the seller then assign the contract or sandwich lease option and stay in the deal.

I hope these ideas assist you.

@Bill Gulley might want to comment.