All Forum Posts by: Brian Gibbons

@Winston Spence Go Huskies!

Realtors are tough to work with on MLO, but if you can get across the table with the seller, and find their motivation, and do a "what if we could" conversation, you would be much further ahead of the game.

Evertything is negotiable in your questions. And they are all inter related.

Read that link @Curt Smith gave you. And read http://www.biggerpockets.com/renewsblog/author/douglasdowell/

and http://www.biggerpockets.com/search?utf8=%E2%9C%93&term=bill+walston

And how is the realtor going to make money?

1. fill out a 1003 app see http://www.biggerpockets.com/files/user/REISkills/file/1003-mortg-app---bring-to-mortg-broker

2. Bring app to lic mortg broker. Have them qualify her for a FHA or conv mortg today. If she can not qualify, what is the issue? Credit? D/E?

Then have a meeting with the mortg broker and your tenant buyer. You will look sincere about getting the TBer in the home and get financed for real, not just going through the motions of getting the mortgage.

You may need to pay the mortg broker a small fee.

Hi @Cydy Palang

I went to college in Burlington VT, played lacrosse there. Some of the best years in my life downtown Burl Vt!

Acquiring and running commercial rentals is terrific! See this book about creative finance.

http://www.amazon.com/gp/offer-listing/0757001351/ref=pd_lpo_k2_dp_sr_1?pf_rd_p=1535523722&pf_rd_s=lpo-top-stripe-1&pf_rd_t=201&pf_rd_i=0876241089&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=1AK69JXVAEZJANQ3S10K

I wish you the best!

Brian

@Ellis San Jose said it best.

To get started quickly and cheaply, IMHO a LLC is easiest. Your operating agreement can be written created and changed easily.

CYA(ssets) is important. You are in NY, with more lawyers per 1000 people than most states (meaning more potential lawsuits).

There is always a synergy between tax and legal. Some times in opposition.

To start with an LLC (to get going quickly and avoid procrastination) and evolve into something better into something better in the future is always a good planning idea when starting a REI business.

LLC is by far the best to start off with. A C corp when you need write offs.

Always sign docs in an entity to protect yourself.

Best to you,

Brian

Nate u have liability so a corp or a llc is strongly recommended.

@Account Closed the tenant buyer cant get a FHA mortg without paying much more than the 3.5% down. I always have the strike price of a lease option at new appraisal so the TBer can get the mortgage.

Selling on an Installment Sale or A.I.T.D. (wrap around mortgage) would be smarter, with rights to repossess in case of default.

Then possibly require the vendee to refinance in say 10 years.

Bring it on @Ellis San Jose

@K Marie Poe

Upside down, ARM resetting, only thing, would she co venture with you? Protecting her credit does not seem like the motivation, she let 2 houses go already.

Say you the REI need $500 cash flow monthly profit.

You would buy on sub2, keep loan in place for 15 years, owner pays negative cash flow from rent collected to PITI (sounds like $700 a month, feeding a loser, I wouldnt.)

JV in this situation with her contributing some negative for a long time is the only play.

Make sense?

@Kennedy Williams I would hear @Ellis San Jose message. TX is a place not to use someone else's contract.

See @John Jackson posts, as he is in TX.

The penalties are severe in TX.

Best to you,

Brian