Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Brian Gibbons

Brian Gibbons has started 114 posts and replied 4413 times.

Originally posted by Brandon Turner:
Originally posted by Brian Gibbons:
Ok I am going to have biggerpockets videos on "buying/controling without banks"! Nothing driving to my personal site or my logo or anything like that!
WDYT of that, @Brandon Turner ?

Hey @Brian Gibbons I love teaching tutorials and videos!

Keep in mind, (#4 above) that we want to make the forums more conversational, and develop the member blogs into the more "training" focus. So those videos will best fit in the Member Blogs for sure. The WYSIWYG editor should be installed on the Member blogs in the next few days, which should totally re-vamp that whole place. It's gonna be epic! Looking forward to seeing your videos there Brian!

So I understand, if they are on my blog, they can be branded?

Ok I am going to have biggerpockets videos on "buying/controling without banks"! Nothing driving to my personal site or my logo or anything like that!

WDYT of that, @Brandon Turner ?

Post: What to do? Seller owes more than what house is worth...

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

These are good replies about sub2 from @Matt Devincenzo and @Samantha M.

1. Sub2 works with ethical careful investors that always pay the underlying liens and then rent out or rent to own, but always pay the underlying liens, rain or shine.

2. Sub2 is a disaster with Sub2 flippers to investors, that is buy on sub2, then flip the contract for $1000 - $5000.

3. Using land trusts and placing the name of the trust as the _____ Family Trust helps alot.

4. Beware of houses that are upside down. If the PITI payment is 80% or less than market rent, consider Master Leasing and sub leasing it out for 10 years and get the cash flow, and make it a Performance Lease, that is, you pay the Seller only if the Tenant is paying you.

Post: Newbie from Orange County, California

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

Welcome @Joe Demonte

I am in the Valley, Sherman Oaks, lots of multi opportunities in So Cal, small apartments, etc.

Houses here do not cash flow w rent to PITI, flipping is good, possible lease option assignments with 50% equity +, need to know your hyper local market, a good agent that knows values is really helpful.

REIAs are great. Here is the list

California REIA

Best wishes,

Brian

Post: "Assignment of Contract" or something else?

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

I would go to your title co and ask to speak to the manager about double closings.

Here is a contract I use for Assigning Option Contracts:

http://www.biggerpockets.com/files/user/REISkills/file/assignment-of-option-to-purchase

Your REIA president should point you in the right direction.

Brian

Post: Owner Financing Suggestions/Help

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921
Originally posted by Tyrus S.:

Brian Gibbons
I have a question, now that you say you negotiate without realtor assistance, how do you get to the seller's contact information when a realtor either loads the listing to MLS or sends you the listing?

Thanks!

I find the seller through the address and the tax info, or skip tracing services. Address Correction Requested Postcards work.

I do TRY to ask the Realtor if I can present the offer with Realtor present. Most will not allow it.

Creative deals are CREATED not negotiated.

See the article http://www.biggerpockets.com/blogs/3/blog_posts/17-be-the-doctor-to-seller-s-problems-unknown-author

Being the doctor requires you to build repore with the seller.

My business requires the seller to contact me, mostly direct mail - post cards, yellow letters, etc. There is strong motivation to look at a creative solution, especially expired listings.

Door knocking works. Go talk with the seller. Give them a report or a postcard about seller financing.

See http://www.nolo.com/legal-encyclopedia/seller-financing-home-sales-30164.html

I like the We Buy or Lease Option Houses model.

We Buy or Lease Houses, Cash Or Terms.

Buy this book to get creative
http://www.amazon.com/Finance-Estate-Place-SquareOne-Guides/dp/0757001351

review: Misko's book is not long, but it is not light bedside reading. There are 47 separate strategies for financing real estate of all types, which are presented very (too) succinctly through a short paragraph on the idea, another paragraph or two outlining the actual strategy, and finishing with a scenario or case history of the strategy applied. Each strategy gets 2 short pages of treatment. There is also a glossary of real estate terms which is useful if not exactly complete, a list of potentially useful websites for the investor, a section on IRS trustees and custodians, and the complete Section 1031 (Starker Exchanges) of the IRS code!

Hope that helps.

Brian

Post: How to market a house in a small market?

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921
Originally posted by Joe Jones:
Any other sugestions besides list it with a Realtor? There are many houses in the town that have been listed with a realtor for a year or more. If a realtor has a buyer that can't get a loan then they can still make money by bringing their other wise time waster to me and get paid for it. I'm not intrested in having someone tie up my property then hope someone else brings the buyer and they get paid for it. I have a friend in the same area that listed his house with the number one realtor in the area and not one offer. His house was free and clear mine is not. I can't keep making payments on a empty house. I can sell it on terms or lease option the property.
Sooo any other ideas to market it?

Sooooo, consider a SMOKIN' deal to be offered for Buyer and Agent,

You have a vacant house that's killing you.

How about ...

[i]Buy this house, bargain rent of $____________with $1000 down toward the purchase price of $________________.

Attention - AGENT!!!! Bring me a Buyer and I will give YOU 4% commission when house sells.

Call for more info. Pictures here.[/i]

Link to a postlets or a jotform.com form.

If you have a unique house and a unique montain top area, you need to stress the WE WILL HELP YOU BUY....

Go to all the places that have alot of people, restaurants, financial planners, accountants, laundry mats of apartment complexes, hospital parking lots with 3 x 5 card flyers, etc.

Hound agents in the area for the 4% commission.

What are you willing you do to sell the house? :)

And price the house 10% under comps for a fast sale.

Post: Out of state virginia property subject to?

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

I would never improve a house on lease option, buy it on sub2 first, Richmond is a major va market.

Why would u buy an underwater house????

Post: Owner Financing Suggestions/Help

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

I thought I would poke my head in here.

It has been my direct experience that negotiating DIRECTLY with the seller re: selling on terms is the way to go.

Having an agent negotiate for me is usually not the way to go.

My 2 cents.

Also, the motivation of the seller is as important as the finance details of the deal.

Do not ever talk money or terms unless you understand the WHIFFMs of the seller (what is in it for me).

Post: Owner Financing Suggestions/Help

Brian GibbonsPosted
  • Investor
  • Sherman Oaks, CA
  • Posts 6,088
  • Votes 3,921

Bill Gulley please see above.