All Forum Posts by: Brian Gibbons

Best info on vacant - abandoned property sesarching is Cameron Dunlop's videos See http://www.youtube.com/watch?v=kcEBtKkk9m0

Hi Steve Babiak and DG Henderson

In Texas you do need to do it right, @John Jackson is your man for TX. For Texans, you may want to read up here.

http://www.lonestarlandlaw.com/Lease-Options.html

Right of First Refusal in TX is another strategy. See http://www.lonestarlandlaw.com/Right-of-First.html

Hope that helps the good ole boys and gals in TX.

Brian

I build my own to do lead capture for motivated sellers and tenant buyers for lease option assignments.

I use wordpress, optimize press and socrates theme.

I also used Easy Video Player to link at the end of video (takes 15 min) to a form from www.jotform.com (free).

Best to you!

Brian

Sandwiches depend on your local area.

I'd go down to your local title company and ask them about double closes. Many title companies do not do them. Ask your REIA president.

Illinois uses land trusts, you can assign the "beneficial interest" in the land trust if you use them.

You are too kind, Ben Leybovich.

And if anyone ever wants to buy a multifamily for 5% cash down, see his AWESOME podcast here http://www.biggerpockets.com/renewsblog/2013/04/18/cash-flow-creative-finance-life-ben-leybovich/

Ryan Coburn Welcome to BP!

Selling on terms with existing financing include:
1. Contract For deed
2. Lease Option
3. Wrap Around Mortgage - AITD

Every state has there own Seller Financing conventions.

An idea might be to use a 12 month Lease and a Contract For Option to Purchase. See http://www.biggerpockets.com/files/user/REISkills/file/contract-for-option-to-purchase

Right of First Refusal (ROFR) and Right of First Negotiation are preemptive rights to purchase specific real property at some future time upon certain defined terms and conditions.

A ROFR differs from an option in that it is conditional, not fixed, and generally does not specify a dollar price. An option to purchase, on the other hand, is a unilateral contract which gives the Holder the right to compel sale of the property at certain price within a certain option term.

See your local Real Estate attorney that has deep experience for your state.

And, there is no "Due on Sale" Jail. Just have a Plan B in case the loan is called.

I would put pictures on Craigslist, and try this:

For the right party, I will owner finance this property with 3% down and $1200 per month. You have 36 months to get the mortgage. Purchase price will be new appraisal at the time of finance.

Best Wishes,

Brian

K. Marie Poe I agree with you.

I use a lease 12 month and a contract for option to purchase. See http://www.biggerpockets.com/files/user/REISkills/file/contract-for-option-to-purchase

The CFO does not give the option til the end of the lease.

The DOS clause if used with Land Trusts works many times. And you need a plan B regardless.

Nice post. :)

Like Page Huyette and James Vermillion said, a Lease Option Assignment, done correctly can get you a nice assignment gee.

Ex) $100K comps
Rent $800
24 month term

You lease option from seller with intent to assign for a fee
You then market for tenant buyer
Then assign the deal for say 3-5%.

See http://www.biggerpockets.com/blogs/3/blog_posts/5083-why-i-love-lease-option-assignments-rather-than-sandwich-lease-options

Hope that helps!

Brian

well I think Bill Gulley just might agree that charging MARKET RENT and an extra OPTION PAYMENT monthly of $200 instead of over charging rent might be the way to go.

Brian

Bill Wilson

See what the exiting financing is, rate, loan balance, 30 yr fixed, etc.

You could have him refi the rental if it has a ton of equity, take his money, and seller finance to you.

If it is free and clear offer him payments without interest for $600K, and he can use that "annuity" payments to pass onto his heirs.

If he is really motivated, get a really good seller financed deal under comps.

Offer to pay the agent 3% up front.

Is this seasonal in Colorado? A good yr round rental?