All Forum Posts by: Brian Gibbons

I am offering this as another tool researching areas based on Census data, nice visual tool instead of tables!

http://projects.nytimes.com/census/2010/explorer?ref=us

Brian Gibbons

The only tax advice I can honestly offer is
1. If you buy and hold for less than 365 days, you pay alot of tax on the profit.
2. If you buy and hold for more than 365 days, you pay alot LESS of tax on the profit.

See a CPA that owns rental property themselves. Ask for a referral from your REIA.

Brian

If you want more info on this, PM me.
This is Lease Option Assignment Strategy (more of an Option Release Fee Arrangement with the Seller)

*You would find listed sellers and listings that have expired.
*You would deliver my letter and my letter of intent (lease option assignment).
*I would close the Seller on the phone.

They (Sellers) pick their list sales price, based on comps, we pick the rent (must be market rent).

I have the best attorney (that goes over the docs w Seller and Buyer) and FICO score improvement coach (for Tenant Buyer) in the US.

This costs the seller nothing.
It costs you nothing in coaching fees to me.

We split net profit 50 50.

I will answer all your questions on the phone, not here.

I have 27 years experience in options, leases and seller financing.

up to you!

Brian Gibbons
REISkills

http://www.housingwire.com/news/2011/06/29/hud-clarifies-mortgage-originator-role-safe-act

nice article on mortgage origination and the SAFE act.

Bill Exeter is the best with Title Holding Trusts (Land Trusts), especially in CA.

Seller Financing with title holding trusts can be learned from http://notequeen.com/category/land-trusts/

Brian

A lease purchase agreement as well as a lease option agreement have nothing to do with the SAFE Act unless you are planning to carry back the financing if and when the tenant/buyer exercises the option to purchase.

If the tenant/buyer obtains their own financing from a third party lender when the option is exercised, then your deal is not subject to the SAFE Act.

This is a common opinion in the REI community, IMHO.

If there is no equity and Sandwich might be an option, if there is a positive cash flow between rent differential, but...

80 for 80? with back payments?

You might do a cooperative assignment, lease w option and sell the contract for a fee.

There are easier sweeter deals all day long, for cash or for terms.

Best of Luck,

Brian Gibbons

This is how I market for Lease Purchase Sellers...

[b]Please see the video Mr Home Seller and fill out the form.

We can fix your situation in 30 - 40 days.

Brian Gibbons

Hi Joe,

It has been a few years!

Contact Matt Reed on BP and see how things went 2010 to present.

I am currently focusing on a National Lease Purchase mentoring program. REIs help sellers sell on Lease Purchase for top dollar and no agent's fees.

The national election, whoever won, did not guarantee that home loans will be easier, or small business loans will be easier in the near future.

With credit tight, and a Buyer's Housing Market, what Lease Purchase allows is a better way to sell your home at a higher price, with less sales costs, such as agents fees, closing costs, sellers concessions, and worst of all, price reductions, as compared with selling with an Agent.

And the Seller gets a better tenant, with a long term attitude, that wants to own rather than just rent.

Many times, if market rent is lower than PITI, we combine Rent with a monthly option payment to meet the monthly outgoing costs, so sellers do not have to FEED the house they are selling on terms (Lease Purchase).

We use a Credit Improvement Company with a 10 year track record that teaches the tenant how to raise their FICO score.

And we use a loan servicing company that protects the tenant by taking the money paid from the Buyer, and pay the bank, the taxes, and the insurance, and the balance is sent to the Seller.

Bottom line is, if you follow these rules for Lease Purchase...

-protect the Buyer,
-protect the Seller,
-act as a principal,
-don't be greedy with your assignment fee,
-put a good tenant buyer in with good income and a chance to get the mortgage, -and network with financial and tax advisors that know their clients' housing issues for leads of Sellers and Buyers.

If you follow these rules (common sense really) you can build a great business.

Best Wishes to all,

Brian Gibbons
TheLeasePurchaseGuys

Seller Financing can be anything that helps the Seller HELP THE BUYER BUY THE PROPERTY.

Seller Carry
Installment Sale
Wrap - AITD
Lease Option
And Others

Every state has their unique rules. Texas uses wraps. Ohio uses Land Contracts. Etc.

The SAFE Act is to protect consumers. If the buyer is underwritten by a qualified licensed mortgage originator, provides TIL, RESPA, etc, Seller Financing is far from DEAD.

Here is an article about Hud and the Safe Act, selling a property you own on terms.
http://noteinvestor.com/notes-101/how-hud-safe-act-will-hurt-seller-financing/

All US States have the right to have state exemptions to the Act, a real can of worms at the moment.

Jon, you have a comment?