All Forum Posts by: Brian Gibbons

@Jeanie H.

you could look at self directed iras too

It depends on your retirement objectives

@Dmitriy Fomichenko

@Brian Eastman

Are both experts in SDIRA s

Being the bank loaning money is awesome especially if the returns are taxed deferred

 What is the strike price?  Appraisal Price?  Option Consideration?

You could get an appraisal and sell on note and mortgage, or refi, or sell for cash

a ROFR does not come under Dodd Frank, it is a right not an executory contract like a lease option or contract for deed or wrap AITD 

@Rick Maningas

Search for my article "why a ROFR is better than an Option"

 Chantelle

 If you want to help him buy it the best way is to fill out a 1003 mortgage application which is a federal form you can find on the Internet 

 Then find a mortgage broker to look it over 

 I would march him down to the bank and open up a savings account to save up 3 to 5% for a down payment 

Wells Fargo just created a 5% down plan which might be better than the FHA program

Charge him market rent and give him a right of first refusal which protects him for a period of time.

If he needs help creating a stronger FICO score, have him open up a secured loan with the bank for a thousand dollars, and apply for an installment loan that's  secured

Also have him open up a secured Visa card 

If he can create new positive credit references, it'll help his ability to get a mortgage.

I coach seller financing so if I can help you let me know

  Nicole the term QI Or qualified intermediary for a 1031 or reverse 1031 is not an easy qualification to earn

I appreciate all your posts Dave!

@Zach Henderson

Read @Chad Carsons blog it is excellent.

And talk to him, one of the best SC Rei coaches.

@Kelly Moffat

study creative financing here on BP

Search "lease option assignments, sub2, wrap mortgages"

 Understand finding the deal is the most important thing, then next is negotiating options that are win-win with the seller and you

 An example is 

-you find a house that has low equity and it's in good shape and has a safe neighborhood and the seller needs to sell, like an expired listing 

-You show the seller all of their options, 

-selling with an agent and paying the costs to sell

-renting it out with a property manager

-selling on a lease with option

- selling by you taking over their payments (sub2)

 If you do this the right way and the seller really needs to sell, you may get a nice house you can lease option from the seller then assign the deal for a 3% fee to a former renter that wants to own the home with lease to buy.

This can be done without much money. It takes access to the MLS for expired listings, cancelled listings and long days on the market listings.

This is not a wholesaling type of transaction where you're just pushing a low, quick cash offer

I try to help sellers solve their problems and get the most amount of money for their equity through creative financing.

@David Coleman

Here's  a form to use to fill out information for homesellers that want to sell

https://app.box.com/s/padmzljavdg5yw60153hi9zqgjpn...

For questionnaire you should just ask basic questions about the house and then these questions

MOTIVATED SELLER - QUESTIONNAIRE CHECKLIST

The following is a list of sample questions you should ask a seller. When talking to a seller, try to ask the questions through the course of a conversation and try not to sound like you are reading from a list.

(Note: You will not ask all of these questions depending on the answers the seller gives and your investing objectives.)

Asking About The Seller And Their Property:

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)

• What do you like most about the home?

• What do you like the least?

• Are there any repairs needed?

• What is your sales price and how did you arrive at it?

• What do you think your house would appraise for in excellent condition?

• What do you think your property could rent for?

• Is your property listed with a real estate agent?

• If you don’t mind me asking, why are you selling?

Asking About The Existing Financing:

• Do you own the house free and clear?

• Do you know if your mortgage loan assumable?

• Would you sell the house for what you owe?

• If not, how much are you looking to get above what you owe? (Subtract that from sales price to

get loan balance.)

• How much are the monthly payment on the mortgage?

• Are the payments current?

What Kind Of Deal Can You Get:

• If I paid you all cash and closed quickly, what is the least you could take?

(Follow-up by asking if that is truly the least they would take.)

• Will you consider leasing the property to me with an option to buy if I guarantee the mortgage

payments and maintenance?

• Do you have a problem with someone living in the property until I get it sold?

• Would you consider optioning the property to me, if there is absolutely no risk or cost to you?

@Zach Henderson

You are in Clemson.  Good area for private lenders.

Semd a letter to:

• CPAs
• Financial Planners
• REIA Meetings
• Chamber of Commerce Meetings
• RE Lawyers

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Mistake: Do not ever do a major rehab on a property you do not have title to.

Buy w Note and a mortgage, get on title.  Have a balloon.

Sounds like a Master Lease w an Option to Buy (option price based on current ROI).

Without the numbers, I can not comment on whether it is a good investment of not.

Nice post @Steve Vaughan

@Wendy Whittle

it's all about having the lease option tenant buyer taken care of if the loan gets called on the sub2 sale.

If along it's called, and you cannot refinance the property even though you have th if along it's called, and you cannot refinance the property even though you have the deed,  you have a lawsuit and you going to have to get the property back to the seller 

What if the seller doesn't honor the lease option agreement?  

See how that endangers the tenant Buyer's agreement with you?

Selling on a lease and ROFR is a smarter play (right of first refusal)