All Forum Posts by: Brian Gibbons

Virginia is conservative and there's a lot of lawyers in Virginia

I would start with the title company and asked for a referral for a real estate attorney

Also get a referral for the title company at your REIA

@Robert 

@Robert Blazer IVundefined

Hi  

@Kevin Amolsch

Alot of attorneys do not know Dodd Frank, TILA, Safe Act, RESPA, etc.

If you finance an option, even at no interest, it is a financing arrangement.  Get a RMLO to look at the deal.  

I know of 1 investor in TX buying with private lender 1st mortgages, and selling on wraps, no due on sale clause on the private mortgages, and doing 100s of them.

Your RMLO should guide you (unless you have a lease and an option fee paid in full at move in, not financed.)

@Bill Gulley
@Kevin Amolsch

@Account Closed

you may want to show the link where the property is being marketed

 Bandit signs drive a lot of phone calls 

 24 hour recorded message - use 

 Squeeze page to collect information - I use jotform

YouTube video on a "walk through" the property

An EZ website to remember like 

Goldenrent2own.com

Offer referral fee to all property managers

Get letters to attorneys about helping their clients with lease to own

@Albert 

You are asking a big question

1 if you are buying from sellers on seller financing, it is investor to investor, not owner occupied, no Dodd Frank

2 if you are buying for owner occupancy on seller financing there is Dodd Frank, see a RMLO

3 find a seller that wants payments over time, I compare with the owner seller financing with annuities and reverse mortgages.

@Albert D.undefined

@Robert Blazer IV

Buy the 2 books by @J Scott

There is no better start to learning wholesaling

See books on BP

@Jordin Boyd

Make sure you know the NC statute on LOs

Create a brand new lease and separate option, 12 mo on lease and separate option at a price you both can live with.

I would have the option price reflect a sales price based on today's appraisal or CMA less option payments paid but optionee is responsible for seperate down payment for FHA financing

@Atwan Kwan

Private Lender 1st Mortgage with a Self Directed IRA

For FL Realtors interested in Dodd Frank and TILA and RESPA and TRID

http://barneswalker.com/a-realtors-guide-the-new-f...

@Jeremy Pace

 wrote a very good explanation of what to say to the seller when talking about getting 100% of their equity out of the house using an installment sale

I include a few things: IRS.gov has a wonderful website about installment sales  on residences.   

 Learn about imputed interest which is minimum interest 

 Learn about reverse mortgages compared with installment sales , A good source is AARP 

 Learn about annuities and compare them with installment sales 

 Use the term legacy, leaving a legacy of your children or church or a charity 

"The cash flow survives your death  Mr. seller meaning that your gift can be inherited by someone that you care about or some institution you care about"

 If the seller is gainfully employed with W-2 income, and it's a free and clear house, you can have them get a 50% mortgage, then buy the house subject to existing financing, take over the payments, and give them a single payment note for their equity 

There are between 34 to 40% of all houses that are free and  clear of mortgages. Imagine getting 10 houses on installment sale and renting them out for 20 years!

@Devin Mann

@Brad Morse

I'm from Cambridge Ma

Lease options are created from interviews with sellers.

 Most of the lease options I get are from Sellers who have little equity because they bought at the top of the market 

 The tools I use are lease options, lease purchase, sandwich lease options, wraparound mortgages for purchase, subject to existing financing  (taking over their mortgage payments).

Other solutions include joint ventures with the seller on a minor rehab, minor rehabs are not good wholesaling deals.  Strategy includes buying the property on SellerFinancing and giving the seller a note for their equity but no payments on that note until the house is resold. I use private lender money for the rehab.

 Marketing for these deals include  expired listings, canceled listings, long days on the market listings, landlords, evictions, divorces, probates, vacant houses, for sale by owner's, and working with wholesalers that have thin equity deals.