Daily blog post about what I do in my REI Business
I am going to write a daily blog post about what I do in my REI Business, or a video ( hate to type!)
It usually is about:
1. How can I get more -Tenant Buyers for my Rent to Own Homes?
2. How can I get more -Sellers interested in Lease Option Assignments?
3. How can I get more -Tenant Buyers interested in my "Borrow money from an Aunt or an Uncle for a $5000 down payment" on our beautiful Rent to Own Homes?
4. How can I get more -CPAs and CFPs interested in our:
---Seller Sell on Rent to Own,
---Tenants Buy on Rent to Own, and
--Aunt Uncle lend $5000 to your neice - nephew for a Dream Home?
5. How can I give a speech to a club (Rotary, Lions, Knights of Columbus, etc about either home ownership or self directed IRAs?
This is all local, not national.
With all the FHA changes (meaning many not qualifying) I am going to be busy helping -
* Sellers Sell on Lease Option - Land Contract.
* Buyers buy on Lease Option - Land Contract
* Consumers srtting up Self Directed IRAs
I wish everyone the best in making a couple of hundred grand this 2010.
Best Wishes to BiggerPockets,
Brian
Comments (3)
Great info.
Jay Von Mohr, about 13 years ago
Land Contracts in Ohio What are they? The Seller can sell on Land Contract as per the IRS Installment Sale of their Residence. See http://www.irs.gov/pub/irs-pdf/p537.pdf Benefits of Land Contracts in Ohio For Seller (Vendor) - Sell at your price - Create favorable terms (length, interest rate, payment for the Vendee (buyer), etc). - Seller has great recourse: http://codes.ohio.gov/orc/5313.07 You can EVICT without foreclosure if the vendee defaults (does not pay) if they are in the property under 60 months and have paid down less than 20% of the promissory note. Buyers - Vendees need to be careful, but if they have strong income, then they can, EVEN WITH TERRIBLE CREDIT, get into their dream home NOW. Imagine being in a bad school district with a bad landlord, and you want your dream home NOW. Go to a lawyer (in Ohio) and draft a land contract with win win clauses, for you and your Vendor. Go knock on doors of expired listings and FSBOs and ask them, "If I helped you get close to your asking price, without a 6% Realtor commission, would you be open to flexible terms?" `````````````````````````````````````````````` Say you have a dream home already. You want to make a quick $5K. Give the Seller a full disclosure statement that you will be finding a Qualified Buyer to assign the Land Contract for a fee. Set up a website that attracts Seller Financed Homes. Get the buyer to fill out a Dream Home Questionnaire (I do that), Now I go HUNTING! - CraigsList - FSBO Sites - Seller Financing Sites - Ads in paper (need home in __suburb - emails to CPAs and CFPs (they have home seller clients that can not sell) - bandit signs (on telephone poles WE WILL BUY YOUR HOUSE - FAST - Your Price - Our Terms - xxx-xxx-xxxx These sellers do not need to be foreclosure or preforeclosure. Many of my sellers have a vacant house or are working a second job to pay $1100 - $1500 for a house that just can not get sold (nice house, no bank qualified buyers) With FHA making REAL hard for middle class buyers to buy, doing Land Contract Assignments making $5K and getting out of the deal is a powerful tool to get chunk cash a couple of times a month, Sandwich deals are possible, but I dont do them; I want to get in and out. 10 hours of work. Out of it. I know the SAFE Act http://170.97.67.13/offices/hsg/ramh/safe/smlicact.cfm is being debated, but REALLY....... Are our Washington DC legislators going to stop Home owners from drafting Lease Option Agreements and Land Contract Agreements to help sell their residences? What are they, TEXANS? (joke!) Texas Legislators have made it almost impossible to do seller financing on houses. PLEEEZE!
Brian Gibbons, over 14 years ago
I'm going to be looking forward to the articles, Brian.
Joshua Dorkin, over 14 years ago