All Forum Posts by: Brian Huber

@Bill Gulley 

thanks for your response.  You mention that the option price being fully paid.  Are you referring to the Non-refundable option purchase (e.g. 2-3% of sales price)?  A T/B would definitely need to finance the balance.

So doing a rent credit falls under DF.  I've heard folks do the rent credit as one lump sum.  Is that ok under DF?

Finally, if I lease option a house for $100,000 and ask $3000 for a non-refundable option. Let's say the T/B exercises the option to purchase after 12 months, can I pocket that $3K in the beginning of the lease agreement and then the remaining $97K is financed?

So if I want to wholesale a lease option, do I need to underwrite it through an RMLO?

This sounds exciting! I think on a Podcast, someone mentioned, you counter in small increments, so maybe you counter with $75K?.  Good luck and I hope it works out!

So are there contingencies that would allow you to back out?  Like if the condition is beyond repair, etc.?

@Mike Nelson actually, I'm a bit fuzzy on the where profit flows on these types of deals. Doesn't the Non-refundable option fee go to the closing costs or down payment at the end of the option period? I'm not sure how the money flows to the REI.

By the way, I really enjoyed your podcast. I'm not too far from you, near Springfield, VA. Would love to connect and try to help each other out. Thanks!

@Brian Gibbons 

I've generally heard that the option fee must be applied towards the down payment or closing costs. I guess it's not clicking based on the numbered presented above:-(

@Brian Gibbons So if I'm lease optioning the house from the seller for $100K, am I finding a tenant buyer to lease option it to for $105K? So I'll have to wait until the lease option period (12-24 months) is over to collect that $5k?

@Brian Gibbons 

Hope all is well! Quick question, in your above post, you mention charging the T/B an assignment fee of $5K.  Doesn't that go toward the Down payment or closing costs of the house when the option period is over?  I guess I'm unclear on how one is paid on this type of deal.  Thanks!

Thanks for the comments all!  I think if I do a mailing, I'm hoping I can perhaps do some creative financing deals as well if they don't work out as wholesales (lease options, seller financing, etc.)

Richmond is a less inflated city about an hour and 45 min. from me.  That's a bit of a hike but that could be an interesting farm area for wholesaling. Obviously, I'd want to see the property in person, but if I screen on the phone and enough, I could make the trips down there count, do you all think that could be a potentially good farm area...

Hi, I live in the Washington, DC Metro area and am getting ready to launch a direct mail campaign for tired landlords and homeowners with equity.

Of course, I'm having some apprehensions about it and the money I plan on putting into marketing.

Is wholesaling property in inflated markets like DC/MD/VA and other major cities realistic? I know there are folks everywhere who end up in extenuating circumstances (moving, divorces, etc.), however, it seems like the market here is good enough that people wouldn't have to resort to selling property at a deep discount.

Any thoughts of folks in these type of markets and the experiences you've having would be great. Thanks!

Hi, I was just wondering about something when having to do with buying a house via seller financing.

If the seller owns the house free and clear, and they sell it to me with seller financing, how is the deed/title handled?  Is it transferred to me or stays with the seller until I refinance?

Additionally, if the seller still has a mortgage, does the deed/title stay with the bank?  And if I sell it, then gets transferred to the buyer's bank?

Any info would be great.  Thank you!