All Forum Posts by: K Smith

Thank you Sonja, starting out in this business can be very confusing, and daunting at times, having helpful people like your self, and many others on BP, is really an asset.
I will definitely google them and give them a call, thank you so much, have a great day.

Thanks Jon, great advice. You credibly answered all my questions. I feel more enlightened, as I am new to making deals. My company usually contract work, for investors residential or commercial. I am currently seeking my first deal.
So I appreciate your answer. " I took notes"

Of course pay of the HML with the mortgageI help people get qualified certain program to get to that stage thru a local home buyers office or other program's that may exist? But
#1 if there purchase price is 100k repairs 40k arv is 220k what is the price to pay off the loan? Is just the 10% interest that they HML charge or is it the arv?
#2 Is a year usually to long for a rehab? Or longer.
#3 Do HML's work like that or is it in and out all the time ?
The government goes thru low income home buyers program in my area are these people qualified to buy all homes or just from the govt?

No no no kind of scheme what I'm saying is within the time of the rehab I want to help them get to that process there's many program's out there that will help people to qualify 6 months to a year but maybe for lack of knowledge or whatever they dnt know but with very little help they can be qualified home buyers is that worth is the a way of developing a customer base or not?

Is it possible to get a property thru a HML or REI, rehab the property and then get it sold thru a traditional mortgage? I know that is possible but exactly what I'm trying to do is get people in homes that dnt usually qualify for a mortgage if they go to a bank, they have a steady work history and have been paying rent with an ok credit score. I want to pick properties to rehab with them so we can all be on the same page from the beginning, get the loan from an hml then sell the property to someone that will be living in there first property thru a traditional mortgage? Thanks in advance. If my question is confusing please let me know so I can try to word it better thanks!

Thank you Ann I have been doing some research and actually found a few lenders that told me the same thing about the Springfield market, but they are still willing to invest.

Ok thanks Steve I will read it now

Ok that is genius cut your work in half by doing a little homework on cash buyers in my area that is great advice I thank you very much I will implement this approach in my business .

Wow I just finished listening to your podcast and it was very informative "find great deals and the buyers will come". I really like that 4 boxes concept it makes it all very understanding thank you!

Hey Joel thanks for your reply, I will have a little money to put down 4 - 8k I see properties for less than 20k with about another 8k of work its ready for the market. 65% is still not bad as money is money but exactly what I was thinking is to find a local lender or partner but I would still like to be able to find those national lenders to have other options. What was your first time working with one like and what can I expect to be ready to offer or hear from lenders in today's market? Thanks again I greatly appreciate it.