All Forum Posts by: Alain Perez-Majul

Hey guys, not sure if anyone would know, since this might be kind of random, but:

If I'm wanting to start a small "loan servicing" company that is looking to handle PITI between sellers/lenders and tenant-buyers in seller financed deals, are there any requirements/prerequisites (classes?) or any type of licensing needed for this? Or is it just a matter of opening up escrow and going from there?

If it helps, yes I am a licensed Realtor and I am in Indiana (figured it probably wouldn't vary much from state to state).

Any information, however little, that would point me in the right directions would be IMMENSELY appreciated.

Cheers

Hey guys,  not sure if anyone would know, since this might be kind of random, but:

If I'm wanting to start a small "loan servicing" company that is looking to handle PITI between a seller/lender and a tenant-buyer in seller financed deals, are there any requirements/prerequisites (classes?) or any type of licensing needed for this? Or is it just a matter of opening up escrow and going from there?

If it helps, yes I am a licensed Realtor and I am in Indiana (figured it probably wouldn't vary much from state to state).

Any information, however little, that would point me in the right directions would be IMMENSELY appreciated.

Cheers

Yup, I would also second @Jean Bolger, specially if this is your first property. I wouldn't mess with a fire damaged property, specially if you're learning the ropes and there are other options out there for you to choose from.

@Aleks Gifford, I don't think it's a bad idea. If we get enough interested parties, I would go.

The ones I know of:

CIREIA, INREIA, the FS Houses/Taylor Jenning's meetup, Alpine's Wholesaling meetup

Like with any investment, there are always going to be risks, and I think it really comes down to the kind of risk you are willing to tolerate. In this case, perhaps for your peace of mind and to increase the chances that the tenant-buyer will not end up having to be foreclosed on, make sure to secure a decent down payment. I think @Brian Gibbons is on the right track. You could do a 5-7K down, with a 5 year balloon amortized over 30 years, and an acceptable monthly payment. 

Also, like he asked, you need to take into consideration if you have an existing mortgage on the property.

I think you should go for it! It'll give you experience and help you overcome future hesitation a bit :)

Welcome to the site, @Mickey Russo! I'm a local agent myself, and I'm also going full steam ahead when it comes to investing. Feel free to reach out!

Hi @Todd Burton, welcome! Fellow Hoosier here. You clearly have a ton of experience and a depth of knowledge, but be sure to check out the podcasts as well as browse the forums. Definitely set up your key word alerts, so that you can be notified if there are any subjects related to anything Indy, or whatever else you might want to be informed of. You'll come to find that there are quite a few locals on here, most which you probably know given your time in the industry, and that the community is extremely helpful and supportive to each other. Again, welcome!

Besides the bits of advice already mentioned, I would say the biggest thing is to start taking action. You'll learn a lot from doing. It'll be uncomfortable at first- speaking to potential sellers, negotiating, etc- given that it'll be new to you, but it is exactly what you will need to get you on your way. Start driving for dollars, getting to know your neighborhoods, sending letters, networking, etc. But again, I'm a strong believer that taking action is paramount. Good luck in your pursuit!

Awesome, glad to hear! We're around if you need anything!

Hmmm that's a good questioned. If you're not licensed in Missouri, I don't see why you would have to tell a possible Missouri seller that you're licensed in Indiana. However, like @Shawn Holsapple said, check with your professor. And then report the findings on here so we can know lol!