All Forum Posts by: Angie Williams

My background: I'm 34 yrs old, started out as an RE agent in 2005. I love and have such a passion for real estate and every single component within the business. But, being a RE agent wasn't exactly for me. I would never regret a day that I became an agent because it was the beginning to a learning experience I would have not had other wise. I went from being an agent to teaching children with autism for 11 years and all my free time In between teaching went to researching all aspects of RE. I took a big risk and resigned 2 1/2 yrs ago to follow my passion and opened my own RE investment company. I invested in properties in 3 out of the 5 boroughs in NY leading me all the way to investing in the Philly market. Now cut to Only 5 days ago, I had started to explore upstate NY for awhile now to widen my rental portfolio, I mostly flipped in the past and kept only 4 rentals. The only time I ever used an agent was to sell only two of my properties. I do all of the footwork myself. Last week I find what I believe to be "a steal" in this specific area I'm interested in. I call the agent send my intent to purchase, bank statements, articles of org, etc. Everything she requested from me. No response not even a conformation email from her. So, naturally my anxiety starts to turn to frustration. I emailed her today a long (not rude) but stern email for her lack of responses. She emails me back one sentence "Preparing contracts for you to sign before I can submit" THATS ALL! Please can someone make sense of this for me. I never purchased a Fannie Mea to property and never had an agent have to write up contracts in order to submit an offer. I have waited 5 days for "ME" to have to contact her to get some sort of barring as to where my offer stands. I did some research and most of what I read said FM is fairly quick with a counter offer, accepted offer, or denial. Sorry for the rant but as an investor most of us know that timing is crucial and my anxiety waiting for a response is even more crucial to my health, it's beyond frustrating for me lol. Thanks in advance!

PM me I'm in investor in NY and PA, we are always looking for new properties.

I don't condone drugs, but in some way be happy it's just weed. Believe me that's nothing compared to what some tenants could be doing. I wouldn't bother, pots not that serious anyways, also it may just cause bad blood and escalate into a tenant landlord horror story.

Have your brother be a co-borrower, build up your credit, get situated with a job and eventually you can remove him from deed if he wants to. You shouldn't have any issues with an FHA loan in your situation, that's why FHA was created for people with no credit/bad credit and lack of finances. But, between the both of you, you guys have both resources. Make it a team project and one of you be a co-borrower. Btw my first home 3 years ago was an FHA and it was the BEST thing I ever did. I give so much credit to my FHA loan for giving me the opportunity down the line (now) for me starting my own investment company. Good Luck!

One word- EVICTION!!

Dion DePaoli You have been more then helpful, I seriously appreciate you taking your time out to give me all this information that is very helpful for them. Are you an underwriter for a mortgage company?! Lol j/k I started the process for them online to report the loan company. They are elderly and aren't to savvy with computers and on what to write Sorry one last question, now knowing they have it in writing for them to suspend payments and naturally they did what the mortgage company told them to do. Should I advice an attorney at some point?

My neighbors have recent emails with the assigned loan agent telling them "not to pay their mortgage, and that their payments are suspended till a decision is made." I suppose a lawyer is not needed yet if this may be standard protocol. But I advised them to start paying their monthly payments anyways and about reporting them before they hire a lawyer. Thanks everyone a lot of great and useful information was a big help for me to pass along. Also, I learned a lot from this question for my own knowledge.

Thanks for all the feedback. Correct me if I'm wrong these are similar to "hard money loans" almost like legal loansharking? I understand the concept but I'm a little weary when it comes to the return profit and the turnover time. It's a decent idea if one feels like they have the money and does not want to go threw the hassle of investing and rehabbing on their own time. I personally love to be involved and hands on. Plus I have enough anxiety and stress with my own investments, to trust another investment that I have no control over may drive me to go insane. But I'm also a semi control freak and need to have a say in all aspects of my projects in all phases of the rehab or new development.

Crowdfunding? Can someone please explain what these sites are and exactly what crowdfunding is. Thats why I love BP, as an investor I just learned something new!

Wayne Brooks Wow Wayne thank you so much for explaining all of that for me. From my understanding every time they get a letter of completion they receive another one a short time later stating what other documents need to be submitted. When my neighbor called and explained that the list of documents being requested had been sent in numerous times the rep apologized and said it was her fault for the redundant requests. But those letters wasted about 2 -3 months of a decision that could have been made. They are very rude to my neighbors also when they call and talk to the rep appointed to their case and really just have an "I don't care" attitude. Also, they seem to put a lot of blame on them and even asked why they don't save their money better so this wont happen again. Paperwork is being sent from Georgia and it gives them 2 days to get all of the documents back, which I believe isn't an adequate amount of time to gather all docs. Just very obnoxious! Also, yes the home has a lot of equity in it, which would be to the lenders advantage. They have not sent in any monthly payments because they were advised not to and the account is suspended until a decision is made. I'm worried the decision that is made for then isn't going to be in their favor, and they won't be able to afford to catch up and go into foreclosure. I will defiantly be making theme aware of "CFPB" that's information I would have never known, I was just advising them to a lawyer. Great info! Thanks again!