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All Forum Posts by: Sekelle O.

Sekelle O. has started 12 posts and replied 95 times.

Post: Alan Cowgill's Private Lending system - any feedback?

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
I attended a presentation last night by Allan Cowgill on his Private Lending Made Easy system. I wanted to see if anyone has used it or is familiar with it. What was your experience and would you recommend it?

Post: The role of Title Companies and Real Estate Attorney in Wholesale

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
With regards to the funds for closing on the property, I let the title company work out those details with the end buyer, whether he writes a check or wires the funds etc. For my fee, yes it is the difference between the price I negotiated with the seller and the price I negotiated with the buyer. Unless my fee is very large, like over $10k, I ask the buyer to write me a check for the full amount of the fee. So if the fee is $8k the buyers writes a check made out to the title company for $8k. The title company holds the fee in escrow until the deal closes, in accordance with the assignment agreement. Buyers agree to these conditions because I bring them good deals that make them lots of money.

Post: The role of Title Companies and Real Estate Attorney in Wholesale

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
When I do a wholesale deal, I have 2 contracts: the purchase contract and the assignment contract. When the end buyer signs the assignment contract, I collect a check for my fee, made out to the title company, who holds it in escrow. I also collect a check reimbursing me for the earnest money deposit if I already paid it, made out to me. The title company gets both contracts. When the buyer closes on the purchase contract, the title company releases the assignment fee to me after the new deed has been recorded. If my fee has to go on the HUD1, I have the title company put my business name on it since my contracts are all either in my personal name or an LLC created for that specific transaction. Or I get paid outside of closing.

Post: First Time Flip - Is a Marketing Campaign Necessary?

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
Lucas Fridriksson Your marketing campaign is about more than just your first deal or even your next deal. It is about creating a pipeline for deals so that as soon as one project ends, you have the next one ready to begin. I would say start now.

Post: Trying to get pre approved

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
Originally posted by @Chris Collins:

Just keep in mind that your credit score for a credit card is different than your credit score to lenders.
For instance, a 745 credit score by experien when your tying to get a new Visa or Car loan, could be a 707 to lenders. They weigh things differently and have different criteria.
Just so you're not surprised.

From what I understand, the only place to get real FICO scores is myFICO.com. Experian has what people call FAKO scores. So the 745 credit score you see on Experian is FAKO while lenders use the real 707 score you would find on myFICO. 

The reason that an auto lender has a different FICO credit score than a mortgage lender which is different from a credit card issuer is that they use different versions of the FICO score. I have a myFICO subscription that includes the score versions with each credit report. 

When I was getting my mortgage, the scores my lender pulled matched the scores I got from myFICO.

Post: Trying to get pre approved

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
The effect of a hard inquiry on your credit score depends on how many existing hard inquiries you have and how old they are. If you have no hard inquiries in the last 6 months, then another inquiry probably will not affect your score. If you already have 1 or more, then your score gets affected and the more recent inquiries you have the bigger the ding to your credit score. Note, Fico counts multiple mortgage inquiries as 1 inquiry for scoring purposes if they all occur within a 2 week time frame (you should double check that time frame). However, from a credit card issuer perspective, they will reject your credit card application for too many inquiries even if you have a decent credit score. Ask me how I know.

Post: Trying to figure it all out...

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90

@Jasmine Benford If I were you, I would create a spreadsheet that models my numbers and run different scenarios. Be sure to include a column for every measurable variable and see what your outcome would be. Then use that to decide which scenario brings you the most desirable outcome.

Post: Short on Rent Payment

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90

I second @Ramsey Blankenship's post. Although I have read about landlords here on BP that accept the partial rent and begin the eviction process anyway. 

Post: Using an IRA account for RE investing?

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
I understand that if I have a SD IRA, I can't make a hard money loan to myself or a related person. What if I found an unrelated person, who also had a SD IRA that needed a hard money loan. Could I use my SD IRA to make a loan to them and they use their SD IRA to make a loan to me?

Post: Direct Mail Responses... aka People are Strange...

Sekelle O.Posted
  • Real Estate Investor
  • Irmo, SC
  • Posts 106
  • Votes 90
Levi T. I would love to hear more about what big data you use and how you use it. Also, what type of mailing do you do? Yellow letters? Postcards?