All Forum Posts by: Billy V.

Hi Jason,

We started our flipping business just like you intend to. We sold our primary residence and used the proceeds as seed money.

When we first started we were getting our flips through an assets manager who dealt directly with the banks and non-profit agencies. As the market heated up this property source dried up. Since then we have been purchasing all of our flips off the MLS. I like it myself. Plenty of time for due diligence and there are lots of properties to make offers on.

The bottom line is that it doesn't matter where you get your properties from (as long as it is legal). What matters are the numbers. If the numbers work off the MLS than go for it. If they don't than you will have to find another method for locating and acquiring your inventory.

Good luck,

Billy

I'm in.

Thanks Corey. I will certainly keep that in mind. And if they were to rejected the financing addendum I would continue with cash.

Thanks Jon. I've cashed out with a HM lender right after a purchase before. Down side is it cost an extra 2K to go through title again. I'm trying to see if I can save a few bucks.

Thanks Jon. This was kind of what I was thinking too. They are calling themselves a private lender but are actually hard money.

Wanyne, not sure where the POF from a lender came into play or the out of state thing. If it helps to clarify the question, they are in state and I have my own POF (no lender needed). I am looking to leverage myself and get more offers excepted. Trying to explore a new idea (to me). You never know unless you try/ask.

Thanks

I got a call from a "Private Lender" today that asked to do a conference call with me and 2 of his associates. I'm always looking for more money and to learn so I set it up for later this afternoon. During the call I gave them a rundown on my flip business and what I was looking for. They seemed competent and professional. They had some interesting products that we discussed. Then I told them about the problem in my market when I use financing. The market has picked up enough that if you are not an all cash buyer who can close quick you aren't even in the running for a deal. There response was "no problem". They explained they were a private lender and that it was still an all cash deal with them involved. They stated that they have been advising there clients (with great successes according to them) to make offers all cash and in the financing section write in "Buyer reserves the right to use private financing." Once the offer is excepted I bring in the private lender and still make a cash offer. Though they said it is not as clean as a straight cash offer is, it has been working for them. This seemed a little iffy to me but if it worked seemed like a great tool.

I am wondering does anyone use this strategy or something similar?

Any other thoughts on this?

Thanks,

Billy

Thanks for the responses. It looks like there are a lot of variable that can play into the acceptance of a POA.

As for my deal they did end up accepting the POA with conditions.

-1. Original POA must be present at signing

-2. Person POA was for must be alive at COE

Thanks for the input.

Billy

Hey BP Nation,

Got a call from my agent today that the buyers (husband and wife) of my property were all set to close till the husband had some kind of severe medical issue. He is in the ICU and apparently (obviously) unable to sign. I expressed my concern and wished them well. My agent then told me that they still want to close as planned. The wife has a power of attorney and delivered it to title yesterday.

I called the title company and they said they denied it. I asked why and the EO stated that it was 15 years old. She then explained that she forward it to the "big wigs" at there corporate headquarters for approval.

My question, for anyone with experience with POA's, is does a POA go bad? Just because it is 15 years old this should not make it invalid (in my opinion). Barring any instructions or date of expiration, why the automatic denial based on age?

What happens if the corporate headquarters also denies it? I am not sure the husband will be out of the hospital anytime soon and title is not going to allow his wife to act as POA. Is this the end of the deal?

Thanks,

Billy

CashTrails for the iPhone. Take a picture, categorize it, and instantly puts it into a report. Takes about 20 seconds per entry so I usually have it done before I even leave a store. It has been great for me.

Hi BP,

I have purchased properties with a non-profit organization (NPO) before and I acted as the capital partner and paid them a fee. In those cases I worked with an asset manager who had a partnership with different banks.

Now I have a property that is only open to non-profit orgs on the MLS and need a NPO to partner to make an offer. My NPO contact is not able to do the deal. Can anyone recommend another NPO or have any ideas?

By the way, offers have to be in by 9 pm tonight.

Thanks,

Billy