All Forum Posts by: Brenda Whittaker

Ha ha ha ha ha hope I made y'all laugh.   It's true though.  

@Zack Lofton Verify on the MLS tax records? This all seems like a tough part of this business./ IT will be nice when I have established relationships with lenders because I really never liked shopping. From clothing to insurance to lenders, shopping is not fun. Once I had to shop for something to wear to stand up in a friends' wedding and I hated shopping so much I stood there and cried.

@Ann Bellamy No problem, I appreciate your input.

@Charlie Fitzgerald  Thank you - do you know about Texas?  I refuse to invest in AZ.  I have done multiple projects in both states.  Plus Ive learned here that hard money and private money are not required to have licensing because they are considered commercial lenders, thus not requiring such licensing.  Thoughts?

@Boyd McClean WOW, Adkins are you kidding me? Thats where my properties are! I have 2 in Tierra Robles, one I have to sell for cash out unless I can secure a LOC to use for down payments in conjunction with something like a 65% ARV loan for quick rehab projects. I have a ton of equity but am a little cash poor, hence the PL inquiries. I LOVE Adkins! I really want to hold that rental that I might have to sell, I am finding that a lot of lenders, hard money? do not lend to manufactured homes. But they are permanent, on one acre with 100% equity. That has to be worth something. I am travelling there next week, perhaps we can meet. I am going to continue to invest in TX and am looking for projects, especially in the San Antonio area, and am just trying to figure out if I have to sell one or if I can cash out on some of it's equity to get the business flowing again. I took some time off, holding 3 rentals there for the past 7 or so years and it's time to get going on it again. Im looking for financing because I dont want to sell the Adkins properties if I dont have to. Curious, does your $450 get credited with any projects that go through? The one Im talking to now gives the rehabber back the application fee with completed projects. But yeah, what are the chances? Thats my exact area.

@Kris Haskins yes, I think I probably am confusing hard money with PL.  I must be dealing with hard money.  I will study the detail on points and rates, I guess I have a lot of homework to do.  Thank you for your input.

@Ann BellamyThanks again Ann, this is far from my first deal though, I have been investing in another state for ten years, 12 properties and counting.  Not sure why you thought I was a total newbie, although I am new to this type of financing.  I have used my own cash and conventional lending up til now, Im not new, just new to PL.  The part about hard money lenders not being licensed was very helpful, thank you for your replies and input.

I have read that all lenders must be registered with NMLS, yet I cant find any of the lenders I have begun to work with in NMLS.  I cant find anything in there.  What does this mean?  That they;re not real?  How do I check credentials on a potential lender?

@Ann Bellamy  thank you, however my situation is anything but "local" = I reside in a small town that does not have any such lenders and I invest in an entirely different state than where I live.  And the scammers are "local" somewhere!  So Im not catching the drift on the local thing.  At everyone, the lender in question is not in the NMLS.  What does this mean?

@Alex Franks well the rates weren't super low and there was collateral required, so there is a limit, and it was one small fee - wondering if the real ones every charge an application fee, even a small one.