All Forum Posts by: Brian Pleshek

Welcome to BP, @Account Closed.  Are you still a MLO?  Can you be again?  It's what you know and there are some investors who like to do wraps and you might be a fit.

Brian

Welcome @Bri Austin.

Unless they are getting a share of the profits, I would pay them as you would any other contractor.  Have you asked them how much they want?  Just have them itemize any work needed and give estimates.  You can then choose to use them at that rate or pay someone else.

Brian

Welcome @Stephanie Polydoroff and good luck.

Welcome to BP, @Okey O..  There is plenty of information here to read up on and get familiar with real estate.

As for credit, get a job and a secured credit card.  Use it for small purchases and pay it off.  If you don't have a social security card, then you can apply for one if you qualify.  Here is a link from the Social Security Administration.

https://www.ssa.gov/pubs/EN-05-10096.pdf

Good luck,

Brian

If you are an experienced investor, she could become one of your "banks" for your real estate projects.  You could present her with a property that you're thinking of acquiring and then you can buy the property with her holding the mortgage secured by the property at a rate of return that is fair to both of you.  

I only mentioned this because I noticed that you didn't have under 10 posts, so I figure that you've been around a little bit.  This would require that you do your due dilligence to make sure it's a deal. This keeps her out of real estate but gives her a modest return.  We talk a lot about utilizing people in your circle for this purpose.

The only other option that I would give you is have her buy and hold with cash(no leverage) in a decent location and use a property manager(or turnkey).  Then she just has to go to the box and collect the checks other than the occasional writing one to cover an expense.

Good luck.

Brian

Welcome to BP, @Joshua Sharp.

I know that this podcast is a bit old, but I just listened to it.  

Question: How do I as the small creditor RMLO able to protect my interest?  Do I put a subordinate lien on the property?  This wasn't talked about in the podcast.  So I do a subject to and wrap the loan like in his example.  I am paying Bank A, and my customer is paying me.  So, now the guy stops paying me.  How do I "foreclose"?  Do I hold the title?  Grant talked about a case where he got a down payment, started receiving payments and then they stopped paying and he somehow got another down payment and a new guy in there.  There was no discussion of how that went.  That seems to me to be a huge missing piece of the puzzle.  I understand if the guy refinances and pays me off, I can pay off the bank and then pass over a clear title, but in the case where it doesn't "work" how do you handle it.  

Thanks,

Brian

PS Thanks @Grant Kemp, @Brandon Turner, @Joshua Dorkin for a great podcast.  My favorite so far.

Welcome to BP, @Landon Gennetten.

I got lucky. I bought my property owner occupied on an REO auction. Fortunately, he left voluntarily. I didn't have to speak to him. I did contact a lawyer though in anticipation.

Brian