All Forum Posts by: Philip Bourdon

That's a rental? It looks better than the overwhelming majority of houses to sell! BUT, what was your purchase price and how much for rehab/upgrades?

From Lance H:

Lance, do you know any Loan Originators in PA? Ones who could work Lonnie Deals?

James, not "a" neighborhood scout, but a website titled, "Neighborhood Scout."

Here is a link for a town outside of Pittsburgh: http://www.neighborhoodscout.com/pa/penn-hills/#data

Check it out.

Hi. Has anyone used Neighborhood Scout? Is it useful? I'm doing my best to learn the neighborhoods in more depth here in Pittsburgh.

Thanks for the response, as I always take what you say seriously.

I would think so too, since my credit is in the process of being "rehabbed!"

Is it true that with REO's one's "position" is improved if it's a straight cash deal and no loans?

Hi. I am assuming that with REO's, I would put my offer in a better position if the money for purchase was all my own and not any kind of loan.

Do HML ever lend on just the rehab costs or must they all be in on the purchase costs?

Lance, Eduardo asked what seems like an easy yes or no answer. However, the reason why I have hesitated going further in my Mobile Home investing is because of the SAFE Act (Google that). Basically, unless it's your own home, you CANNOT offer owner financing unless you are a Loan Originator or you hire one to do the paper work (that is much harder to do than expected).

Many investors (including one in my local REIA) don't wish to bother with this, assuming that HUD as bigger fish to catch. If you're caught, say goodbye to your REI career.

But, you may say that mobile homes aren't considered property, but a vehicle; true! However, it is a residence; it's where people live and therefore is under the Safe Act. Though it's a national law now, it's administered a bit differently from state to state.

I know Lonnie has a Boot Camp coming up I believe in October. I wonder if he is going to address this issue. REI keeps changing and this Law stinks. However, if one chooses to ignore it and gets caught, he/she may never recover with the fines that are in the tens of thousands.

Why in the world would a buyer have to close a seller's closing costs? The seller is responsible for her own! If anything, ask her to pay yours!

I am seeking a SRIRA with Checking capabilities.

It seems that some companies set up the IRA Trust, but they are not custodians. Doesn't that mean you need two companies to work with? Don't any custodians set up the IRA Trust?

Can ones own lawyer set up the trust and then one works with a custodian?

Now it's clear. Thanks.