All Forum Posts by: Bruce M.

As a newbie, I have only been on BP for maybe one month, I wanted to chime in here. I actually like the influence system you use, although I have to admit I don't fully understand how it works, LOL. I do get the general idea though. Maybe it could be simplified?

It tells me who has been around here a long time and gives a level of credibility. I am not saying a new person is not credible, I am just saying it is nice to see that someone has been part of BP for a long time and been a contributor.

Many of you guys have been in here for a long time now and you know each other, and you know who has been around here, and who has not. But a new person does not. I am generally cautious in business by nature, and if someone who was brand new asked me something in a PM or forum, I may be more reluctant to share something that I may be more comfortable sharing with someone that I see makes a major contribution and has been around the BP community....not sure if my point makes sense to you guys, but I like knowing when someone sends me a PM or asks me something, that I have a comfort level that they are not just in here for some other possible motive.

Anyway, just two cents worth from a newbie. Thanks for listening!

Becky,

I understand, believe me. Calling the CA DRE is not usually much fun either, but in your case, you would rather be calling them and getting the right info., then them calling you because you had a complaint against you for not being properly licensed. You don't want to get involved with them like that! That would me more miserable then pressing all the buttons to get a live person there on the phone. Tip: Call them on a Friday around 3:30 or 4 PM. Good Luck!

Good to know Nick, what part of Phoenix is their office located in? I have went through numerous property managers in Phoenix, I have a good one now, but she does it on the side for clients as a favor, but really is a sales broker. It woud be good to have a back up. I have gotten burned twice (badly) in Phoenix with PMs so do your due dilligence Chris.

As far as I know in CA you have to have the brokers license to be a property manager. A sales agent license will not suffice. You can call the DRE to verify but I am pretty certain of this.

From my understanding in addition to wanting to see your W2's (showing your annual wages from your S Corp) that you were paid, you will need to show your K1 too, and when they see you own more than 25% of the S Corporation from the K1, they will usually want to then see the entire S Cororation 1120S tax return too. This is what I have been asked for before on conventional financing. Even with a C Corp, if you are an employee and you own over 25% (I think its 25%?) of the C corp., they want to see the 1120 C Corp tax return too. If it is not conventional financing, I am not sure what they ask for.

I agree with everything Will just said. The ability to get a mortage is a biggie. It depends how easy the government will make getting a mortgage in the future or near future. Right now it is hard for many to get one, but if the restrictions ease up, prices will go up. Many people want to buy a house now (there is demand in the market), but don't have cash and cannot qualify for a mortage. There is demand, it's just a lot of the demand cannot qualify.

Albert, Was your offer all cash? Many investors in Phoenix are bringing all cash to the table and many owner occupants are doing loans....that could also be a reason.

Thanks Josh. I will work on a pic although I am fond of this black and white default pic of me holding a bunch of money!

I was wondering if any of you hard money lenders are going to the conference in Denver, and if so, if there is anyone willing to mentor me a little? I am wanting to do some hard money lending, but don't really have all the dots connected and obviously don't want to screw it up. Are any of you going to Denver and anyone willing to meet with me while there to discuss? Hopefully you can remember when you first started out and what it is like. Feel free to respond here or PM me. Thanks!

You should not have to pay for cashier checks, wires yes, but not cashier checks. Go find a new bank. On the endorsement, it depends on the state you are buying in and their rules. If you draw on the acct of your LLC and make payable to LLC and of course vest in LLC, make sure they don't require other docs to prove you can sign/act on behalf of the LLC at bid time. Most of the time out in the western states, you just make the cashier checks payable to yourself and endorse the back if you are successful bidder, and you can vest in your name or name of your LLC with little questions asked. Some states have it where you pay 100% at time of bid, and others give you more time to pay up. There are differences throughout the US on foreclosure sales.