All Forum Posts by: Chris DeSisto

Hello,

Anyone in SC understand how Bond for Title works in regards to owner occupied status for tax purposes? If I were to L/O my house or rent to own for say 3 years, I believe doing a bond for title will allow me to maintain the owner occupied tax amount. Does this do anything else for the potential new owner or the current owner? Is it just a simple as keeping the tax status or is there more to it?

I know if you go straight to a rental the taxes will go up about 3x the amount and really cut into any cash flow. My understanding is a L/O can maintain the ooc taxes but you are selling the property at the end of the lease, potentially anyway.

Thanks!

Could do a rental or a rent to own to get the mortgage paid so you are not paying 2.

Hello, I've got a question on how a wholesale deal works and plays out. For an example say a house is worth 100k and there is a loan amount for 50k still on the property. Say I go to the owner and offer 20k. Maybe they are going to lose the property to tax default or something. If they take the 20k, I assume they still owe the difference of 30k to the mortgage? Basically how do you help a motivated seller out of a bad situation where they free of the debt? 

@Andrew Postell

Yeah, definitely appreciate the time people took to write something up. With all of it together it feels more clear for sure.   

@Account Closed

Ok, thanks for the information. You guys like your jobs in the industry? Any tips on getting into it?

Thanks and I appreciate it!

Chris

trying to delete this post

@Andrew Postell Sorry, when you say banker or broker do you mean loan officer or broker? loan officer is the same as a banker (Wells Fargo etc.)?

@Andrew Postell Thanks, do they take different exams to be licensed? Also, is the industry all going online and they won't need loan officers?

Hello,

I don't quite understand the differences between the two. Does a  loan officer work for say Wells Fargo and a broker worker for a mortgage company? Are they the same thing? Do they have different licences?  Does it depend on the state? Is one better then another? I am asking because I am interested in changing careers, I want to learn more about loans and the industry in general. Ultimately I want to invest in multi-family homes, and I feel this line of work would get my involved pretty heavily. 

Also, are loan officers and brokers going to be obsolete anytime soon with online mortgages? Is it a dying industry?

-Chris