All Forum Posts by: Darren Looker

In short, they blamed Oceanpoint for problems in the Indianapolis market. They claimed they, their investors, members of their family, and others were defrauded by them. They have contacted the Attorney General of Indiana. They apologized.

@Hunter Woolsey https://oldtexaswood.com/ This is a good source. Not sure of price. I bought some great barnwood from them.

Morris Invest is doing a live youtube video trying to apologize to investors and explain themselves. They have been bashed in the comments section. Links below.

http://actionnowlimited.acemlnb.com/lt.php?s=bc80242ab7682534e78eefbc5b51e986&i=609A966A1A59286

https://www.youtube.com/c/morrisinvest/live?utm_source=ActiveCampaign&utm_medium=email&utm_content=%5BGoing+live+NOW%5D+%F0%9F%8E%A4+Speculation+markets+and+real+estate+gurus&utm_campaign=Live+stream+Alert+3%2F27%2F19

@Joe Splitrock I'm sure there is a middle ground on payday loans where lenders have adequate risk/reward ratios just like in the discussion on D class housing. 

I'm not sure it's being taught in school-certainly not effectively. https://www.americanthinker.com/articles/2018/06/why_isnt_personal_finance_taught_in_the_public_school_system.html

Most people are generationally poor so that they won't get these lessons at home. Poor use of resources and instant gratification are values that get handed down until someone breaks the cycle. The more we expose kids to other ways of thinking, the better chance they have.

@Jay Hinrichs Thanks for the info Jay. I come from a middle class background, but was lucky enough find out about ACORN and bought a house in 2006 with no money down. I just had to attend a short class and get matched up with some lenders.

@Roland S.

If the government wants to help the poor, they should regulate payday loan providers who charge exhorbitant rates.

More importantly, they should mandate a curriculum in the area of personal finance and credit utilization to every person as part of secondary education. Real Estate could be a component or elective.

Brooke,

I thought I would do both. Here are details.

Current Mortgages total $111K

Market Value $450-475K

Needs some repairs-gutters, new HVAC, some cosmetics

I was thinking of doing a refi with small cashout for repairs and improvement and having a HELOC available for investments so that I have access to capital as I find investments. I plan to BRRRR small multis.

I'm in Dallas, TX and am ready to refinance my primary residence and get a HELOC to pull out equity and invest. Should I use the same lender for both loans? Can I do these at the same time? Any recommended lenders in DFW?

@Jj Horst You could also contest the appraisal if you feel that it's worth more. Sometimes appraisers use comps from too far away or too broad of an area and they may be inaccurate.

You could also look for a different lender. Try a local one like a credit union.

@Brandon Schlichter Very inspiring story! You mentioned having banks that will take rent check deposits as part of your management strategy. Do you use any property management software or have other tricks for managing that many units on your own?