All Forum Posts by: Dan Favor

Good looking out Brian, here in MI they are a bit easier on condition. " has to be habitable." scene I left the mortgage biz back in 06 when I was writing these loans, there has been a gazillion guideline changes so why should this be any different right? I'll check with some buds who stuck it out and still writing these loans for updated guidelines.. thanks for the reminder!

Wow Brant, that never crossed my mind.. great idea thanks:)

So I have done a couple deals in the past and am approved on a R development loan.. ( 100% with up to 6% seller concession,) have a full time job and my LEASE is up the end of May. My plan was to find a deal on a property that needs work. ( no full gut jobs, foundation, tear downs.) I can do plenty myself and would live there while I get the job done.. who know maybe two years for tax benefits and maybe find another in the process. I'm a single guy that wouldn't mind the clutter and being 50 with no whopping retirement plan I need to pull the trigger on something... anyone travel this road before?

FYI, I have been though tons of posts on OPM just looking for something a bit more specific.

I have been approached by an old friend wanting to invest in a SFR rehab.. (flip not hold) with him being a 100% financial partner. Basically,his contribution to this joint venture will be nothing but putting up all funds needed from start to finish and we split total profits 50/50 at close when sold. I would be responsible for everything else.I feel this would be fair for both of us seeing that it is our first deal together and it is a great way to gain credibility. What I am looking for is to put together an initial letter to him ( and his wife) that lays out (the easiest way) these deals are structured. My number one priority here is his comfort and protection. He knows I have done profitable rehabs in the past and that's a good thing but this will be my first with private funds. I'm hoping there is a link out there that I missed on THIS scenario,I have spent hours looking. Thanks for any help..

Anyone have any info on trying to make an offer on a bank owned property with an assignment clause As to Wholesale? maybe with end buyers proof of funds?

Wow, thanks Tom & Robert, good stuff! hey Robert, I didn't think you could "wholesale or put REO's under contract or do an assignment" is there a technique for this?Will the bank let me wholesale their deals?
Thanks again!!!

I have relationships with a good handfull of Realtors. they are willing to send me listings to help with my wholesaling business.I am asking them to send me listings in my areas of interest, 3 bed 2 bath 60k-140k and I am getting alot of ' non investor full boat type properties". Question is how should I tell them to filter these listings for houses with equity and spread? thanks for any help you can give!

Your a bigger man than I Nicholas! Man that guy need to learn some manners...Geez

You should Google Patrick Precourt, he and his Partner Bob LeChance are very sucsessfull on the east coast and the giveout tons of info and SS products.

I acctually live in the Detrot area. Times are a bit tough there right now after some political scandal and recession but there will be no ghost town, at least in our lifetime.