All Forum Posts by: George Temes

The HML probably won't lend you all you need for the acquisition and rehab. They want you to have some skin in the game. That's why I'm starting out with wholesaling.

I sent the property address and the HML called me in an hour with the terms. Then I made the offer. After it was accepted, I sent him the info for my title company and had the funds wired for the closing date. Other than HML, if you have good credit and 20%, you can go conventional. Otherwise private money is sometimes less expensive than hard money. My plan is to wholesale for a year or two, build an awesome investment nest egg, then be my own lender.

That's how I do it. I get an email from the warranty company that shows the total amount and I credit that on the following month's rent. Never met or spoken directly with my tenants. 

actually, it's not much more complicated than that. They'll determine how much to lend based on the value of the property. It can be dangerous, though. I wouldn't go HML unless I have high confidence that it will be short term. Nothing dirties up a bottom line faster than a 15% loan!

Well...when you wholesale, you're writing a contract to purchase the property, then selling that position as the buyer to someone else. When that buyer comes to closing, they're coming with cash (or a hard money loan). That cash pays off the existing mortgage (and any other liens), closing costs, the seller, and you...the wholesaler. 

@Account Closed knows a thing or two about seller financing...

For starters, if not consider myself a broker. All kinds of hot water possibilities with that. The rule of thumb I've read is < $10K fee - you can assign without offending too many people. Over that, and you may want to double close. 

Remember, you are providing both the buyer and the seller a deal they could not otherwise make. Nothing you shouldn't be compensated for. 

Sounds like you're looking for a mentor to hold on to the back of the seat until you can ride your bike by yourself. Same as me, and many others here. The advice I've seen, over and over, is to figure out how you can add value to someone's business, and offer it up. I'm still trying to figure out who that guy is for me and what I can do for them, but that's where I'm focusing.

If you're writing your own letters, you might try writing one out (leaving out name, property address, etc.) and using a good quality copier to make the rest, then going back to fill those in.  It sure does save time to just write the particulars...

That sounds interesting to me, too, Ken. Colleague request sent!