All Forum Posts by: Sherri Southwell

Thanks Bill!  Great information and questions. The only brokers who would be mad are the shady ones and i wouldn't want to deal with them anyway!  I'm fortunate to have  good mentors who are seasoned rehabbers and landlords so I have some good resources at my disposal.  I appreciate you taking the time to respond.   

Follow up question.  What are some good questions to ask HM brokers when deciding which one to invest with ?  Thanks 

Thanks for the feedback Jon.  A majority of the funds I have are in an old 401k so that clears up some confusion I had about how I would use my currently funded plan.  I also have access to private money-less restrictions.  I appreciate the info on working through a broker and will investigate that in more detail.  Since I am a new investor, the idea of growing my money through a seasoned investor/broker sounds tempting.  Can you elaborate on how this works and the benefits of investing through a broker as opposed to direct funding?  How do the pool participants get paid?    Thanks!  

I have been considering rolling my employer-sponsored 401K into a checkbook/self directed IRA for the purpose of providing hard money loans because I am DISGUSTED by the low ROR I get now. What advice do veteran lenders have to keep me out of trouble? What kind of vetting do you do with your borrowers? Due diligence process with properties?

Thanks in advance! 

I need the tax info for a home in Warren Co TN but can only find the property data.  Is there another site I should check out?  Thanks in advance.    

Thanks!  The owner gave me access authorization to enter the homes.  I don't expect any issues as they've been vacant for years according to the owner but I don't want to take any chances. 

I have a line on two places, both duplexes, that I want to wholesale.  Both have been vacant for years and are boarded up.  Both are in ghetto areas.  The owners are out of state and in default but the homes haven't gone into foreclosure as of yet.  I want to make offers on both but can't access because they are boarded up.  I think I can get them relatively cheap as the seller wants to be rid of them but unsure how to price out to my investors without good pics to assess the rehab costs.  Any suggestions?  

I have a property (vacant about 4 years) in probate with some title issues.  There are no heirs and is being handled by an estate atty with the assistance of a RE broker.  There are $5k+ in back taxes owed.  The estate atty/RE broker are working to determine an asking price.  Ok, the fun part:  According to the RE broker, the probate issues stem from a reverse mortgage taken out by the deceased.  At death, the mortgage balance was $0 but then the mortgage company attempted to foreclose alleging that they paid the deceased almost $500k.  There is no proof of any payments to the deceased and judges have repeatedly ruled without prejudice for the estate but the mortgage company has continued to appeal.  The title company won't offer title insurance until there is a ruling with prejudice to keep the mortgage company from filing in the future and any heirs from coming forth later.  The house itself is ok but there is are some big ticket items that must be addressed to make the property whole.  Such as the pool, it has cracks and popped up; the dock must be rebuilt; new a/c; kitchen needs makeover. Structurally, it actually looks ok.  Input?  Suggestions?  I think there is potential as it's in a desirable neighborhood and not in overall bad shape.  I just need to know how to make this work.  Thanks!

Congrats!

Welcome!  I too thought I needed to get incorporated, get a business account, etc but I was reminded that I need to make some sales first!  As a wholesaler, I don't really need that stuff right now and am focusing on my marketing.  I've purchased bandit signs (put out 50 or so already) and am trying to find funding for direct mail marketing.  Out of the signs I placed, only about 5 were left.  I'm also doing drive by's looking for vacant homes and properties.  Good luck to you and keep up on your education!