All Forum Posts by: George Taylor

@John Kesner One more thing.. if you google their company name and nothing comes up or just a very generalized website does then dig more into them or walk away. It should also have contact information as well as an address at the very least.

Hey @John Kesner Lots of scams out there. If a lender is named Hubris Lending then it's a scam, lol.. Saw that one the other day. Loan submission fees are getting a little more commonplace if $500 or under, anyone looking for anything above that I would stay away from. And those, like LendingHome and us can explain exactly what those fees are for and can waive or negotiate those to get a deal done. Loan submission fees or not, just try your best to vet all companies out there. 

 On the guru side. I know people that have paid $3k for an upfront fee that took the fortune builder master class and paid $20k for it, so they certainly don't go over everything, no matter how much money you pay. Bigger Pockets is the best community for real estate investing that I've found by far. I used to belong to Connected Investors but they are a complete joke compared to this site. 

Well we were on the other end. We had the HUD homes under contract and were looking for buyers. A lot of them didn't sell but I did the marketing that sold 192 homes in 1 year. One time I was on a route and as soon as I placed the first sign my boss called me to pick them up because they sold the house. Don't hesitate to look outside of your area to look for wholesale properties. Another cost effective way of doing that are the mail campaigns. You are going to spend $300 at least for 100 signs and posts that are somewhat professional looking, 24x12. I'm not sure what all the costs are associated with mail campaigns but it has to be comparable. @Account Closed I repoed vehicles for 6 years so the game to me was kind of fun, though.

@Account Closed For a year I placed bandit signs in NC, SC, VA, GA, and FL every week... Yeap, about 1200 signs every week in several different jurisdictions and they vary from one side of the street to the next. If you are looking to do that in a very populated area like the Chicagoland area then your biggest worry shouldn't be from the official but from other wholesalers. There is absolutely no respect between those who place bandit signs. I had one guy put his in front of mine one week, then I put one back in front of his the next. When I came back a few days later my sign was completely destroyed by fire, only the two posts remained where I put it in the ground, lol. Funny now to think about it but if you get in a sign war with someone like that then you're in for a bumpy ride. Also put 45 signs in Durham County, NC one day then had to go back out 3 hours later to remove all of them or the company was going to face $100 fine per sign per day. Good luck to you..

@Shah Alam More companies are leaning into this practice as they are getting tired of working for free. I went from a HML that didn't do that to a MUCH larger network of partners that does and and it's well worth the fee. If you think large companies that do charge a smaller fee between $200-$500 for loan submission is a scam then LendingHome is up there on the list. Fees of $1k+ I would stay away from completely and those under I would vet the companies individually and ask exactly what those fees are for. Any legit company can not only explain that but also reduce or waive them to get the deal done. Lots of scams out there, just be careful who you lend from, fee or not. This is our reasoning for doing this, trust me, when you take in 40 applications a week, paying the office staff gets pretty screwed up in everyone of those you take in decide to go elsewhere after you work with them for a few weeks to fund their deals.

Pulling Title

Scheduling Escrow Closing

County Records Property Review

Gathering Borrower Property & Income Documents

Pulling Credit (if necessary)

Preparing Loan Package

Ordering Appraisal (if necessary)

@Chris Mason Might be able to chime in on this some.

@Cheri Lange Hello and welcome to the REI field.. You won't be able to do anything commercial wise from a lender due to it being an o/o property such as hard money. Just wanted to chime in from that aspect.

@John Franczyk Good Morning.. My former partner and I bid on probably 500 HUD properties over the past few years. We have tried over and over to figure out their rhyme or reason for the pricing they accepted and their choice to extend a bid period. It's very hard to tell because if the period is ending and you put in just to extend it, they might go with a previous high bidder just to sell it. I've seen properties on there for well over a year and we've bid on the a few times, that one in particular never lowered their counter offer.

Very mysterious thing there that HUD.

@Samuel Lee There is a half way point there with doing lease options to consider. It would set you up for 24 months for the sale, puts buyers in the home they can't immediately qualify for, gets you a nice sized down payment, and puts some light at the end of the tunnel at 24 months. If I have the capital to do any strategy at this point it would be lease options. You'll get someone in almost immediately and if they default, the get evicted and then almost immediately again you'll have someone else with the same large down payment to move in. Also in this scenario, you can pretty much guarantee you will sell at your asking price as long as it's not too outrageous. Hope this helps a little..

@Jackson Sandland In order for you to have an increase in value based on an appraisal in the future you will have to rehab the property. You'll have to come up with a detailed scope of work and a licensed contractor with a legitimate bid. If you do this then you can go to your lender, give them a purchase and rehab cost and get your loan that way. The appraisal will be based on the ARV after the work is done and would be a lot higher than the sales price. Actually , depending on the lender, once you complete the work you can refinance with little or no seasoning period to get the lower rate and recoup some cash.