All Forum Posts by: Michael Culler

If you are doing an assignment, your buyer should be cash or hard money only. Conventional lenders will not allow it at all. You can just forget doing an assignment at all, unless your buyer is using Hard Money or Cashola.

If you are doing a double closing, FHA will not work at all, as they require at least 90 if not 180 days title seasoning depending on a few factors.

if you are trying to pull off a double closing, the best bet is to get a cool title company, a transactional funding lender, and a Fannie Mae qualified buyer. FNMA loans have no seasoning requirement.

The cool title company has to be cool because you will probably be putting the property into trust to pull it off legally. They have to produce a title commitment to the end buyer's lender.

Or they may be so cool that they produce a title commitment showing you as the seller to the underwriter, even before you own the property? This is less likely though, as I simply think it's illegal and not worth it for an attorney or title company to be involved in.

Bottom line, use an assignment when you can sell to cash and hard money buyers. Use a double closing when you can attract higher end buyers that have Fannie Mae loan approvals. But dont even bother signing a contract with an FHA buyer for a double closing, because you will be wasting your time.

Yeah, we gotta know who we is. Cause right now there is:

Bankrupt GC, Sub Contractors, Landlord, Company enjoying new bar, and We

hehehe

Join a local REIA is a great first step to take. Especially if you like meeting new people and such.

I personally like Lou Brown courses if you are into self education. If not, then you could always just wing it and see what happens.

It sounds like you have funding, and a source for cheap property. You may already have the sense to get the job done without learning anything new.

Is that a small 1st mortgage, and a huge 2nd mortgage? If so, this may be a great Short Sale for you.

Is the property next door that sold so cheap a possible comp? Is it way smaller, or a different type of construction? Why is it so cheap?

I agree that you should get an appraiser to do look ups, Or a Real Estate Broker to get you a CMA.

As a mortgage broker I was fortunate that the first person who presented this to me was wacky and I knew not to trust them immediately.

So I looked into it, and they use whats called an ALOC, or Advanced Line of Credit. Basically they use a long boring presentation to lull you into a daze. Somehow you come out with sick numbers like you can pay off your 30 year note in under 10 years!

Unfortunately you will find that in order to do that, you have to provide the money to ultimately fund this ALOC that is paying your mortgage down quickly.

So basically you put ALL of your money through the ALOC, then basically change your lifestyle to house poor. Once you do that, you only have to live house poor for the amount of time that you need in order to get to your goal of free and clear.

Stick with Bi-weekly instead. In fact, check out BWMA (Bi-Weekly Mortgage Association) if your lender will not accept bi-weekly payments. You can get a real straight answer from those guys.

There is no mumbo jumbo, you pay the house off quicker, and you can even sell their services too if you are looking for a business idea.

We sell it to our long term mortgage clients when they are going with a lender who doesn't offer bi weekly service for free.

They wont call back for a paycheck? That is Stupid!

If there is one call back you make a priority, it is the one where you get paid.

A Kick Butt and take names country. LOL.

Maybe I will buy the book in a few months when it's on the bargain rack.

Hey, whether its legal or not, people will continue to smoke the pot. A ton of people we see everyday are probably anywhere from buzzed to completely ripped out of their mind. That isn't going to change (especially in CA) because it becomes legal or doesn't.

Enforcing the taxes on it would be tough though, wouldn't it? Aren't dealers going to be pissed? They would have to get a real job!

As for people driving SEMI trucks, they are usually on Meth or some sort of uppers. My only concern would be if they switched to pot they may fall asleep at the wheel.

I agree with it being legal for medicinal purposes. But I don't want my kids to grow up thinking its okay to waste your time sitting around high all the time. I guess I have mixed feelings about it.

But one thing is for sure, you cant make Pot go away any more than Cocaine. People will always be using and abusing everywhere no matter what is done.

Doing the opposite of what the masses say is always good.

When the market was getting sick appreciation, and even a guy with a crappy credit score could get a stated income 100% loan, it was time to sell property. You could do just about anything involving real estate and make sick money from 2003-2006. You could easily see that it was a house of cards waiting to come down if you were looking from a lenders perspective.

However, now that MOST people dont qualify for conventional loans, it is time to be a buyer of real estate. In my market at least, a buyer is such a precious thing, you want to nurture the buyer, caress the buyer if you will...

So if you find yourself in a situation where YOU can be the buyer. You have a lot of power in this market. This means you can cherry pick, make low ball offers, etc...

This is a market where the buyer holds the chips is all I am saying. Will the market continue to spiral down? Perhaps, but that doesn't matter if you buy for under 50 cents on the dollar and cash flow, right?

If you are just starting out, your cell phone would be best. You should get practice talking directly with motivated sellers before you have someone else do it for you.

When they have first picked up the phone to call is the best time to make the appointment. You will be better off if you can evaluate if its worth making an appointment, and setting that appointment right away while they are motivated.

If they have to leave a message, or talk to an assistant who does not get an appointment, it is possible that your prospect will continue calling other companies until they have an appointment with another investor.

my two cents.