All Forum Posts by: Ivan Jouikov

No I'm not paying my mentor; but this guy Yao owes him money. So, Yao will benefit only as middle man; but I understand the fraud part of it.

Any more advice?

Long story short:

- This guy, call him "Yao", bought a house for $400k a few years ago
- For whatever reason he wants to get out from under the mortgage but he's been making all his payments. His credit history is bad.
- My mentor put me in touch with him.
- Yao wants to do a short sale on the place, clean it up, and re-sell it for more. The idea is, I buy it from bank at $200k and resell for maybe 330k. Comps are 350k easy.
-Yao offered me 10% of the profits
-Yao's realtor already has the place listed for $350k, and they've had multiple offers, but they're withholding that information from the bank. They want me to make a $200k offer, which they will present to the bank.
- I will carry the mortgage and a lot of risk, but is there anything illegal in this setup?

Thanks

Hey if people can sell a seminar for $60k, you can sell anything to anybody.

So basically write a note saying $500 to you now and 1 point at refi/closing?

Thank you Kirk your answer makes perfect sense.

I just figured as more money becomes available in the economy, there would be more people offering private loans, which would create the competition and drive down the cost of such loans.

Or am I disillusioned when I think every other person is a real estate investor or even knows what HML is?

Hard Money Loans seem to only work for short term flips/LOs. I've heard some people say that "you use HML to obtain quick finance, and once you secure the property - you refinance with big bank."

Is it easier to obtain financing if you already own the property? Any specifics?

Have you tried MS Money?

I downloaded free trial yesterday and it seems leaps and bounds ahead of quickbooks/peachtree, in terms of user friendliness as well.

Also, in my original post, I said I want to "send mail with a few clicks". WIth Quickbooks you can print something out, but then you still have to put it in envelope, mail it, etc.

Is there a solution where I can have my PDF file or something MAILED to a customer without me doing any physical work?

This has been on my mind for a while.

If economy is expanding, shouldn't there be more money flowing around, hence more people with money, hence more competition in the private lending arena?

Now I understand that the fed regulates "prime" % at which they lend to the big banks, so they lower the rate when the economy needs "easier" financing in order to be stimulated, but that has nothing to do with private lenders.

So, my question is - when the economy is expanding, shouldn't HML become Easy Money Loan?

What's PMing? I already have quick books pro but I feel like it's lacking in CRM features...