All Forum Posts by: James McGovern

Quote from @Russell Brazil:

Homeowners policies dont cover vacant properties. Thus the necessity of needing builders risk. 

 Does Builders Risk cover any damage caused by an occupant prior to getting them evicted?

get a copy of the agreement used by agents in your area and merge it with wholesaling agreements you can discover on Jerry Norton's site. Save some money and ask a law student in a university to review.

I wish you were closer to Connecticut as I would gladly let you shadow me. Being unemployed is a ***** and our government leadershit is not making things better.

Quote from @Jack Seiden:

Quote from @James McGovern:

Is it wrong to believe that the NAR Settlement is evil for sellers who want their real estate agents to get the maximum value for properties they flip? Why does denying agents the ability to show a commission benefit anyone?

 To me this actually makes much more sense than the current system, people just don’t like change lol, 

 The reason people often hire an agent is that they suck at negotiation. To now say that you have to negotiate with the negotiator is a level of XXXXX that needs to be taken out and shot. Would love to see Youtube videos from agents articulating to buyers on how to negotiate their fee percentages lower.

FasterFunds Lending, a hard money lending who focuses on the Saint Louis Market has a unique take on hard money lending that I would think should be more popular.

1. No appraisal fees. They get in their cars and go see the projects for themselves

2. Funding. Will fund deals up to 100% purchase and 100% of rehab costs

3. Private Money: They encourage deals to use private money for rehab

4. Deals: All fees are transparent and declared upfront

5. Take Back: The number of houses taken back is very low. Some lenders take back more than what is reasonable

6. No hidden fees: No challenges where you learn about costs via HUD-1 forms such as the lender requesting more insurance liability directly with an insurance agent that was not declared upfront.

Would love to know if any bank exists that can do a cash out refinance where underwriting takes less than one week

Ran across FasterFunds lending where they defer paying origination fees upfront and make it payable as part of the payoff. This is the only Hard Money Lender I see do this as this helps investors commit their money to the deal and not to cause stress at closing time. 

I attended an intro session today and my buddy signed up. I would love to hear more info

 What did you learn that is not available for free on the Internet?

Quote from @Skip Rivera:

I'm looking at a property in Riverside county CALIFORNIA that is coming up for tax sale. The county guarantees that the successful bidder will get the property free of all encumbrances. 

Skip

The challenge is ordering preliminary title searches. The county government will make good on the promise of providing clean title but often this occurs at closing, not before which creates a challenge for those who have lenders who need to know everything upfront.

Most real estate seminars tend to be pep rally sessions to motivate individuals using various psychological techniques more than providing information and insights based on research that you can't find elsewhere.

What seminars have you attended where it did not feel like blowing smoke up your glass?