All Forum Posts by: Jason S.

Jeff,

What is your goal?

That is the starting point. You are an RE agent - are you trying to work for & sell to investors or become an investor yourself? Do you have credit/cash/competence to do a deal or are you looking to identify deals for others?

It is more difficult now than it would have been a couple years ago and even today it seems that most agents are the same agents that asset managers used during the last housing crises. With that said I did spend some time recently with an asset mgmt company that handles 6K-8K homes across the US at any given time for a couple banks & institutions.

As Steve said they already have a track record of agents that are familiar with their system, reporting, & requirements. But, if for some reason they were picking another agent in a given area - you would need to be a visible presence in the target area.

From what they told me some banks have specific criteria such as the max distance the agent can have their office away from the property. If for some reason they did not already have an agent within that distance you would want to make certain your office was visible (google, maps, local directories, phone book, whatever) should they be looking for an agent to meet the banks criteria.

Of course this is just logic, but you would be amazed how many agents its actually difficult to find.

And as a related issue - if you are an agent - you should be able to Google your name and find your number instantly. I cannot tell you how many times I have to search around and dig just to find a listing agent's phone number. If you do not know how to get your name and number ranked on Google, when people are searching for your specific name and number, PM me and I will show you for free. It is annoying as anything to not be able to find contact info.

Seems like this is something important to you Josh this topic is being brought to the table again.

1. If I talk here about having $xxx,xxx in cash that I want to invest, why would I want anyone to connect that cash with my picture?

2. If I discuss tenant issues, specific problems, I do not want local people to know my problems. This is not much a problem in SoCal - but think of your users in smaller MSA's.

3. I do not need my employees knowing about profits, cash flow, etc on different projects. Why would I broadcast such private info if I knew it could be traced back to my real identity?

4. If I want to do business with someone, the last thing I care about is the way that he/she looks. This is business.

I can give a thousand reasons why people should be allowed some privacy.

I still do not know when my user name was switched to my actual name - when did that happen?

Ken - from what you have written it sounds to me like running notes through a local originator is still the solution. Of course you need to choose a compliant lender, but other than that it is still simple to do and an easy process to ensure proper regulatory compliance. My comments presuppose that a person doing business will do so with a MLO that is qualified.

I do not understand why it is so difficult for people to simply run the financing through a licensed originator.

The truth is that most seller financed deals violate all types of truth in lending and otehr consumer protection laws. Forcing the notes to be run through a licensed originator only ensures compliance with those laws and in no way restricts your ability to do business.

Let the originator quote the rates/terms or provide a spreadsheet on your computer that will instantly print a rate/term quote that is compliant (with their contact info and disclosures etc). It would be easy to do, you could give the rates to your buyer as a quote and you are done - or just let the broker field the call.

If I knew there was strong enough demand I would set this up for the park owners as a seamless solution - so easy.

Remember, the rules are to protect the consumer and allow them to compare the loan they are receiving with other loans using the same APY etc calculations, fee disclosures, etc. I cannot see this law going away - its too wrapped up in legitimate consumer protections.

Wow. I wouldn't be taking it that far. All that will do is cost you a lot more money.

Settle, Shake it off, Move on.

The problem is that too many contractor's are dying for work and do not have even enough cash to float a single job. Even when you pay them on time - its tough for many of them because they are too far behind in the rest of their life. This is exacerbated when investors whittle them down to practically no profit, just because they can, knowing it is a bad economy. It's a vicious circle - so buyer beware.

Here we go, getting into specifics, you need to talk to a lawyer about this. But if a contractor is contracting for work that they are not licensed to do then you do not need to pay them and you have a claim against their bond for liabilities they have left you with. Now there is probably more to this on what you can and cannot pay - but yu do hold some cards.

Plus a complaint to the State Contractor Board can wipe him out. With this said - I am not advocating this - I am just saying he is illegally contracting if he only is licensed as a plumber.

Once again, it is better to pay, make certain all liens and potential claims (workers & suppliers) are covered and walk away.

Making compliants, as I mentioned earlier, can be risky. A contractor that is at the end of his rope may take his anger out on your home (after hours - who knows what happened?) - just saying - better to be amicable and chose your contractor more carefully next time.

Not to make you worry or anything but you need to make certain your state does not hold you liable if his suppliers have not been paid.

Did the cabinet company deliver the cabinets direct?
What about other suppliers?

You might as well get all of your bases covered - check your local laws - the good news is, you only have to learn all of this once.

Ah the hazards of starting out. Do not worry we all had to learn these things. Now you know why flipping is so lucrative, it takes skill, knowledge, applied expertise, experience, and a lot of things that many people are not aware of -- The profit in a fix/flip is paying you for all of that.

Anyhow - sounds like you hold all of the cards if he is ding work that he is not licensed to do. But be warned, even you chose to not pay and expect every person/contractor to play by honest rules you may be in for a surprise. Maybe he walks away - maybe something happens to your house.... who knows?

Put together a firm, fair, friendly settlement and chock this up to education.