All Forum Posts by: Justin Phillips

@Jon Q. You're not understanding the concept, I'd just recommend that you educate yourself on the program. I was responding to your question about accessing equity :-)

I don't have much to add as far as analysis. But, good for you Sean! Starting and taking that leap is the most difficult aspect of Real Estate investing. There are so many people that call themselves RE investors that don't even have a primary...much less multiple rental doors! There will be highs and lows, and you'll definitely learn a lot. Taking the jump is something to be proud of, I'm excited to meet you at the top someday! 

That's so strange, sorry it's been such a hassle! I'm sure it will be worth it as soon as it's done!

Hey Tremon, I would definitely take the class first. That's where I got all the text book chapters to study from. I believe CompuCram is more something you do leading up to the test, as a super study method. It's not the end of the world if you don't pass the first time, so try not to stress too much.

Sounds good! Definitely a great time to get going on a Re-FI. 

Have you checked the "Loan guys" out on BBB? Not all companies pay to be certified, but it's usually a good sign. 

The Life Changer Loan is a much different style, as it's a line of credit that throws all your income towards your loan balance. With money savings/cashflow, it allows for a much quicker payoff. The rate is variable based on Libor, currently at 3.89%. We're looking to have our investment condo in Murrieta paid off in about 3 years. If the numbers work for you, I think it's the best option for investors because it offers so much flexibility. 

Hey Tremon, I just got my license in October of 2020. I mostly just tried to really pay attention in the prelicensing courses. Then from there, I saved PDFs of all the textbook chapters, and used those to study. I tried to mainly focus on the reviews at the end of each chapter. I also went through all the practice questions on the NMLS website. I definitely studied, but I didn't kill myself over it. I ended up getting a 75%, if I would have missed one more question, I would've failed haha. 

There's so much information in those courses, but try to focus on the main ideas. 

It's going to be very hard to qualify/refinance into a conventional loan if you're currently only showing $10k of income personally. I'd talk to local banks first, you don't want to get stuck in a hard money loan. 

I just checked out their website, nothing jumps out as fishy off the bat. Definitely not the best website though. Where did you hear about them? 
My wife and I just refinanced to the "Life Changer Loan" and we love it! We're going to fund out next deal ourselves by utilizing our equity position through the Life Changer Loan. I'd definitely recommend checking out their website too. 

Wow, that's a long time! It really depends on the client. If they're self employed, or slow to get docs in, it can take awhile. That's a long wait for a referral, the house must be way off the beaten path. 
A typical process should be around 30 days total.