All Forum Posts by: James Vermillion

Welcome to BP Derek.  I also live in Lexington (Go CATS)!  I started several years ago in real estate investing and decided that flipping houses was the best way to get started, as that would allow me to build up additional capital to do other things.  Now we have started our rental portfolio and continue to flip houses to allow to continue to grow.  This has worked very well for us and we will continue to to both as the market allows.  Good luck to you!

Anytime someone is looking for information about a specific guru program I suggest they submit a Google search with the name of the program followed by "scam" and start reading.  In many cases, it doesn't take long to figure out there are better ways to utilize money and time. 

I agree with Matt but it often depends, as different banks have different requirements when offering on their REOs. I have found that many banks will request a loan approval letter specific to the property, where others will only require a standard pre-approval letter. In addition, some banks request a POF for any down-payments, while others do not. If you have a good relationship with a HML, it shouldn't take much time for them to provide you with a specific letter, as long as you aren't submitting a bunch of low-ball offers that are not getting accepted.

The increased cost of using a HML as opposed to conventional is often discussed, but equally important is the shorter loan term. Most HM Lender that I have heard of have short term loans (6 months is pretty common) so you as mentioned, you need to have an exit strategy (and backup plan) in place. This is going to make the rehab schedule, marketing, and re-sale schedule critical.

I know this is a little off-topic but I just started using WilliamPaid and it has worked very well so far...not sure how it stacks up to Venmo. 

@Joshua Dorkin is there a certain method / location you want us to send issues?  I have come across a few minor issues, but I don't want you to get swamped if you are already working on them.

It looks like some people are going to need to adjust their profile pictures...I have seen some pictures focused on the wrong areas!

I do not drive an flashy car, but I don't think I will let the fact that I own rental properties influence what car I drive.  Having said that, my personality, which led me to buy the rental properties in the first place, prevents me from driving a super flashy car...at least not until I delegate meeting with tenants fully. 

I am liking the new look and feel so far.  Like anything, it will take some getting used to, but I know this will be another net gain for the BP community.  Nice job!

My schedule has been ridiculous and sporadic lately, but I can make most weeknights work.

For sure @Judd Campbell , I have been at the pool and tiki bar quite a bit lately!