All Forum Posts by: Moshay Laren

Are these events 25th of every month? 

Thanks in advance.

When is your next meetup would like to connect

Best

I am the listing agent for a short sale property. This is my first one. The client has two mortgages with one bank (HSBC) totaling approx 110K and a third with another totaling 18K. I've been negotiating with the bank that holds first and second position. The BPO was just done and estimated the property value at 120K, which based on the condition of the property and comps -- is way off. 

Nonetheless, here is my issue. The original loan ($80,300) and second mortgage (38,700) was taken out in 2006 -- prior to the real estate crash in 2008. While online property records does not show the market value of the home back in 2006. It does show market value starting in 2010 to present which is as follow: 

2010 - $41,500 

2011 - $41,500 

2012 - $41,500

2013 - $41,500 

2014 - $125,400

2015 - $125,400 

2016 - $131,600

While I realize market value and appraised value is different, is it presumptuous to think based on the trend in market value that the property most likely worth less than the loan amount (119K) given back in 2006? Is it considered predatory for a lender to finance a property for more than the appraised value? Lastly, is there a way I can research the appraised value of a property in 2006? 

@Krista Campbell Thank you for the recommendation! I have settled on Berkshire Hathaway. The allure for me as a new agent is the up training programs they offer. I don't know if this is my forever, but I feel like it's a good fit and place to start.

@Andrew Davis Thanks for your input and offer to answer questions. I am sure I will have plenty and will take you up on the invitation to pick your brain. 

 @Bill Bodziak Yes I chose a big agency too for the all the same reasons. The training is an invaluable resource as I build my sales career and if I feel I need to venture out later on I have the freedom to do that. Thanks for your input! 

@Sharron Menninger Hi Sharron! No I had not explored that option fully. But I was very open with my new broker explaining my goals as an investor. He too is an investor so he was very understanding and supportive. 

@Victoria Winters As per your request, wanted to follow up to tell you that I've decided on a broker.  I will be hanging my hat with Berkshire Hathaway / Team Damis. I'm eager and excited to get started. Thanks again for your counsel. 

@Jim Hogan thanks for the insight! In fact, I am narrowing down my decision and BHHS is so far in first position. 

@Victoria Winters thank you for responding and your generous counsel. Independent brokers -- I will most definitely reach out to a few as I've not interviewed with any thus far. I will keep you guys updated. My goal is to make a decision by the first week of May. 

Hi @KevinDelaney ! Thank you for responding. I most certainly will give you call. Please send number. Thank you

@Kevin Delaney

Happy Saturday BP family, 

I just made transition, well not exactly a transition, rather added another hat! -- guess that explains my oversized head! Lol! I've been an investor for 2 years  and recently obtained a sales license. I love the investment side of things, holding and wholesaling, but as you know wholesaling can be really good and quite the opposite depending on the market. That said, I thought now would be a good time to get my feet wet from the sales perspective. As a 17 year radio broadcast personality [Backstory: I was laid off from my job as a full-time DJ in 2013 and decided to change careers, focusing 100% on real estate] -- I'm a great communicator and people connector with a big personality! Not to mention, I can sell water to a fish. Well, since passing the exam I have been wooed by brokers, promising everything but the kitchen sink to get me to work for them. I've been on about 3 interviews and now I'm just outright confused as to where I should hang my hat. 

My career goals are to be a part of team, not a shark in shark pool, with great training and mentorship. Oh and I should mention, I want to focus on higher end real estate! And I'm open to your recommendation of brokers. 

Help!!!! What to do? Where to go? I want to make the right decision. 

Thanks in advance!  

Thank you @Bob E.

Thank you @Bob E. and @Brian Gibbons

Brian I read through your blog and somewhat have an understanding. Thank you it was extremely helpful. I will definitely consult an attorney and source a RMLO in my area. What stuck out the most to me is the elimination of ballon payments. Is it my understanding that according to the Dodd Frank law seller finance loans cannot have a ballon payment at the end of the term at all?