All Forum Posts by: Barry Ratliff

Well BP friends, time has passed with this post and borrower is no better off than last. I did extend the loan for one year same terms.  I've enrolled her in credit repair and suggested a credit card to establish credit and improve her score but she has only been made payments on time. 

I cannot baby sit her and feel I need to get house back if she is not improving her self. The mortgage I created was a 3 year balloon that I extended. Any Thoughts and what would you do or have done?

Lol @Bill Gulley . I to started investing long before aa well and yes another spin off a thread. I thought interesting that the question asked how much $ people made using BP. My question is for BP newbies or vets that used BP networking and other to obtain their first deal or 2. Ive not yet had pleasure to network with BP member on a deal so just wondering.  I mostly create mine from self. 

There is a recent post from Cal C from Georgia who polled members how much money has BP made you. I think indirectly, if you have made money investing in real estate that BP had something to do with it. 

My question is, describe how you made money on your first deal using a BP member, techniques, strategies, tools, etc.

Thanks Joshua and James.

@Joshua Dorkin undefine

@James Wise 

Im a past home builder seeking to get back in Texas market. Im also not sure where to search in BP to post investors who would partner or provide funding. Also, can you advertise somewhere?

Please advise. 

Barry Ratliff

@Richard Pulido  I am a broker that specialize is investment properties. Working with realtors is a good alternative but should not be your focus. When you choose to work with a realtor, research on craigslist, mls for agents who list reo's and interview agents that have ONLY or that mostly have reo listings and experience working with investors. Unfortunately and fortunately there are very few of us. Get on their buyer list.

When you have chosen a realtor, get another and another that have reo experience. Give them your criteria and have them to put you in their automated email program that sends you new foreclosures or ones that the status changes. When one fits, IMMEDIATELY contact agent that u want to see it and make offer. DO NOT HESITATE MAKING OFFER. You will most likely have multiple offers, so be ready to counter back with your highest and best price. 

Now the majority of your time should be farming neighborhoods and promote that you buy houses. Negotiate contract so you have possession, then market them. While doing that, build your investor database, so when you get one, you can wholesale. To wholesale from mls is very difficult as asset managers or banks will not allow you to just sell paper. They want you to close and have stop gaps not allowing to do so.

Good luck, get started and keep it going. Share your experiences on BP.

@Account Closed 

@Roy N.

Do ya'll have a form I can look over?

@Account Closed  Thanks. I was just reading about modifications and it refers to the borrower is late on payments. My borrower has not been late for 3 years. Modification makes sense. I just dont want new lender feel that this is a negative hit against borrower ability.

@Jason Bott  Ditto! 

Shop around. No all insurance are the same and if getting builders risk, see if can go monthly or short term. But compare a 12 month with the short terms as some may be less expensive. What I dont like if buying a 12 month builders risk policy is when you buy fix and sell property in 4-6 months, the unused portion is wasted. They dont prorate. Shop around and compare. When your done with project, share your experience on BP.

@Michael Linquist  What is it that you would have troubles finding or flipping properties? Is it finding them, analyzing, estimating, project managing, funding, marketing or all the above? BP is a great place to learn all of these. Take each subject, search forums and perfect knowing it then go to next item. When you have the tools you learned, you will feel confident in doing your first deal. Or at least knowing what your doing if having to partner with someone. Partnering is a good way to reduce your liability and learning along the way. Then do your own. Good luck.