All Forum Posts by: John Jackson

Let's plan on Nov...After this weekend I'm off the road. 

@Austin Hughes  I have the best in the biz. He is in Ft. Worth and actually helped write Title 2 CH 5 TPC.

I'll get  you his info. 

@Jose Cintron  if you do not have 13 + years experience pulling ti-merge reports like myself or @Brian Gibbons   then take Brian's advice. Get a RMLO to take a 1003. 

I can look at a report and in less than 30 seconds tell if they will work for our program. 

I've done it for a loooooong time though. 

This week we had an application come in on a house in MS. 

Scores and report good. 

DTI....not good.

Guess what?  That was the first thing I looked at. 

DTI.

I didn't realize you could have a $1500 a month car payment

Anyway, get a loan officer to work with you and you want to look at these things:

DTI (lenders look at 43% and so should you)

Overall file  (w-2'd or 1099'd and for how long)

Public records  (FC?  BK?  Judgements?)

Scores  (scores are goofy so actually the last thing I look at)

@Edwin W.  I see what she is doing know and I see your confusion.   People that have done this forever like myself and @Brian Gibbons   (the guy that me into this whole RE mess) just do our thing and don't think much about it, but reading your post I can obviously tell your head is spinning. 

Here is what I would suggest. 

Take a step back, and focus on the basics. 

The basics means get the phone to ring and figure out how best to help the sellers. 

Forget SLO's for now. 

Don't worry about Wendy's book and what you are reading.  (NO offense against Wendy...I just see your head spinning)

Focus on assignments. 

Look at my site leasingtobuy.com  and you'll see actual deals across the US we are doing. 

***PLEASE moderators...do not pull that down..I'm not selling anything, as there is nothing there to sell...I'm just trying to show actual deals. 

Those are all assignments. 

Seller calls or e-mails, I put the numbers together, send to seller, send contracts, market. 

Yes you can work with agents but I want you to focus on the basics first. 

@Brian Gibbons  your input?

@Edwin W.  I always say..and @Brian Gibbons  and I would imagine @Bill Gulley  would agree...if you are new, you need as little risk as possible!! SLO's are GREAT, but have inherent risks...just as Sub-2's do.

Start off wholesaling or just LO assignments and learn the craft. 

@Edwin W.  without reading the whole chapter or section it's hard to say for sure, but sounds like a sandwich LO and she's probably going to market it for say $10k down or certainly more than $7500 down. 

@Ben Skowronek FHA requires 3.5% down.

The amount you paid down as option consideration will apply to the down payment. 

IF there is a rent credit, that would go to your closing costs. 

FHA caps the seller concession at 6%.

Not sure where the $41k "down" is actually coming from. 

@Octavian Cross   @Brian Gibbons gave some solid advice as well as @Joe McCall  (I thought you were overseas dude!)

You can certainly do this as an agent, and a few things you would need to do is disclose to all parties you are an agent but acting on your own behalf, like what Brian said...so everyone knows you don't represent them..confirm with your broker he/she is OK with you doing ANY type of investments outside of the brokerage. 

i've said this before, but the only reason I would tell someone not to become an agent is if you are hitting listed houses like I am. 

@Marc Glass  The risk is the owner doesn't make a mtg payment, or defaults on the option when you go to purchase. 

IF you get an option, be sure to have the ability to check the status of the mtg. and file a memorandum at the county to cloud the title. 

@DG 

@DG H.   !!!

Weatherford!  BAM BABY!

Reading your post I see the issue very clearly....

Price point baby!!! BAM!

If you are trying to lease option a trailer in Springtown or a 3-1 in Brock.....LO's are NOT the best way to go!

The T/B will almost never exercise the option!

That price point is a rental or owner finance. 

Get me a 4-2 in Aledo for $225k and that is a L/O!