All Forum Posts by: Ralph E.

I'd like to know where I can find all the information I need, to somewhat duplicate Mitch Stephen's type of real estate investing, in Montana (by finding all that information on a budget). 

He uses OPM to buy houses (Non-recourse, property as collateral, 8% interest only payments, amortized over 30 years, 5 year balloon. He then sells houses to buyers by wrap around mortgage, and keeps the difference. He tries to sell the houses to people who are interested in fixing up the houses, so he can possibly sell the note later, without a discount. It's not "Fix - and - Flip", It's "Buy - No Fix - Sell".

I been having analysis paralysis, and in search of important information. I am not a person with deep pockets, to spend thousands to learn all the pertinent information I need to know. In other words, I am looking for help finding the people/resources/legal, etc., online and/or in person.

The information I need to know is (And maybe not in this order):

1) How do I find Residential Mortgage Loan Originators in Montana, who know how to write-up a loan for this type of transaction, to be compliant with SAFE Act, etc?

2) How do I find a Real Estate Attorney in Montana, who can make a contract for this type of transaction, who knows the laws, etc?

3) How do I find Private Lenders in Montana, or who can legally lend in this state from their state, and who allow the property as the collateral, who also allow wraps, with them (Lenders) in the 1st position?

4) What is the best, user/budget-friendly website, that can help me set-up the correct business entity to do this type of business?

5) Are there any people in the BP community who do this type of investing, who are in Montana, or near Montana, that can share their advice, knowledge, etc., on this subject?

6) Any other pertinent things I need to know, that I may be missing on this forum discussion?

Thanks in advance BP community!

Thanks for all the great, helpful information/advice @Chris Mason, @Doug W., @Kathleen Leary! 

I feel like maybe I should start with something else, like wholesaling, until I can build up enough money to get into another type of real estate investing.

@Kuba F.,Very helpful information! Thanks!

@Robb Almy, Thank you for the info. I think I will buy J Scott's book on flipping, on BiggerPockets, because it includes the bonus rehabbing book, plus the digital copy has more free tools, forms, etc.

@Brian Pulaski, would owning a house be the same as having it under contract?

@Michael Kalis, thank you for the order of operations. It really helps alot.

@Manolo D., Thanks for the good info.

I am wondering what the average cost to start a real estate investor business, by getting all the legal, tax, liability insurance, etc?

This would be for a fix and flip situation.

But possibly a buy-no fix-flip, seller financed, with a wraparound of OPM.

@Brian Pulaski what if I don't own the property? 

I also meant that wouldn't the realtor have to let them in, to see what needs to be fixed on the inside, since the realtors have the lockbox codes?

@J Scott Thanks for the info! Can I send you a colleauge request?

I have a memebrship to Foreclosure.com, and was wondering if anyone has found any houses, etc. that they have turned into a profit, by using this website?

Hi, I am looking for a good book, or books on how to fix and flip without putting any sweat equity in to the rehab. Do you know of any?

How do you find contractors to bid on fix and flips? 

Would they arrange a time to see a property through the realtor?

How many contractors do you get bids from?

I am interested in fix and flips, but not into sweat equity, just trying to find out the best way to get contractors to do the fixing.