All Forum Posts by: Carl Randal

Hi BP Community, I'm looking for a Residential Mortgage Loan Originator (RMLO) that is licensed in the state of Alabama (or Nationwide/Regionally to include AL) who can service my Seller Financing and keep me compliant with Dodd-Frank.  Can anyone help?  It would be much appreciated. 

Thank-You All for your replies.  I just wanted to make sure I wasn't smokin' something!  ;-)

I will stick to my numbers.

(ARV x 65%) - Repair Costs = Maximum Allowable Offer. What do you do if the math makes the MAO so ridiculously low that the previously "motivated" seller becomes not so motivated? Example: ARV $162,000 X 65% = $105,300 - 28,312 (Est Repairs) = $76,988. I believe the math is the math, but that doesn't necessarily make the seller (Individual or Bank) take your offer seriously. Note: Despite the seller's attitude toward my offer....I am very serious when I make my offer. Any comments would be much appreciated.

Congratulations @Michael Miller!!!

@Christopher Telles and @Wendell De Guzman Thanks!  I'll watch the video and hopefully be in touch.

I am looking for credit lines that will allow me to cosmetically fix up properties that I get control of through lease options.  Does anyone know a good company that will provide credit (credit cards or small lines) that understands what we do?

@Corey Herr Thanks for opening this subject up Corey.  I am in the process of moving out of my house in order to build a new one.  I put half my house in a storage unit and was amazed at how great a business it seems to be! @Scott Meyers do think that all the Mom and Pop Storage businesses are getting eaten up by corporate businesses?  It sure seems that way in my town of Huntsville, Al.  It really seems like a business I'd like to learn more about.  Regards, Carl

@Guy Gimenez @Darrell Shepherd @Mark Brogan 

Thanks, I like all of your collective reasoning.  Closing with an Attorney or Title Company is the best policy.

@Guy Gimenez 

Thanks for the response Guy, just wondering from a "costs" perspective.  Not withstanding the services provided by a title company, closing at a kitchen table can be a lot less expensive than a title company.

Thanks Phillip!