All Forum Posts by: Mark Buskuhl

When I was looking for a lot loan 3 years ago I called everywhere and finally went with Prosperity Bank. I don't remember the terms as the loan was paid off over a year ago. 

Most all banks and lenders require 20-30% down on unimproved land and the interest rate will also be higher with a shorter loan term. Your 10% deal is very attractive assuming the rate is not bumped up too much. 

Feel free to add me to your list for Collin, Dallas and Denton county. Flips or rentals. Email address in my profile.

Thank you for posting the retail price. What is the wholesale price? 

We live in Frisco not for investment purposes but personal reasons and purchased 3 rentals in Providence Village in the last 6 months. You'll want to look at the school boundary map in PV as it's split depending upon where you are. Same thing goes with Frisco. For your price point and a value perspective I'd recommend PV if you don't mind living what is considered "far north". Good labor is hard to find and commands top dollar, usually by the job and not hourly from what I have experienced. There is simply more work than labor and they know they can make out better by the job.

Criminal, eviction and credit through TransUnion with www.mysmartmove.com. Tenants trust the site and pay direct online. I opt for the premium $35 report which includes everything and require all adult occupants to use. Preferred application is the state Realtor association form.

The "relatively low prices" in DFW and all of TX for that matter are because of the "relatively high taxes and insurance". Figure about 2.25-2.75% for property tax and .75% for insurance. 

Second, any half way decent investment on MLS will end up as highest and best offer by Sunday at 7pm with more than a dozen offers. All cash and over list is usually needed to win. If this isn't the case, it's not really a good deal.

Between local investors, out of state investors and regular folks just trying to buy a home for their family, there is a little competition here. Happy investing. 

Check out upwork.com. I'm a huge fan and have used for more than 5 years. My experience with Fiver has been much lower quality work (get what you pay for).

If you used the TREC lease, be sure you enlisted a Realtor to prepare it or it's voidable. 

Copyright: If an active REALTOR® member of the Texas Association of REALTORS® or an active member of the State Bar of Texas does not negotiate this lease as a party or for one of the parties, either as a party’s broker or attorney, this lease is voidable at will by Tenant.

There is alot more to it than "mortgage broker" or "mortgage lender".

Mortgage Broker- Has no decision making ability whatsoever. Brokers loan to a wholesale lenderwho will make the underwriting decision, close and fund. Compensation is up to 3.00% and disclosed to borrower but paid by lender. Compensation is also set at a fixed rate with each lender and cannot be changed but typically every 90 days. In lieu of lender paying compensation, borrower can pay but gets $$$ upfront rather than built into rate. Post-crash government rules.

Types of Mortgage Lenders (more flexible compensation regulations)-

Mortgage Banker(Non-Delegated a.k.a. Mini C or Mini Correspondent)- Brokers loan to a mini-correspondent lender that will make the underwriting decision, however the mortgage banker will close and fund with a warehouse line of credit to appear as the “lender”. Lender who underwrote the loan will then purchase the loan off the warehouse line in less than 2 weeks typically. Due to capital and /or experience restraints, this type mortgage banker is unable to make underwriting decisions.

Mortgage Banker (Delegated) - makes the underwriting decision and will also close and fund the loan. All decisions are controlled by the mortgage banker. Loan is then typically sold or held in a servicing portfolio.

Credit Union/Regional Bank - Typically will act as a delegated or non-delegated mortgage banker. Not as efficient as this is not their core business.

National Bank - acts as a delegated mortgage banker and services the loan. Not as efficient as this is not their core business.

Taking it even further, how and where the mortgage banker sells their loans plays a huge role in what interest rates they can offer. Are they selling to FNMA, national banks, correspondent lenders, etc. Are commitments best efforts, mandatory, AOT, etc? When looking at a mortgage broker, that must use a wholesale lender (who by the way may also have a correspondent lending division and even a retail division), the mortgage brokers experience, volume and NW come into play as to what wholesalers will approve them and the rates they can access.

Won’t even talk about hard money. Different topic.

Who is best to work with? Get a referral and go with a local mortgage broker or either type mortgage banker. Insist to meet your loan originator face to face. You will have the best experience, interest rate and chance of closing on time. Stay away from credit unions, regional or national banks, online lead sites where you will get “competing offers”, and don’t ever think about an 800 number or applying to someplace you saw on a TV ad. 

@John Hixon I would be interested in your mailer contact. I just dropped 1000 postcards and had only 1 call. 

I'm also interested in getting added to any north TX wholesalers email list.