All Forum Posts by: Michael Hallahan

Was the downpayment required to be seasoned? Or what was the requirements as far as that go. Is seller allowed to carryback a second?

@Anthony Cummings

Thank you. Ya i spoke with a mortgage person a couple months ago, they told me the same thing. I stopped taking per diem and now i actually have a local job so per diem is not an option.

Ive only been driving since may of last year so i need another year of income history as a driver befor i can buy. Since i started in may 2019 i should be able to qualify in may 2021 correct? Or is based on tax returns so i wouldnt be able to qualify until after i file my 2021 taxes? Also i

switched companies a month ago will that affect my ability to qualify?

@Chris Mason So you are saying it's a 90% chance they wont accept it?

I appreciate your help. How long ago was it that you were a LO? The FHA program changes. Ive read conflicting/ambiguous things on this topic.

Well i was hoping a seasoned mortgage professional would weigh in, from my research online ive found the answer that a lender *may* decide to account for the per diem income, but I cant find a definite answer on what lenders do and for what programs. I'll get in contact with a lender and see what they say. I was hoping atleast someone could offer a recommendation of who to contact that works with this thing. Also the two years of working in the same position/industry seems ambiguous, im reading conflicting things on that when it comes to the FHA program.

So if any MORTGAGE PROFESSIONALS could weigh in, that'd be appreciated :). I've heard enough from, as we say in trucking, "truckstop lawyers" or in this case...  keyboard warriors? No that's too derogatory, sorry 🤣🤣.  I appreciate ya'lls help but im waiting for an acutally LO/Underwriter to weigh in here.

Im an over the road truck driver, and my company offers a "per diem" pay package. In this pay plan, a significant amount of my pay is paid as non taxed income. In the images below, ive included the documents they provided that shows how it works. They say that they can provide a letter to a lender that explains that my income is really higher than what will be shown on my w-2. My question is will lenders actually accept this while applying for an FHA or a conventional mortage? Is this scheme that my employer pulling even legal? Also I just began truck driving 6 months ago. Prior to that i worked as a server at a restaurant. Is there a certain amount of time i will need to have worked as a truck driver (2 years?) to qualify for an fha or conventional mortgage?

https://www.biggerpockets.com/renewsblog/2014/07/0...

Show 77 with Michael quarles I believe is the one your talking about. On this one they go deep into the handling the purchase and negotion. Then they had him back on for episode 81 and they go deep into the marketing. 

https://www.biggerpockets.com/forums/25/topics/147...

When I was researching this I came across this thread, which led to me believe you can't ask for a referral to a vendor. Maybe it's just lenders you can't ask for, although I thought I read another thread where someone mentioned you can't ask for other services either.

How would you come on the forums and say ""jee...I'd really like to find a drywall contractor in Houston" that seems like a pretty direct solicitation. Unless you make a thread about something else and just kinda sprinkle that in there ?

On the podcast i always here go to bigger pockets and reach out to those in your area to meetup with them. But isn't asking someone to meet up a solicitation??? Or is the advice that is given on their to go to bigger pockets to find a meetup, then ask someone to meet you for lunch at the meetup?? I read a post by Josh saying that it is ok to send deals to people if you had already asked if it was ok for you to send them deals. But wouldn't asking that be a solicitation? And im assuming it must be ok to solicit others' services. Is it ok to contact people outside of biggerpockets if you found them here?

I want to find a mentor that i could work full time for free for, but I'm not sure how to go about this if their is a specific person i want to work with.  I know your supposed to post in the marketplace but then id be solicited by people i don want to work with and not the ones I do. If someone says that they mentor people on their profile is it then ok to reach out to them to ask to be mentored??

I have received these colleague requests, these would be considered solicitations no? Im just trying to clarify so i understand, admins please do not go into messages to punish these people, I dont want to narc on these people.

"Hey there Michael,

Since we live in the same area I wanted to connect. You’re going to be blown away by the resources BP has to offer.

Please let me know if you ever need help from an investor-friendly real estate agent who is also an investor.

Good luck and happy investing!"a

"I noticed that you recently viewed my profile. Please let me know if there is anything I can help you with. If you are interested in self-directed retirement account - I offer free consultation and discounts on our services to all BP members. Let me know if you would like to schedule time to chat."

Im very confused as to what you can say in a colleague request and how you are supposed to do business on here. In my mind contacting anyone for any reason would be a "solicitation" of some type.

https://www.biggerpockets.com/renewsblog/using-big...

I read the above page and i am further consused.

"Prospect Warm Leads by Seeing Who is Visiting Your Profile

Building up connections is imperative for success in any venture, and that especially rings true in the real estate business. With that in mind, we put together a feature that is designed to help our members grow their networks, by allowing them to see who is looking at their profiles and blog posts — this feature is only available to our PRO members (not Plus). Imagine the power of knowing who looks you up. All you need to do is follow up with those people to see what their interest is, and you’ve suddenly prospected a warm lead. While it may not lead to anything, you might also find your next partner, deal, or financing by spending a few minutes each week connecting with these folks."

So that sounds like it is OK to off your services to people that have viewed your profile?

"Don’t Solicit in a Colleague Request. Colleague requests are designed to build relationships. Your colleague request should include a message about who you are, but not a request for services or products.  "

"but not a request for services or products." This sounds like you cant even ask for a service to be performed for you that is offered by others..

So sounds like the only place i can  offer to work for someone for free is in the market place, correct? Not via private messages or colleague request? Or by contacting them outside of biggerpockets.