All Forum Posts by: Michael Gao

Thank you all.

@Bob Malecki Can you share a contact or two from a trusted/nationwide servicer company? I am also brand new and currently looking at two assets, one in IL and one in FL. They are going through FC with previous lender, so I want to understand licensing requirements if I pick them up and continue the current FC process. Thanks!

I am trying to do our first seller financing deals, and was completely confused about Dodd Frank compliant in the SF world. After doing some research at BP, I reached out to @Brian Gibbons and he graciously gave me a free 15 min phone calls to explain the important concepts in SF deals. I am thankful for his time and think that many others can benefit from talking to him as well for your creative financing questions. Thanks Brian!

Is there a way to get around this problem in the residential world? It's true that the bank wants to see >=20% down for an investment property, but can you close the deal first with the bank and then ask the seller to "refund" you the 20% you just put down in closing? If that's a way to get around the problem, the next problem is how to write the contract so that the seller can not weasel out of the 2nd loan commitment after close...

Anyone has experience doing this?

Thanks for the reply.

Joel: it is currently showing on all three reports. I have disputed before and it didn't work.

Edwin: You are right, the disputed items are no no for lenders, so I actually had to un-disputed it. But that record is still there. :(

Some updates: I called Verizon this morning and they told me that the record is going to stay for 7 years (so one more year to go before it's off), and they don't remove legit records. I asked the rep to let her manager call me back, so stay tuned for more updates.

This is one of those "If I had known better" posts...

It all started in 2007-ish, when I was helping a new student to get a cell phone plan. He didn't have any credit to secure a phone line at Verizon, so I stepped in and used my credit to do that for him, out of good will. 

After one year, he refused to pay a small bill from Verizon and didn't tell me. So Verizon issued a charge off record and after a few months, I found that out from my credit report. The first thing I did was to pay it off, but Verizon refused to remove the record from my file (They claimed that would stay there fore 7 years). 

Now fast forward to now, 6 years later after I paid it off, that record is still haunting me like a ghost. My FICO score was hurt badly and I had numerous troubles getting financing on my properties.

I am sure you get the morale of the story by now, and I hope my story help you not to make the same mistake...

However, life goes on and I still need to deal with it to get my financing... In desperation, I come to BP and ask for help: If anyone can share some experience in how to remove this nasty paid charge-off item from my credit reports, you have probably just saved my life...

Thanks in advance,

Michael

Thanks, David. I have my money in Roth IRA and unfortunately, I can't roll that over to solok AFAIK. Setting up IRA LLC is not cost effective to me either b/c I am in CA and has to pay franchise tax for it. So I am stuck with SDIRA choice.

Has anyone used "american estate trust"? I looked at their fee structure and they are slightly cheaper than UDirect, although UDirect seems to be the favorite here in BP. Would love to hear from anyone who has direct experience with "american estate trust".