All Forum Posts by: Mike Lee

What are good questions to ask a possible mentor?

Mike

thanks for the help

Thats the thing. The private lender will not lend on properties with code violations, liens, etc. Has anyone experienced any similiar issues with pofs from places like coastal?

I had a realtor question my pof from coastal funding. I have seen a few pofs online, but they all have a link or if you search for them online its easy to see that they are transactional funding only. I know a HML that will give me a LOI, but I do not want to ask him for a LOI for every property I want to put an offer on. They said I have to email him an address for every LOI. ??? That sounds kinda crazy. Any suggestions for some non funny pofs?

I searched on here on here and found a few threads, but still have questions.

1. The land trust is different from the trusts that legal zoom creates?

2. Any way to do it cheap, online and 100% legit? I am kinda scared of going by any ones land trust emailed from a site.

3. When making offers on REOs, do you put the land trust name as the buyer of the prop?

4. Typically how much do attorneys charge to create a land trust?

Any help is greatly appreciated,

Mike

What do you guys think of this? I know it is not the best possible deal, but when one calculates marketing, finding the deal, rehab, finding a tenant, etc....in this age of outsourcing everything...it is kind of appealing.

I came across this property ~10 months ago it was an REO sold for 35k. 3/2 SFR. It was rehabbed and there is a tenant in it now paying $1000/month.

I calculated and after taxes insurance debt service, and even property management fees...it will cashflow about $300/month. There is a tenant already in there. Seller is asking for 80k. The comps do not show this because there are alot of REOs in area. I am qualified for conventional loan and this doesnt seem to be a problem.

What do you guys think?....its kinda scary...walking into a deal cashflowing the day you close.

Thanks guys. Someone told me to not mention anything and switch title to llc. The lady at the bank said that they can force the due on sale clause. So I asked the lady if the prop has to be under my name, how do I go about the hole liability issue....she said liability insurance. Is that good enough?

I checked out this national rehab lender that requires you to close under an LLC. I also went to the bank to see what I would qualify for with a conventional loan. They said that I can not refi or buy with an LLC name. The property has to be under my name. How the heck am I supposed to be able to buy with private money under an LLC and then refi? I am confused.

Also,

I am afraid of my credit score going down for all inquiries from banks. I heard somewhere that I had a certain period of time to have my credit checked by a # of banks and have it count as only 1 inquiry. Any idea if this is true. The loan officer said she never heard of this. Yet again she could also not want me to check with other banks.