All Forum Posts by: Nick S.

I refinanced another loan after applying for this loan. I have a lot of documentation showing them this other loan was refinanced. No issues, we discussed it, we moved forward. 4 months after that and a ton of paperwork and then they did these two loans. 

Specifically, they're accusing me of not telling them about this refinance (I have documentation of e-mail responses from them), and accusing me of not telling them about a garage on the back end of the 4-unit that we own. 

Additionally, 9 months after the loans were funded (these were cash outs refinances), I left my teaching job, bought a new car, and started working full time in real estate. So now I claim no income and have more debt. 

I personally think the leaving my job aspect (9 months after the loans were funded) is the real reason they're coming after me. Because no they definitely can't sell these. But what am I really supposed to do? Not live my life? Stay in a job I don't want when I can make more money in real estate?

Good afternoon, 

I applied for loans at a lending institution about 1 year ago. They were unable to sell the loans due to an underwriter overlooking certain aspects of the loan. That underwriter was fired after they processed a few loans and were unable to sell them on the secondary market. 

The lending institution hired a lawyer and claimed that I did not disclose that we owned a garage, and that we didn't tell them about owning another rental house that is free and clear.

What can these lenders really do to me? I did not lie on the mortgage applications, but another commercial lender I work with is advising me to speak with a lawyer. 

I know this is much more complicated than a few paragraphs, but has anyone else ran into a situation like this? Any advice?

Thanks!

Nick

Hello all,

I have recently decided with my investing partner to start up some wholesale marketing via online, newspapers, bandit signs, and postcards. We own some commercial properties, SFR's and are currently in two flips, so we have some investing experience and understanding of the market values and the hard work needed in real estate investing. A few questions though if anyone can help:

1. How are the addresses for the post cards or yellow letters most easily found and made quickly? Are there any step by step instructions on how to effectively complete this for certain areas. The recent pod cast mentioned sending out 4-5k post cards and getting 30 decent leads. We have allocated 5-6k for marketing the first 4-6 months, but I want that spent most effectively. We plan on purchasing some of the leads for our own investing and wholesaling others.

2. For Pennsylvania, are there any informative posts anyone has seen or knows the specific workings of contracts and any mistakes to avoid? What exactly needs to be signed and documented for the property to be legally under contract?

Thanks for your time.

Nick

After a few years of success, I'm finally in the real estate game through commercial investments and flips. I've never posted on biggerpockets, but it's a large reason for my success and keeping my sanity through this journey. It's time to give back and help others through what we all need: cash. This is truly an opportunity to make more money and help everyone you know make more money. The best part: Buffet and Kiyosaki suggest it in many books.

When I first started in real estate investing, making and saving cash outside my paycheck was very hard. I have recently found ways through networking that profits 500-600+ per month with very minimal start up costs (100 bucks). Our biggest advantage as real estate investors is our networks, and it's time to start using that to help us all financially.

I was introduced to this by other investors at an REI meeting that I respect by being asked "Would you spend 10,000 on a house that will guarantee a rent check of 525 a month?" Obvious answer is yes. But this "house" costs 100 bucks, and you make 525 monthly with a little motivation and effort and most importantly: helping others.

If you're interested please e-mail me at [email protected]

This is an opportunity of a lifetime.

What are some successful ways people use commercial lines of credit (150k+) with yearly clean up for 30 days? The obvious answer is for flips, but is it likely to purchase commercial property and then get traditional financing on multiple properties over time? Will the banks eventually stop giving traditional financing?

Hello,

I don't have ant guidelines that change the lease. Converting to a month to month lease is as simple as having a section in your lease that states the contract ends at the end of 6 months and automatically converts to a month to month lease. Make sure you state in your lease that you reserve the right to sell the property and if it sells the tenant must move within a stated time period (30 days). Not sure what state you live in but I'm sure you don't want to evict them.

Keep in mind that this is not as stable as a lease that is renewed after one year for another year. My dad still uses month to month in some cases but I have stayed away from month to moth in my properties because of the unpredictability. For your case it seems like a solid plan though for this lease.

Nick