All Forum Posts by: Jeff NA

What part of what he said do you disagree with? How many deals have you closed off the MLS that you have then wholesaled?

Based on what case law? This isn't Judge Joe's living room and brunch hour. Law is law. The judge doesn't get to say that home plate is 24 inches wide instead of 17 inches wide because it's the pitcher's birthday today.

If there is truly a meth lab there, then I absolutely agree with everyone.

But I'm just going to throw this out there. I currently have about 15 gallons of apple cider fermenting in my kitchen. I think I botched about 6 gallons worth. Regardless, my kitchen has smelled like sulfur for most of the past five weeks.

What other evidence do you have? (anything in the garbage that would suggest a meth lab? Do the tenants have prior convictions? Are their faces on any local billboards?) I've been accused of some wild things from time to time from some pretty looney people. Thankfully never been accused of having a meth lab. I'm just saying the smell of sulfur doesn't automatically mean meth. I also make all my own soap, using lye (a key ingredient in making meth) which smells terrible (albeit only for a few minutes). Just some things to think about. You health and safety is not something to take lightly, though. Does your state have any meth task forces? You need answers, and quickly.

Wow, 12k/year!

Congrats on the license. I finished my Oregon coursework (150 hours) two months ago, but haven't really been in a hurry to take the exam (probably because I am also enrolled in college). I knew there were going to be some fees involved when I become associated with a principle broker out here, but I hope I can find a better deal for myself than $12k.

Congrats again,

Jeff

So what I hear you saying is: There are agents that are unfamiliar with how to do their job, and you want to work with them? Is that correct?

Nomenclature is important here. If you made an offer *through* a wholesaler, that "wholesaler" looks like a broker real fast.

You don't have proof of equitable title? Is there not a contract to be assigned? If not, how exactly is this wholesaling?

Yeah, again, I see what the stated regulations are, but have you actually SEEN it happen? Has anyone actually witnessed someone two years out get approved? Or are we just regurgitating information?

Any mortgage professionals with actual experience have an opinion on this?

Pondering this aloud for a situation that a friend of mine has found herself in. Apologies if this would be better suited for another forum. I see some generic info online that states that one can get an FHA loan two years after a bk, although I am a bit skeptical.

Her case, for what it is worth, is a bit interesting. She filed for Chapter 7 in December 2010. She had flawless credit without ever having a missed payment to anyone, and only one credit card with a sizable balance. When the card raised her interest rate (as they did for many people following the bailouts), she was unable to afford the new minimum payments, and no amount of pleading or offering to continue making on time payments for the rest of her life would convince them to keep the rate at a manageable level. The rest of that story is predictable: missed payment raises the interest rate even more, and with the balance (around $26,000), she defaulted and filed for bk.

One other note of interest: While she now has her first real job, starting her out around $60k a year, she is a year or maybe 18 months away from completing her PhD in a very desirable field, and her earning potential is a realistic $100k+ on the conservative side. Now, with that advance degree comes the type of relationship to the Department of Education that one might expect. She won't even begin to divulge that number, but I suspect it is somewhere around $150k.

With all that being said, does anyone have an idea of how long it may be before she can realistically obtain a loan from the FHA for $100k-150k. I'm not interested so much in what the FHA says, but more in what they actually do so that I can help her chart her course over the next few years.

Only my opinion, but I feel that the complete lack of grammar and punctuation shows little or no courtesy for the audience to which it is addressed. It comes off as a jumble of words that is difficult to read.

Regardless, if I understand the above quoted sentence correctly, you are an experienced investor. Why, then, are you asking the most basic questions about contracts? Jake simply gave you a piece of advice, for which I would be appreciative. If you are experienced, then perhaps you should show Jake how wrong he is with proof of your deals that you have wholesaled off the MLS.