All Forum Posts by: Eddie Starr

CI has virtually become garbage. I've reached out to a few people, and they PM on system, and CI has the "show phone number" link, and you could click, and see the number. Now, it just does a member search. I asked the chat support person, and they said "...it's for security, to keep conversations on platform." So, they no longer want you talking off their system, because if you're not on their system, they can't control you, or offer you their worthless garbage.

Deal Dog: Garbage. It pulls feed from CL, and I've found tons of them to be for so-called PML listings (which are almost always HML!); a few times, I went to the CL listing, and it was deleted, or "no longer available." The auction is just pulled from sites like auction.com. In short, everything there, you can get, for free. The gradings (A-F), are fairly accurate, but not worth the monthly fee.

I haven't used the PinPointProfits, but it seems like "+DealDog." And I heard nothing but complaints on the site about it.

Many "wholesalers" deals are so much garbage, that when I ran the numbers, there was nothing to flip to, "no meat for the flippers."

I recently went to the forums, and EACH AND EVERYONE is FLOODED with "I need deals," "I need cash buyers," etc. Even in the "beginners" section, it's flooded with that. "CI products and services reviews." Same thing. Those should be in the deals section, lenders, or such.

Oh, and of course, the infamous "CiX." You post once, and your email will be flooded *for months* with scammers. Most don't even have a site or phone number in their message. Most also use a Yahoo/Gmail account...yes, I know some here will say they use one or the other, although with sites like mail.com or mail2world, you can at least get a semi-professional looking domain, it just adds to the red flags.

I think their search bar is one of the worst, but maybe that's a tech issue...

I occasionally go there, mainly to network, and try to find people I can work with, off CI.

I was looking around through the forums, and reading some feedback for keyless locks, that can be accessed remotely. 

The ERLs seem like they would be my best bet, especially since I don't want to be stuck if there's a wifi problem. I would want to be able to change the lock code remotely (web/mobile). Anything similar, that's a lower price? Also, on occasions when power may go out (for this, or others), are there "fail safes?"

Also, looking at out of state student rentals, and was wondering how would handling the locks work? Would I have the realtor, cleaning company, or a contractor install it (and pay them a small fee for it, maybe)? Since the battery life is, in the ERL case, for 3 years, should I then have the cleaning service put in the new battery?

Thanks.

@Ralph Poirier: Thanks for all of your feedback! You, too @Rob B.

I've a follow up, on the parental guarantee. I've come across a few of these in my college years, but not sure how it would work, regarding renting to them. I want to make sure I don't run afoul of Equal Housing. 

How would this work for someone who was never adopted, or was "in the system, becoming a ward of the state," and who may have had their parents' rights terminated by the state, for whatever reason?

Married people? If there's a group of students, and there's a married couple--the youngest I personally knew someone to marry was 15, back in the early 90s--in the group?

Someone who was empancipated?

For these, or any other situation, how would I have that issue addressed?

I would plan to have a 0 tolerance for drugs and alcohol on the residence. However, as I live in WA (and may rent in other states), how would I address medical marijuana? I know places that have federal funding can deny it, due to federal laws. However, can I deny them, if they have a mmj? And if I can't, how do I make sure that only those with a mmj have it?

I'm thinking about using a keyless entry, that I can have changed by remote via wifi. Any suggestions?

Hi, @Bruce. This is the one I saw on one of the other threats: https://www.meetup.com/Spokane...

Hi @Kelly Clark ! Any updates?

Years ago, when I was in college, I rented a room in a house. They focused on renting "to college students and young professionals" (being a USN Vet, I would probably add service members, reservists, and guardsmen).

Are there any B&H investors, that do this? If so, do you manage it yourself? I've talked to a few different property management companies, and none want to bother. Just wondering if others have, and how they've gone about it. Is it better in certain cities/state/markets?

I'm looking at a scenario where a HML will lend up to 65% LTV in 1st. If the seller owns their home, free & clear, I understand that they may be open to seller financing.

However, if there's a mortgage, and possibly a realtor, the seller financing may not happen, mainly due to the due on sale clause.

With this scenario, what are my options, to get the deal done? HML to serve as a good down payment, realtor commission (if one is involved), and closing, with the rest being in a lease-option/purchase, land contract, or something else?

@Luke Grosskreutz, @Marcus Auerbach, @Joe Funari, @Joel Thompson

Hey guys.

So, what I'm wondering is, will a realtor work with someone who is looking to buy, with a combination of a hard money loan in the first position, and the seller to finance the rest? If so, how would that be structured, especially if the seller still has a mortgage? A lease purchase? Land Contract? Something else?

Since the HML is considered cash, and let's say they put in 50 - 65%, would that be enough of a "down," for a realtor to work with getting the owner to finance the rest?

Also, in structuring the deal, how would the realtor's commission figure in? Would the money from the HML go towards their commission, meaning the seller financed part need to be higher, to cover the agreed price?

Often, I see thoughts like this, regarding realtors feelings on investors: https://www.biggerpockets.com/forums/21/topics/709380-buyer-pays-realtor-for-investment-properties “...With investors, they want lots of detailed info, market analyses, contractor referrals, making lowball offers, etc. A lot more work and many times they are buying distressed properties with minimum commissions.”

Maybe it’s my military thinking, but I would think that since the realtors are the ones helping investors out with deals that they should want to communicate with the realtors, to make wins across the board. I know that a good part of the problem is these “gurus” tell their “students” to virtually abuse the realtor, and cut them out of the transaction asap, which I think causes the new investor(s), and probably some of the more experienced ones, issues.

Now, I do know that a few investors will want to use HML, for whatever reasons. However, unless they have a track record, most HMLs won't lend 100% of the purchase price. They (generally) want an appraisal, and will lend anywhere from 50 – 90% of that LTV. I've heard some may allow a 100% CLTV, where they lend x%, and the seller can finance the rest.

So, let's say an investor has the HML to get them into the deal, and their goal is to rent, maybe BRRR, and that they will have someone to refi that HML. What options would an investor have, working with a realtor, to make this happen? A lease purchase? Land Contract? Using the HML as their "down," to also cover commissions, closing, etc, and then, doing something like seller financing, or perhaps a sort of buy out or earn out? The goals would be to provide the realtor with a decent commission (although these wouldn't be on million dollar homes, or even $500k homes), and give the seller their asking price, but not "cash in full, up front."

I thank you for taking your time to read this, and appreciate ideas to help create wins across the board!

Greetings, BP community. I'm working with some investors, and looking at a commercial deal, and part of the seller's requirement is that the buyers have a "California General Contractor: Class B."

Does anyone know of someone with this? I'm not familiar with that, and looking to help bring someone on board.