All Forum Posts by: Eddie Starr

I'm not sure if this post should be for the agents, or the lenders section; mods move this, if needed.

We are looking at the options for a small-farm, with some properties ranging from 15 - 45 As, in either Northest WA, or North ID.

In particular, the USDA's Farm Ownership Loan program is of note: 
No current or previous farm ownership requirements and 100 percent financing available make FSA direct farm ownership loans a valuable resource to help farmers and ranchers become owner-operators of family farms, improve and expand current operations, increase agricultural productivity, and assist with land tenure to save farmland for future generations.

There are a ton of urls referenced, from the Veterans Business Outreach, SCORE, FSA/USDA, etc, so I was thinking a land or farm agent, who is familiar with these programs, can help us navigate these options, as we look for our big move.

Thanks!

The guy is going through a divorce, and he and his sons want to keep the house, due to a lot of good memories.

He's wanting to refi, but his credit is bad. A bank has offered 11% and 4 points. He wants to explore options.

House is worth about $340,000.

I have to pay my wife off about $110,000 (I'm guessing from what the house is worth, and the divorce lawyer is putting in for?)

The mortgage on it right now is $133,000.

I need a total loan of $243,000 which leaves about $100,000 in equity. I do also own the one acre lot next to my house now that's worth about $35,000.

I make enough money it's just I have terrible credit score.

On that last point, my scores are good (between low 700 to about 750), but the money isn't as high on my side.

Should I do a HML, where he pays all related costs, and he can then refi in 1 - 2 years, and pay me off? Should we "partner up?"

Thanks for your ideas!

Let's see: 2 post from 4 years ago, and the url states "refer" in it? Yea, I'm going to call this someone looking to make money, not an actual user.

The site is a scam, plain and simple. The overcharge for products that almost never work. I've used some of the products, like deal dog: lots of +55 only options; lists for "PMLs," as opposed to deals; deals on CL; deals of members on the sites; and sometimes REOs...and that's assuming that the listings are still active!

I never tried their PiN product, but every review by users said similar things to what I outlined above in DD, especially assuming the listing is even there...a common thread had been: "...this was bought/sold months/years ago..." or "...no, I'm not looking to sell..." And the price for it, so I've read from other users, was $1400. I think it may also have a monthly fee, like DD, but couldn't say.

There isn't a single--that I've read--legit lender on there...at least through their CiX lender exchange platform. Everyone has complained about lenders ripping them off; the more experienced tell about them wanting high "processing fees," not going through escrow, etc, which are red flags for many.

If you ever mention that you have or work with lenders, or hint that you do, expect your account to be suspended, because you'll cut into their profits. If you're considering being a lender, you have to pay for leads, and from what I've heard, the leads indicate one thing, and the potential borrower isn't qualified, with the most common being the borrower states they filled out a "100% financing deal," and the lenders are expecting them to have 10 - 20%. 

@Lisa Eckman: QM, I is a "Qualified Mortgage."

@Chris Coleman: Sure. Send me a PM with the info.

I saw this site listed on BiggerPockets.com as a recommended lender for real estate investors.

I was also looking for other sites with information about Rate.com, 

and came across one review on: https://www.nerdwallet.com/best/mortgages/interest-only-mortgage-lenders

According to the above site, the minimum score requirement is 620, with 3% down. Is the 3% apply to I/O loans, and can they be used by investors?

I'd like to hear from investors who may have used them.

@Shiloh Lundahl:

Finally! Someone who actually answered the question I posted: Has anyone actually had success with any gurus?

There are tons of posts here on BP about people who haven't had success with gurus. I've seen a few of those gurus here, respond, as well, and various long time BPers respond to them with their own beliefs in the guru's provisions.

So, what program did you go through? Is it through something local--REIA, MeetUp, or such--or something else?

Do they provide, or have in their network, lenders?

Do they have any 3rd/neutral party reviews/accreditations?

Anything else to share about this network?

If I do all the grunt work, and they decide that they don't want the deal, even though it matches what they say their criteria is, then they, at best, aren't communicating. When one can go on the web, and find pages of people complaining about them, saying the same thing, it's not the students, it's the "teachers." If a "guru" is "teaching something, and numerous people have had agents, contractors, and lawyers tell them it's illegal, then no, it's not the students. May want to re-read what I posted.

I find it hilarious that the ones who want to compare the college to guru thing, tend to be (but not always) are promoters of guru programs, that lots go into the above, where the gurus don't deliver, are never available, don't have actual lenders (I had one, and the phone number of the lender went to an employment agency)! You're wanting to compare something that's been around for centuries, that has verifiable track records, government regulations (if you're going to state universities, as opposed to for-profit diploma mills), and thousands of people that can say "I got my degree, and have a job," or "I got a degree, and still with spit." I have yet to actually have anyone actually show details that they've worked with gurus who have made them a success, and I'm not alone.

Now, that's not to say there aren't legitimate *mentors.* People in professions or entrepreneurial environments, who will actually teach. Those are the ones who will one-on-one. If there's a question, they're there with either an answer, or "I don't know the answer, but I'll get an answer for you asap." 

Gurus, even if they don't claim to be, are those that sell products (maybe services, if you're lucky), and then that's it. They limit what all they provide you, and if you want more, they charge more. They have no true interest in their students, and are only interested in making money off their garbage.

Greetings. I've read a good deal here on BP, and read about various companies providing SDIRAS & Soloks, and different recommendations for companies to go with.

I would like to see what opinions people have on companies that provide HSAs and HRAs for the small business owners. I was also reading that FSAs aren't available for "self-employed," but wonder if there are options, as I would like to really explore all the options.

Thanks!

There are way too many RE Gurus, both "individuals," and "companies," to even attempt to list them all.

I've tried my fair share, and haven't come across one successful guru that's been able to actually help. My experiences:

- They offer teaser items that are "affordable," but then, to get the "real help," you need to be on the hook for usually +5 figures. That's not something I'm willing to risk. I may as well go try my luck in the casinos, and blow it there. I say this, because I did try a couple of 4-digit programs, and they were as much garbage as the "affordable teasers."

- They offer a lot of vague, and general advice. Usually, I find the info on sites like BP, an REI group, or such. Of course "I don't know what I don't know..." but that doesn't help with the deals.

- They claim they have resources to provide you with the funding to do the deal, and don't. Or, they have what amounts to their own transactional funding, and would take a sizable amount of the fee, charge a "monthly membership fee," and months pass, with no deal.

- They have a "give me the deal." You provide things that meet their criteria, but they hedge on it. I had one "end buyer" that didn't want a wholesale deal, because it had a swimming pool, which they didn't want, due to the insurance hassle...and they never mentioned that there were insurance risks they don't want. You would think a legit buyer would let you know something that vital, in advance.

So, I've read the stories (and experienced a few) of guru failures. I'd like to hear from anyone who has actually had success *and made money* from a "guru" they worked with.

@Jerry Lucker: My question to you is how would you benefit from the relationship?

Next, do a search here on BP, and if you want, a larger one, for Renatus. They are flooded with bad reviews, people accusing them of scamming, etc.

Their "essentials," when I tried them, years ago, was between $2k - $3k. It does have a lot of useful information--it was the first place I heard about SD-IRAs--but that's it. If you want to actually do REI, you need to upgrade to the "Advanced," which I want to say was $15k, at the time (maybe more).

A lot of fluff, but when it comes down to it, they don't deliver. I had my "team lead" help me with my POF, and the second I sent that to the realtor for the property, they immediately ceased any and all communications with me. I looked up their number, and it went to an employment agency in KY. On another, working with a different realtor on what would probably be a tear-down (the owner's extended family tore out the copper tub, with a huge whole in floor), I had the realtor tell me to find a different mentor, because he was wanting things that were flat out illegal. Add that to the KY employment agency, and I decided to stay away.

And the problem is, they seem to be everywhere. I find a lot of REI groups in the area, especially via meetup, to be tied to them. They're also pushing the "velocity banking," which I'm not convinced is the best strategy to "pay off your mortgage in 7 years." Of course, if it's a rental, and it's student housing, with enough rooms, it could work, but otherwise, I'm on the skeptical side.