All Forum Posts by: Patrick Sloan

Hello @Bryant Weber,

I've been looking at Springfield pretty hard the last couple of weeks and plan on making a trip out there in a couple of weeks.

I'm curious how it's going for you? Any recommendations on good/bad/up and coming areas?

@Dallas H.

Did you ever find a god PM team?

I would be grateful for the referral.

Are you familiar with Darren's company?

Thank you for your input @Jay Hinrichs having my name on the deed of trust would be acceptable security for me , after performing a title search, but that's not what is being offered her or at least not that I can tell? To me it looks like I would end up with a promissory not from the HML and have no true assignment of real property rights? Is this typical? Again may be it is the way things are done but I just do have enough experience to know or understand that?

Here is a link to one of the companies web site https://www.secureprivatefunding.com

I also have a word doc. I would like some input on if you would be willing to take a look at it for me?

I am interested in purchasing performing notes from a hard money lender, so I've been trying to do my diligence prior to simply handing over money.

However it seems a little more difficult to get a level of comfort with the folks I've been speaking with than I had expected, for example I have requested a sample of the contract up front so I can ensure I have recourse in whatever state the lender is investing in and I either get some hokey word document that really says nothing or I simply get a "No I'm sorry we don't do that". Am I missing something? I have never purchased performing notes before so I really could be missing something but I keep hearing that voice saying if 12% - 18% ROI seems too good to be true it probably is?

Thoughts suggestions recommendations?

It happens all the time typically with smaller contractors but yes absolutely. I have a good friend that recently put an offer in on a duplex that needed a major rehab but didn't have all the funding lined up so she included a 30 day due diligence provision in the offering. Once the deal was accepted she started getting bids for the rehab work and asking contractors if they had interest in partnering in the deal, the first guy she asked said yes and showed up with 1/2 the money need to purchase the property, she got a hard money loan for the other 1/2.

Hello there BP community I am considering doing business with Darren @ www.secureprivatefunding.com and would like to know if you have done deals with his company and if so what was your experience?

Originally posted by @Jay Hinrichs:

its a cost benefits analysis. 

say 2k to get your license and set up..  Need to confirm your broker will let you keep commissions on your personal buys.

if your just going to use the license to save on acquasition commissions..  then you just need to find the broker with the cheapest rate to hang your license.. there are low fee brokerages.. full service ones will probably not be worth it.

really depends on your volume of buying homes.. if its just one a year or so and you have no other interest in real estate then its probably not worth it just for MLS access.

but lets say your going to buy 1 mil a year maybe 2 to 3 properties that a 20 to 30k savings and if you can be all in for 2k up front and say less than 5k a year for the few years until you can take the principal brokers test and just work for yourself.. ??? before the changed the rules I was a principal broker vis a vi my experience.. but once they changed them i had to hang my license.. I got to do it for free because the brokerages wanted my wife's volume and we came as a package deal.. but this allowed me my own MLS access and i would make referral fee's in many other states. As of today i only keep my CA brokers license as having the ORegon one is redundant and we already have one through my wife.

Thanks for the input Jay this makes sense and I think even though it may not be of tremendous benefit right now in the long run it will pay off.

Originally posted by :

Thanks for the thoughtful insight I should add that the individual I have mentioned is a OR Principal Broker and I would hang my license under his.

I’ve recently connected with someone I believe could be a viable mentor and his first suggestion is that I get my broker’s license, not necessarily to get in to the business of selling houses but instead to gain access to the MLS and community of brokers nationally. What are your thoughts on this? My goal here is to develop and grow a portfolio of cash flowing properties do you agree with making a first step? Also, the state of Oregon requires 160 hours of education prior to sitting for the exam do you have any recommendations on companies that provide this service? I am assuming it would be the equivalent of a test prep class?