All Forum Posts by: Pavel Shemyakin

https://www.bankrate.com/mortgage.aspx?pointsChanged=false&searchChanged=true&mortgageType=Purchase&zipCode=92029&partnerId=br3&userCreditScore=740&userVeteranStatus=NoMilitaryService&userHadPriorVaLoan=false&userHasVaDisabilities=false&userFirstTimeHomebuyer=false&userQuickClosing=false&userFha=false&userLowUpfrontCosts=false&userLowPayment=false&purchasePrice=300000&purchaseDownPayment=60000&purchasePropertyType=SingleFamily&purchasePropertyUse=PrimaryResidence&purchaseLoanTerms=30yr&purchasePoints=All&refinancePropertyValue=375000&refinanceLoanAmount=300000&refinancePropertyType=SingleFamily&refinancePropertyUse=PrimaryResidence&refinanceCashOutAmount=0&refinancePoints=All&refinanceLoanTerms=30yr

Step 1 - Talk to a lender.

Step 2 - Get their rate.

(Looks like you already completed the first 2 steps)

Step 3 - Talk to another lender, mention the rate you got from your first one.

Step 4 - Repeat with multiple lenders. They are in the business of originating loans. They WANT to lend to you. Have them compete for your business.

Mike Corrill, all of this confusion comes from the fact that this is a real estate investing forum. Everybody on here automatically assumes that the property in question has some sort of investing purpose. If investing is not your thing and you simply want to buy real estate for yourself – your world just got a lot simpler. Follow Dan's advise and speak to a few agents, they will set you straight. I do, however, recommend that you surf bigger pockets and brush up on some beginner level investing principles. Even though investing is not your primary goal, you never want to buy a money pit. Good luck!

I'm a smoker, have been one for a decade. One thing i do not understand is how the hell can you smoke inside? That's so nasty! I cannot imagine my house smelling like an ashtray. Gross. If your tenant cant lift his *** to go smoke outside - you dont want him as a tenant in the first place!

A few years ago, when i was a banker, i had a client bring me a wire instruction for close to a mill. I don't remember what it was, but something spooked me. It wasn't the amount because I've dealt with numbers like that on the daily but something about the letter itself. Maybe it was the logo or the font, but the letter was off.... And ive dealt with that escrow company in the past....

Called them up, just to find out that this poor lady was about to give away a million of her husband's hard earned dollars to a wire scammer LMAO.

Anyway, the CEO (or owner, i dont remember) was in our building the next day trying to figure out what the hell happened there.

Moral of the story is - Visit your escrow office, get a business card, use that phone number for all verification.

Lynn, thank you very much for your response.

To be clear, i have no intention of becoming a wholeseller. As far as ethics and legality go:

Legality - as long as the wholeseller is licensed, he is not breaking any laws regarding selling real estate without a license.

Ethics - a licensed wholeseller does not owe any  fiduciary duty to the seller, because he is not acting as his agent.

Please keep in mind that i am NOT an expert in any of these fields. I am not a licensed agent nor am i an attorney. I am simply trying to expand my knowledge of the industry. If the statements i made above are wrong - please feel free to educate me!

Thank you!

Ive been reading many topics on this forum since i was introduced to it, and one of the big debates is whether or not it is legal to be a wholeseller.

On one side people say “you are not selling real estate, you are selling a contract”

Others say it is illegal because it is the intent that matters.

So my question is: why doesn’t a wholeseller simply get licensed? Problem solved?

I don’t get it. Please help me understand.

Not this again.

It doesnt work.

At all.

Period.

I am more than happy to provide the math if you are interested. PM me if you like.

Lets just say this...... The concept of converting amortized interest to simple IS valid. However, only those with massive personal spending habit can take advantage of it and end up on top.

This guy is STILL posting youtube videos. and there still are people in youtube comments THANKING this fraud for being an amazing and selfless human being. For providing all this love and care..... How sad. I hope he gets whats coming.

Hi, I had a question about loan assumptions. After reading through a lot of threads on BP, it seems as the general consensus is that most financial institutions will exercise alienation clause when they find out that the property has been taken over subject to, and that most lenders will not entertain an attempt to do a loan assumption. The general idea behind not wanting to do assumptions is that the lender benefits from starting a NEW loan with a fresh amortization schedule.

However, if you are a lender and one of your mortgagors / trustors is about to default, wouldn’t it make sense to let them do an assumption?

From what I understand, most lenders are not in a business of foreclosing properties. It takes a long time, it costs money, and it hinders their ability to originate more loans – thus collecting those sweet sweet origination fees before passing the note to secondary markets.

Now lets take a look at it from an investor’s and seller’s point of view.

Seller who has a small amount of equity, will walk away with nothing after foreclosure sale, so they would much rather walk away with noting AND no foreclosure.

An investor is gaining that small amount of equity that the seller had. (Only if the numbers make sense for the investor ofcourse)

The lender doesn’t have to foreclose.

It seems to me that assumptions can be beneficial to everybody in certain situations.

Am I missing a point? Am I not taking something into account? I would love to get feedback from some lenders / experienced investors.

Thanks!