All Forum Posts by: Bryan L.

@Kyle J.  Even though I am a licensed Realtor, I do not do much Realtor work.  For most of these opportunities that I have seen lately, I would not be acting as a Realtor in the transaction at all.  Just wanting to make some money by loaning money.

Honestly, this has been as frustrating as hell.  Cause I can find deals (I've often had opportunities that would be good deals to just fall into my lap).  But with all of the laws and rules and regulations - plus the difficulty to get bank money to do these types of deals, this has just turned out to be more difficult than it should be.  But one thing that I've learned is that difficulty creates opportunity.  If I can figure this out, there's money to be made.  The difficulty keeps much of the competition out.

Thanks @Chris Seveney.  One more question please.  I have no desire to become an NMLS.  But, if I run it thru a RMLO who is licensed, would I have to be licensed too, just to be the investor who funds it?

@Chris Seveney - so, if I had the money or line of credit to fund one of these loans, I could just simply run it thru a RMLO?  I'm a Realtor and know several lenders, but honestly, I've never heard of them doing deals of this type?  These deals that I've been finding are typically where the borrower has a short employment history, or bad credit, but they have a large down-payment.  I know of zero RMLOs who are currently making these loans.  But, if I went to one and said that I would be their investor and fund it, would they likely make the loan?

The feds may not care about my constitutional thoughts, but as Dodd Frank relates to one person loaning money to another in the same state - I think that the law is unconstitutional.  Just my 2-cents, but I do thank you for the reply and the answer.  

Hey everyone.  I've been flipping houses and owning rentals for around 15 years now, and also doing a bit of Realtor work during that time as well.  Lately, I've come across several opportunities where I (or another investor maybe) could potentially make private money loans to house buyers/owners.  These are most often owner-occupied single family homes.  I've been in this biz long enough to recognize a deal when I see it, but I've not been able to pull the trigger yet.  Along those lines, this whole world of buying/selling/brokering/funding/making loans - well, so many people try to make it out to be some type of secret society that you have to be in or something.  Sure, I need to get educated, but the basics don't seem that complicated to me.  But then people start bringing in points about the law.  First off, is it somehow illegal for me (or someone else) to make a private money loan to a residential owner-occupant buyer?

@Corby Goade - My PM does a great job of screening tenants and they are on-the-spot on top of things about getting out notices and such.  I've talked with them and they are real students of the game (the owner of the firm has a lot of rentals himself).  In the case of the roof, the original quote was already a good quote (I've done enough roof repairs/replacements to know) - the point was that it just took a short phone call on my part to get some additional savings.  On the carpet, this was partly just a difference of opinion.  PM thought it needed replaced, I thought it would be "good enough" with just a repair.  My point is to point out that you can save a lot of money by staying involved, even when you have a good PM.

I believe in using a good property manager - and I have one.  But you still have to be involved.  I've recently saved $1500 on one of my houses with about 1.5 hours of my time - that's $1000/hr.  First, one of my houses needed a new roof.  I called up the roofer who had given my PM a quote.  It was a good quote to begin with.  But, while I was on the phone with him discussing options (shingle vs metal), he lowered his quote verbally by $500.  I didn't even really ask for a discount.  Then, a few months later, the PM said that I needed to re-carpet 3 bedrooms.  The quote was $1260.  I thought it was a bit high, so I went to the carpet store and shopped around and met the carpet installer (a different one) at the house to get measurements.  As we looked at it, we decided to just stretch the carpet and do some minor repairs instead of replacing it - for a savings of $1000.

This question is specific to TN.  Does anyone know if the THDA loan program can be used by retail buyers in TN for a double-wide on a permanent foundation?  If so, is there a 100% loan program?

I hope that mean 2 business days to turn in the Ernest money.  So if the accept my offer tomorrow (thursday) I will have till Monday? And Monday is a holiday so will I have till Tuesday?