All Forum Posts by: Robert Molloy

Wife and I are about to move to Indiana to be closer to her folks. We have one rental property there and are looking to accumulate more. In the meantime, wholesaling deals sounds like a great way to generate some cash and fund our business. 

Couple of questions for all the pros out there:

What is the best way to establish yourself as a legitimate source?

Are any of the "info marketing" mentors worth hooking up with? 

Getting ready to buy in/around the Marion,IN area. Looking for a lender there who has experience with 203k loans. Any suggestions?   

Hi BP,

I ran across an article on FHA 3% down loans and some of the information had me second guessing them as a viable option for financing. This part in particular:

The cost of getting an FHA loan

FHA borrowers are charged an annual mortgage insurance premium of up to 1.35 percent of the average outstanding balances of their loans. The fee is added to the borrower's monthly mortgage payment. The FHA also charges a 1.75 percent upfront fee when the borrower gets the loan.

A borrower getting a $200,000 loan, after making a 3.5 percent down payment, pays $225 per month in FHA mortgage insurance, plus an upfront fee of $3,500. Say you keep that mortgage for 10 years before you sell or refinance -- that adds up to about $30,000 in mortgage insurance fees.

That's substantially more than what a borrower would pay for private mortgage insurance on a conventional loan, which doesn't have an upfront fee. The mortgage insurance premium on a conventional mortgage can be less than half of FHA's insurance, depending on the borrower's credit, according to estimates from mortgage insurance company United Guaranty.

"A conventional loan generally is less expensive for borrowers in almost all cases," says Brian Gould, chief operating officer for United Guaranty, a mortgage insurer.

Read more: http://www.bankrate.com/finance/mortgages/homebuyers-get-fha-loans.aspx#ixzz32XuMtgy3

What are your thoughts on this?

Thanks Brian! I'll put the disclosure statement on each page of the website immediately. That seller acknowledgement document is awesome. I haven't hooked up with any lawyers here in Las Vegas yet, but I'm looking. The one's with decent reviews want a rediculous amount of money just for a consultation.

Wow! Thanks Barbara, I'm not trying to get in trouble here.

Thanks guys. I'll get on it as soon as I can. These are some great tips.

Hi BP,

First I want to take a minute and thank you for what you guys are doing here. The site is amazing and it has opened a lot of doors for me already. I'm brand new to this and I will be attending my first Investors Meeting early next week, I can't wait.
I recently listened to the podcast on "subject to" deals and I'm sure this is the direction I want to go in. It's now just a matter of putting a list of buyers and sellers together. I have created a marketing website, and I was hoping to get some honest feedback about it. What do you guys think? How's the look? How's the feel? Is there anything I should add or take away?

washingtonoakinvesting.com

Thanks again for your continued support. I couldn't do this without all of you.