All Forum Posts by: James Blakeley

Never stopped in Texas. The idiots here will steal the power lines from the pole to home, any copper visible, and remove walls to get to it. LEO's aren't much help. I followed a pickup full of AC units, and called the police, they would not even stop the vehicle to see if they were stolen. Because I had not witnessed an actual crime.

To be short - changed my farm area, now I go door to door before buying and after to make sure the neighbors "feel" my presence.

Involve neighbors creatively, use alarms.

Homesecuritystore.com for me

Consult your team of advisers regarding best protection, tax, and legality.

Pay contractor to remain on site with tools materials, and nice comfort items used for staging. Make sure they understand they have to be up and home cleaned if ready to rent or sell by a specific time. Call and visit the homes regularly and randomly if possible, or get the neighbors to call you with any and all traffic / home visits.

Occupied buildings get better insurance rates.

Conduit, paint, and wire for security sensor. If wire is cut, or unit lifted, the alarm goes off. Consider wireless and cellular security. This is not expensive. Concealed camera that is motion activated. Signs stating camera monitoring 24/7. Install dummy or nonfunctional camera in plain sight.

Involve the neighbors.

Visit the local LEO station, and ask for tips and ideas. Mention you might buy referrals for completed deals they bring you. The act of LEO visiting property even just to tour it, helps a lot. homesecuritystore.com

The simple solution is use MLS listing, for closed and open listings, some may be looking to move. Brokers, and others that will have lists but unable to fill needs.

Always be marketing, networking, and provide professional services, exchange referrals with your professional team.

Don't get greedy, needy, and lose sales, if you can also obtain referrals. Ask for referrals prior to, during, and after closing.
Follow up on sales, and make sure you performed professionally.

Just to clarify - HUD considers owner only if you own and reside in the home offered for with seller finance.

Great now I have to call my attorney again. We thought one property that we own can be offered with financing, every 36 months, and not that we had to live in it, or that it applied to entity the same way. Meaning that we own in several entities, which we believe are exempt if you only sell 1 property per "person" during the 36 month window.

Don't believe it applies to creative 2nd and lessor promissary notes, how

The commercial context implied by the taking of an "application" is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller's own residence. The frequency with which a particular seller provides financing is so limited that HUD's view is that Congress did not intend to require such sellers to obtain loan originator licenses. Accordingly, state legislation that excludes from licensing and registration requirements an individual who offers or negotiates terms of a residential mortgage loan only to the buyer or prospective buyer of the seller's residence will not be found to be out of compliance with the SAFE Act. The MSL includes this exclusion in section XX.XXX.040(3)(c).

http://www.hud.gov/offices/hsg/ramh/safe/smlicact.cfm

I will look for the code for Texas. But similar understanding of the legalize is rare. If you are not sourcing loans you are not acting as an originator, IMO. Check with your attorney. Last word, I got was sell using Trust and wait and see, what happens in the courts. It has scared a lot of money from the market. Investors do worry that a home can not be resold without seller financing. Even if you had no intention of sourcing or selling the note.

Looking for some input from the note sector.

Jon, Fantastic information, appreciate your contributions here and on BP.

Consider using the 50% rule and try to eliminate need to guess at what expenses will be. Time is more valuable than guessing expenses, unless it is a rehab issue, which is included in the offer.

Always escrow funds for repairs if that is part of the deal.

It is important to analyze a lot of deals, and if you get bogged down with expense details you will miss many.

Just subtract 50% national avg of expenses, from your gross rent (confirm the rent in the market), subtract debt service, and you have a good idea of cash flow.

Does anyone use a screening card? I never give out my "business" at meetings. I will give out a contact card, which has contact information for spam use.

Crush the card in front of someone, I will have to try that. Thanks for topic and the video.

Ask your Mtg contact. This depends on your relationships to some degree. FNMA recently changed from 4 limit to 10. But this is their coverage in backing mortgages, so it does not limit private mortgage insurance backed loans. Entity structures should be explored for liability and "no limit" functions. Your team should be able to answer these questions specifically for you. Build your local team of REI (Real Estate Investor= invest themselves) mortgage company, REI attorney, REI tax professional, REI title contacts are invaluable for information on others to add to your team. Not as easy to find title, but very easy to find who not to work with.