All Forum Posts by: Scott M.

1. Show him your proof of funds. Remeber these guys deal with hundreds of idots each and every month - calling them wanting to be an investor - if you show him you ARE an investor - even if your not - that will get his attention

2. When he presents you with deals - act fast and be very complete with your communication - meaning if your saying no then be sure to tell him EXACTALLY why

3. If your a newbie and your not sure if you can pull the trigger because of nerves or whatever - then do not meet with him or communicate with him until you know your ready to follow through

4. I don't care if you do 100 deals with him - NEVER NEVER NEVER ask him for a cut in his commish. How do you like it when people start to count your money? Don't count his - EVER

5. If you submit an offer that is WAY lower then the asking price let him know you will make up his commission on the side if he is open to that.

Great market. For most of 2008 the market in Charlotte was still appreciating while the rest of the country was depreciating.

The only issue is you can't buy homes as cheap as you can in other parts of the country - if your a buy and hold it is a GREAT market - if your a buy and sell it might be hard to create space for your profits.

Things like crime rates are VERY relative - you take a risk no matter where you buy on that one.

If you have a relationship with the title company and they are a good title company then all the buyer needs to see (legally) is the buyers statement.

A HUD is only legally requried when HUD is involved - I am sure lots of people here would disagre as even some lenders do not know this but it is the cold hard truth.

So yes - you can hide your side of the deal - I do it all the time.

If your title company says the buyer HAS to see the HUD - well - they just don't know the truth and frankly it is a battle you will NEVER win - need to find a title company that understands a HUD.

It is called a HUD 1 for a reason :)

There is no reason for the seller to know your flipping and I get it on your first deal - but if you want to be a wholesaler then just be upfront - your a wholesaler - no need to hide it.

If they try to count your money put the focus on why they are doing the deal and if the deal works for them - it shouldn't matter who you are or what your doing.

But - I personally find it easier to be upfront.

HVCC rules really leave you with very few optoins. The truth is your home prob. wasn't worth 105K and it worth more then $22K but the new rules that went into effect on 5/1 are going to plague you.

You really need sales within 3 months - time adjustments are not being used as they were in the past under the new guidelines so if there are no sales within 3 months other then forclosures sales then your kind of stuck.

You can try to go to a new lender but unfortunately this isn't a lender problem - this is an appraisal problem.

Let me know what part of Michigan this home is in and if it is in an area where I know a trusted appraiser you can pay him $25-$75 to give you the real deal - a value check costs like $25 and a desktop appraisal will cost like $75 but this guy is good and will give you the value a lender will accept.

The one thing you can't do is go from lender to lender in this market - you need to step back and look at plan B and C move forward with those...

Not being a jerk here - just giving you the truth about the current market.

Oh - and PS - after you do a certain number of deals - I think it is 5 a year - you have to be fully compliant with TIL and RESPA anyway - so really - at worst you need to get a lisc - at best you need to comply with TIL / RESPA which after a few deals a year you have to do anyway....

So - this doesn't seem to be the biz killer everyone is fearing.

While I am not a lawyer I did chat with one of the best in MI and he indicated a few things....as the bill currently stands:

- At it's worst get Licensed. Would this be a pain - yes - but would this be a business killer? No

- At the very least more forms to fill out - again - not a biz killer

- This bill does not make it wrong to hold a note - just for a seller to originate a note - so you can have a lisc. lender originate a mortgage for you - assign it to you and your in the same spot as you are today BUT you will have to go through your states foreclosure process VS what you can get away with today

Still this should be fought and we all need to write our senators - really - go do that now.

Marc - as for your comment on "dealer status" I thought it was the opposite - I thought you had to pay capitol gains UNLESS you were a dealer - meaning - if you did under 25 homes a year you had to pay capitol gains but if you did more you had an exemption?

I am sure you know but just thought I would ask for a clarification.