All Forum Posts by: Ted Akers

Phil, You have recieved a ton of great advice from Jon and others here. FNMA and Freddie both are tightening requirements on investment properties, requiring two years history to count rental income in qualifying; which for beginning investors usualy puts their DTI through the roof. So, it is getting even harder to qualify for buy and hold properties. Two options for starting are to whoslesale REO's using 100% transactional funding or to assign pre-foreclosure contracts for a fee. Both do require you to have a buyer in place by the time you have to close. Many investors have started in this Wholesale arena. Hard money is an option, but is likely to be difficult to get without some of your own cash or "skin" in the game, and as Jon said can be dangerous - make sure you are very confident in your deal, and count much less than previously on the "I'll just refinance out of it" strategy.
To your success,

Joey, Welcome to BP It is great to hear such defined goals at the age of 22. You have a wealth of experience here to learn from.
Best wishes,

Wells appears to be heading in the direction of Bof A. I have spoken to clients having some success with pricing, after dealing with their timeline. On one I am working though they required docs to be changed out of an LLC, and once done re-started the timeline. Conversations with managers arguing the time line should not be restarted did not get us anywhere.

Donna, Welcome to Bigger Pockets. There a many systems out there being sold, most provide a decent framework and then plenty of upsale. Roaming the forums here may help you focus on one or two strategies you feel comfortable with. Then ask questions here. You can pick up much here that would be included in many guru basic courses, but at BP the price is right!
To your Success,

These deals are getting done all over the country, maybe more so in Florida than other areas. The Catch-22 is in negotiating enough spread and finding the buyer, but the timing of getting bank approval does typically allow some time to do that. Banks do not appreciate that you are flipping and some are not going to allow transactional funding. If in conversation with them regarding your funding describe it as private money or private equity or put them on the phone with your transactional lender. It will not work all the time, but it is working out there.

Yes, understood it has to be listed. If you use an Option Contract, or a standard Purchase and Sell Contract with option language in the additional provisions or addendum, you have a "marketable interest" allowing you to market the property yourself or with any realtor. If you were to have a buyer you could outsource the negotiation for maybe $1,500 - $2,500 and use transactional funding for a sale from you to the end buyer. What you have sounds like a very good arrangement for getting started. Just a thought that you may be able to improve on it over time.

Dan, Hello from another mortgage veteran and welcome to BP. Once you get familiar with the short sale process you might consider outsourcing the negotiation (several qualified people on this site), and if you can find buyers use transactional funding yourself for a better payout. Maybe put that laptop to work building a buyers list.
To your success,

Hello Dave and welcome to BP. I have many moons in the mortgage business, and not so much fun these days. Keep plugging on the short sales and maybe look at REO's - both will have stong potential for at least the next two years.
To your success,

Hello James and welcome to BP. Transactional Funding can provide 100% of you purchase for back-to-back flips. For your fix and flip deals a hard money lender in your local market is your best bet - check with your local Real Estate Investors Association for those lenders. Good luck getting underway.

Hi Lilac. This welcome is a bit late but I noticed you are in Denver - so welcome to BP. One financing option for flipping REO's or short sales is Transactional Funding - 100% of purchase price when you have an end-buyer.