All Forum Posts by: Terry Beall

Welcome Thomas to the BP community.  You are not alone when it comes to finding the right fit on the real estate agent.  I found this to be my problem, so I bit the bullet, and got my license AGAIN (2nd time).  I let go of my license the first time because I thought there would be other agents investing in real estate, WRONG!  Actually,  when I am in a realtor meeting, I need to change hats to that of a realtor way of thinking, inside the box.

You are in a good area with some good REIAs and people from BP you can meet up with and help you along.

I wish you the best of luck and future success!

Hi, and welcome. Technically, hard money is not cash. A hard money loan is going to go through an appraisal to make sure your numbers are accurate and the LTV meets the hard money person's criteria, then you get the loan.

Now, on that note, if you have a private lender, that is a different story, if your private lender is lending you the money and your lender feels comfortable with your experience and knowledge on being able to pay them back with interest, then that is a cash loan. It is easier with private money and you don't have as many hoops to jump through versus hard money.

Just my two cents worth!  take care, good luck

Yes, you can, but be sure your disclosures as an agent or broker.  CYA at all times!

Welcome to the BP Community!  I, too, am close, right up in Boonsboro.  Read and listen to all the information that BP has to offer.

Welcome to the BP Community!  Go to "education" tab on the site, it has so much info for you.  Good luck on your ventures!

Hello!

My criteria for subject to would be there has to be some equity in house, plus I don't want it to extend more then 6 mos. This, to me, is a short term financing technique. These people are usually in a bad situation, not always, but usually, and with subject to, that mortgage is still in their name.  If they owe back payments, as long as the numbers make sense, I make it current helping their credit and keep it current until I resell the house and pay off that mortgage.  They didn't have to go through a foreclosure, they got their credit wboosted back up, unless they do something stupid. Just wrap it up and go on to the next.

Welcome to the BP community!  First thing to do is go under "education" tab of BP site and listen to podcasts, and read everything you can!  Definitely will be a good start!

Hello @Brenda J.!  Welcome to the BP Community!  @Mandy Klein had a good suggestion, but my thoughts are if I find a great deal, I just want to rehab/flip and make a larger profit.  However, there are several phases to get to the end profit.

They both have their pros and cons.  Do what you feel is comfortable to you. 

I like the 50/50 split.  Its to the point, everybody involved knows what they will be getting out of the "net" profit.  I have seen it set up that both partners put money in, maybe not equal in amount, and they are both paid interest on that amount of money the length of the project, all expenses are deducted out, and then net profit is split 50/50.  I have a friend in CA that does it that way, it seems to work nicely.

I think I understand they are asking what your fee is on the wholesaling part.  Personally, it isn't really their business.  As @Account Closedstated, as long as it is a good deal for me and I also make money, who cares what your fee is!  Just my two cents!