All Forum Posts by: Vince Mayer

Read the book and then read more. 

@Dustin Berry Welcome to BP. Whereabouts in Missouri!

@Del Kelley Run everything from start to finish through a Mortgage Originator. You show the option fee as an option fee on the HUD. A 3.5% option fee would satisfy an FHA requirement for a 3,5% down payment.

@Logan Miller I would ask a real estate attorney but I searched for any revised or new statutes regarding owner finance in Missouri and did not find a thing. I would use a Mortgage Originator in any event as it makes everything easier including background checks and setting up payments.

@Abby Smithson Have you considered owner financing for both the buy and the sale. In my opinion, most would rather own than rent, especially if the rent and Monthly payment are pretty much the same. As a matter of fact, I have just started doing research on Crawford, Franklin, Washington and St. Francois counties for this strategy.

You made the very best of  bad situation I would say. The lessons learned made it very profitable I would say.

Hi Brian! I was looking at that area just today and not to get a corncob pipe either!

"Let the buyer beware," and do their due diligence. Don't rely on the honesty of others.

@Brian Midden I don't know that it's illegal to "bird dog." Why wouldn't you pay him with a check as an acquisitionist/bird dog when you close. You will expense this when you do your taxes and as an independent contractor the bird dog will pay taxes on the income.

@Timothy Garza Contract for deed? What do you give your private lender as security? I don't think you can give him a mortgage, can you?