All Forum Posts by: Winn Cook

Looking to acquire vacant lot with cash, and to build the smallest and simplest possible structure to meet the requirements for refinancing to a traditional mortgage. Are there specific requirements as far as condition, sqft., floorplan, etc. to get a traditional mortgage for myself or a prospective buyer? Of course there needs to be electricity, water, appliances, a full bathroom, and a bedroom, but how small can it be? 

I can find regulations on what makes a prefab or a double wide financeable, and it usually hinges on the materials being used and being affixed to a foundation, but striking out as far as what defines a 'home'. Any help or information on this will be greatly appreciated. Thanks!

Great info above; a few things I like to do below:

I like to give a basic instructional tasks to 'weed the garden', especially when there is a lot of demand. On the ad, I put a sentence at the bottom saying if you are interested in this property please email me back with a few sentences about yourself and what you do for a living. 

When there are a lot of responses, I will respond only to those who have taken the time to read the whole ad and respond in the manner requested. Usually, if you are not willing to read the full ad, you are not a serious prospective tenant.

Secondly, I will respond and set up a call for the following day at a time that works for them. This is another small test, if they cannot keep their schedule straight for our call the next day, they probably are not serious or can't pay rent on time. On this call, I just ask a few basic questions and let them speak and listen for anything that sounds off. 

Thanks Nathan, I will look into this!

I recently used this book: NMLS SAFE Mortgage Loan Originator Exam Content Outline Study Guide and Two Full Length Practice Exams: 250 Practice Questions and Full Breakdown of Every Outline Topic. The test questions at the end are very difficult and a good way to prep for the actual exam, some of these questions were even tougher than the test, great way to study/

I also used Prep2Pass to help prepare and it makes it easy to study pre-made flashcards and watch videos of professionals from anywhere. I will say that the practice tests are so simple to use and go through on your phone that it is easy to get in the bad habit of remembering questions rather than learning them. I think there are many good ways to study, but the best way to reinforce will be to search out practice tests, or study books that have a practice test at the end. 

Seeing the most difficult questions and having them explained in detail is key to passing the test.

Best of luck!

I am a licensed MLO who is doing business in Colorado. I am looking into becoming licensed in multiple states, Texas at first. Any advice or tips on starting an office in a new state? Will I have to have a brick and mortar store, and will I need a new account to pull consumer credit? Just wondering how minimal of a setup I can have and meet the guidelines, as majority of work will be remote.

Thanks to all!

I live in Durango, Colorado and am thinking of putting in an offer on a home that has a foundation made of wooden beams and large rocks.  It was constructed in 1946 and is slightly unlevel in parts.  It is a small home, about 700 square feet and has been lived in continuously for 30 years.  

My question is if anyone has experience getting a home appraised with this style of foundation?  There is some risk that it will not be appraisable, but I still think it is worth my time.  Any tips or advice on this issue would be very much appreciated.

Thanks for all the advice and after careful consideration, I will be foregoing the basement and below ground plumbing on this project.  The risk seems to outweigh the reward.

Hello BP community,

I am a Colorado homeowner planning to build a detached accessory dwelling unit (ADU) and renting it out. The city code has a maximum size of 550 sq. ft. for ADUs and I am considering building a basement as well. For the basement to be useful I would need to install below ground plumbing and an electric lift station to pump waste up to the main. Does anyone have any experience with basement plumbing or renting out units below ground? I am curious about the risks of this situation, the involved maintenance, and the lifetime of a "lift station."

Any advice would be greatly appreciated.