If you are going to get into any consumer activity you need to find a servicer and assign your transaction immediately upon making an obligation, you will not be able to collect nor will you be able to comply with the new requirements.I say that because I've been reading through examination manual materials that the CFPB Examiners will use to examine creditor activities.

My states defination for a mortgage broker is the following:21(a): "Mortgage broker" means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration.Since note finding does not relate to obtaining a mortgage loan for a borrower from a mortgage lender...then I do not need to be a mortgage broker in my state.But your entire blog discussion did not examine another very interesting law that relates to referral fees related to real estate related transactions.

Andrew, I think you have the basic idea, the note interest on a discounted note has little to do with your yield.Not sure if I was defined as a "blog guru" LOL, We do have another FDIC Bank Examiner here on BP and several attorneys, who may chime in.

Luckily old tenant had 90% of the stuff moved, that was a juggle, and nerve racking for me bc I didn't want anything to be stolen in transit.

Make 10 or more calls a day and you'll get over your nerves real quick.Jeff

After a couple of years in real estate investing, I just completed the pre-licensing course and the state exam in November.

It's exciting and nerve-wracking.

I did not pass my PSI examination over the last week.

@Jad BoudiabHey Jad, we worked together trying to find suitable deals early on in the process.You’re a great professional.I think we shouldn’t miss the point of the post, which is that Cleveland (as a sort of poster child for the cheaper MidWest markets) is fraught with dangers for out of state investors who surely do not have the sort of ground knowledge locals have-nor can they get that knowledge by simply flying in and driving around with a broker for a few days...as Jay mentioned.For me, it’s pretty obvious to any neutral reader of this thread that all the counter posts to my original post have been by people BASED IN CLEVELAND or who run a real estate related business in Cleveland.That’s not a coincidence.And it’s enough proof for me that my post touched a nerve with those who have stakes in the market.That’s understandable.But it’s the investor who risks capital.Not the stakeholders who stand to profit with their business, be they brokers, contractors or developers.

I think the nerves on this one go to the fact that it would be our first fix and flip.