ARV is determined by examining comparable sales in the area (comps).

However, I've examined the payment and amortization on the 2nd mortgage and it hurts to look at.

Oh, and we also do a little touch-up and cleaning while we are there, and make a very thorough examination of the place to see what might need replacing in the near future.

Doing that is highly regulated, and would be the equivalent of contracting without a license the way I understand it.Please examine the verbiage below, and tell me what I am missing on this topic.

noobdog1 says it all pretty well. there are plenty of shady practices going on in NYC brokerages... loopholes and such to fleece dollars from RE prospects, "application fees" should be closely examined before paying them. there are scams with "applications" that usually result to nothing other than just someone collecting your money.

It'll only help (and will help those nerves).When I was in the process of my first deal, I kept my eye on my goal.

It is quite exciting and nerve racking at the same time.Looking at doing a buy and hold strategy to generate passive income (I will sell if the market is right and I can upgrade properties).

Second examine all documentation that is signed in WRITING by both of you regarding the loan.

Congrats @James Mudd , I took my exam in July but have not made the leap to full-time agent due to my current job.

Ed spoke, I believe, primarily of due diligence examinations from activities of the secondary market.