I know this all sounds nuts but I know how old laws never get removed from the books and can defend some crazy action like this.

However, rates tend to be higher and terms tend to be shorter.

Since most books are written with 20-20 hindsight, some authors do tend to over simplify things.

I tend to agree with you but only in part.I do blame "part" of the problem on "bedroom" (mortgage) brokers who helped, and in some cases "encouraged" loan applicants to falsify documents, particularly income statements.I blame the "don't worry, be happy", the market will take care of everything attitude of the Bush (and Bush Sr. and Reagan) administration toward any type of oversight of the mortgage business.As we all learned in high school Civics class; people may be honest, but when an opportunity presents itself they will cheat.

While I tend to shy away from the rougher neighborhoods, there certainly is a TON of money to be made if you buy right!

Of course, I tend to lean toward the conservative side of investing so its up to you what is best for you.Good luck and enjoy all the resources you have found here on BP!

It's not that I care if people know I have a license, but when they see that you are a broker and the marketing is investment related some tend to throw it away because they don't think they want to buy their house, they think it's a sly way of getting a listing appointment.Also, I'm sorry you have to hear this from me, but you will never use those real estate technical terms outside of that classroom.

Hi Michael,As the saying goes "Make a passion an obsession and you will never work a day in your life"or at least it won't feel like work.Welcome to BP.The team and myself are based in Kansas City and we have flipped 32 houses this year and currently have 18 we are working on.Feel free to connect as I would love to talk shop.I drive most people nuts as I only talk about real estate hahaThanks and have a great day

I still think a well thought out direct mail program is they way to go for marketingAs far as education you cant beat Josh and Brandons "Beginners Guide to REI" found here on BPAnother guy I reccomend Highly is Justin Williams at www.houseflippingHQ.comHe has a course called FFF which is excellent and he sells for peanuts,,,plus hes a honest squared away going doing the business full time,,,,In time youll find REI is a tough little nut to crack ,,but it is worth all the effort if you stick to your guns and press onHope this helps,,,I wish you ther post.Im a contractor and I post here about plumbing and contractor issues from time to time.I love BP and all the gang here and I try to help and do my partGood Luck RobertDD in Los Angeles

It sounds like a very basic loan so I will include a link that may help you cover those bases.In addition, I would just advise not throwing a bunch of legal language in the note as it tends to complicate things.