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Rehabbing & House Flipping

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Ralph E.
  • Missoula, MT
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How to find info to duplicate Mitch Stephen's type of investing?

Ralph E.
  • Missoula, MT
Posted Sep 10 2017, 21:20

I'd like to know where I can find all the information I need, to somewhat duplicate Mitch Stephen's type of real estate investing, in Montana (by finding all that information on a budget). 

He uses OPM to buy houses (Non-recourse, property as collateral, 8% interest only payments, amortized over 30 years, 5 year balloon. He then sells houses to buyers by wrap around mortgage, and keeps the difference. He tries to sell the houses to people who are interested in fixing up the houses, so he can possibly sell the note later, without a discount. It's not "Fix - and - Flip", It's "Buy - No Fix - Sell".

I been having analysis paralysis, and in search of important information. I am not a person with deep pockets, to spend thousands to learn all the pertinent information I need to know. In other words, I am looking for help finding the people/resources/legal, etc., online and/or in person.

The information I need to know is (And maybe not in this order):

1) How do I find Residential Mortgage Loan Originators in Montana, who know how to write-up a loan for this type of transaction, to be compliant with SAFE Act, etc?

2) How do I find a Real Estate Attorney in Montana, who can make a contract for this type of transaction, who knows the laws, etc?

3) How do I find Private Lenders in Montana, or who can legally lend in this state from their state, and who allow the property as the collateral, who also allow wraps, with them (Lenders) in the 1st position?

4) What is the best, user/budget-friendly website, that can help me set-up the correct business entity to do this type of business?

5) Are there any people in the BP community who do this type of investing, who are in Montana, or near Montana, that can share their advice, knowledge, etc., on this subject?

6) Any other pertinent things I need to know, that I may be missing on this forum discussion?

Thanks in advance BP community!

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