How to find info to duplicate Mitch Stephen's type of investing?
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!
He wrote some posts here many years ago about how he was owner financing his deals and then selling the notes. This was before Dodd-Frank and SAFE Act implementations on all states. I'm not sure that there's an easy way to scale an owner financing business anymore just based on the legal landscape.
This isn't my area of expertise, so I could be wrong, but I'd do some research there to start...
I am all about helping others, but damn dude. You want someone to tell you exactly how to do everything??
You have to get some deals done first. Over time you will network with other investors. You share what you have done and they will do the same. If you really want to do what Mitch is doing, ask him. Sure he charges, but you will know exactly what you need to know. Some knowledge is free, but if you want everything handed to you on a silver platter, you are going to have to pay to play.
I dont know how Montana does things, but I almost always close with a title company. The title company handles the deed, deed of trust and note and the rest of the closing. They contract with attorneys for the legal work.
@Rick Pozos
Thanks for the info Rick!