All Forum Posts by: Brett Fredrickson

Nobody has tried it?

Here is a link to the wikipedia definition: http://en.wikipedia.org/wiki/Call_capture

Well, I'll try this post here since it received no response in it's original location. 8)

It would be very similar to using an LLC to purchase property. Basically, you just have to show the lender that you/the church is able to pay the loan back based on it's previous credit.

Send me an email if you have any questions about it, I should be able to help you out with it.

I'm not sure if this is the correct section to post this in, but here goes (mods, please move if needed).

I was wondering if anybody (company) offers any REI contract packets or anything of that source? What I am interested in is getting a pack of all the necessary docs to do a transaction.

I know that there are some pre-packed documents at places such as Office Depot, but they don't have all of the information that I would want.

Is there a way that you can implement a "report this post to the admin"? I have seen a few posts in which people are spamming the boards or they are breaking the forum rules. It would be nice to be able to report the post ASAP so that the spammer doesn't benefit from it. :mrgreen:

I'm going to concur with the others here in regards to the NINA, NIVA, and No-Doc/No-Ratio. The No Income Verified Assets is probably your best bet on the information given.

But, if you were one of my clients, I would ask you more information about your background. Such as, what line of work were you in when/before you got hurt? What was the reason of the disability? (you don't have to answer that on the public forum, if you don't want) What are the chances of you getting back to work in the position/income that you had prior to the injury?

The reason that I would ask this information is because, if there is good enough evidence that shows that you would still be able to return to the capacity/earning ability that you once had a lender may make an exception. If a lender would give you the exception, you may fit into the conventional loan category.

Has anyone tried using call capture to find properties, or to find investors?

I'm thinking of trying it out for a number of different things. But, I want to know how effective it has been for you.

I don't know a whole lot about the 203(k) loans, but I do know that for a standard FHA loan you can not own anyother properties. But, again I don't know about the 203(k).

I would suggest doing a purchase loan for your contract amount. Then take out a HELOC on it after closing the first loan (assuming it appraises high enough to substantiate the cost of the improvements needed). You do the work and continue on your plan for the property.

Not too hard of a deal, loan wise, to do if you have decent credit and the property is really of higher value.

All,

I was thinking of a way to try to market to my local real estate investors (or even just any FSBO's), and I kind of took this idea from some of the big builders in my area.

Give me some feedback on whether or not you would be interested in this or even interested in hearing more about it, both as the seller and as a "layman" buyer.

Here's the idea, I go to the FSBO seller and ask if they would be interested in offering paying discount points for any buyer of their home if the buyer financed through my company. I can't offer discount points as a mortgage broker, but the seller can offer to pay them.

What is the benefit to the seller?

I am able to find a lot of loans for all types of clients, where they may have been turned down before. Case in point, my wife and I just bought a new home from DR Horton, and their lending company couldn't get us financed, yet my company did it with out a hitch. So, you are able to sell your house to a wide range of clients.

How much would it cost the seller?

Well, it would depend on how much you would want to pay. But, let's say that you offer 2 discount points. The property is listed a little below market value at $100,000. You get a contract for full price, so the loan amount is about $106,000 with closing costs. You would be paying about $2120 for those 2 discount points, making the sale about $97,880. That's not bad at all, when you look at how much more attention you get on the home when you offer 2 discount points towards their financing.

Since I'm not a lawyer, I would have to find out all the legal issues of doing something like this. But, I don't imagine it would have too many hoops that I would have to jump through to make this work.

What do you think? I think that it would be a pretty good marketing tool for all FSBO listers.

Any input?

I have read the book, "Complete Idiots Guide: to buying foreclosures". I was pretty good. It had a lot of stuff that I already had knowledge about, but I did pull a lot from it.

My next in line to read is a book that REI suggested in a separate thread, "Wealth Protection Secrets of a Millionaire Real Estate Investor"

:groovy: