All Forum Posts by: Deon C.

I have a new wholesale deal on the table in which Im doiing a double closing. My question is simple, what is the best contract to use for my end-buyer? Also, what contracts should I use for the seller or do they(seller) normally provide contract. Thanks in advance for your response.

Thanks Bill,

Could you shoot me colleague request so that we can discuss particulars?

Thanks

Are there any loan officers abroad doing sub 620s on FHA? Please contact me and I'll shoot you a scenario. Thanks.

Does any know of any commerical lenders for a refinance in Michigan on two commercial properties?

all profit is good profit in my book sam....

Bad experience with RapidFlip....Used their 'no credit check program' and it was a disaster. Koerner and company did not live up to their words and secure my client with a credit partner or investor. Lost alot of money and more importantly wasted alot of time. Got the complete run around without any return calls.

That's difficult to determine with the information you've given Gary. Credit reports are like fingerprints, no two are the same. It depends on what other information your client has reporting whether negative or positive.

In addition to the previous posts. I dont know what exactly is on your credit report, but if you are looking to purchase a home in the near future; as a mortgage broker, you should:

1. Have open tradelines (3-4) or alternative tradelines with seasoning.
2. Pay off collections,with notation from creditor stating, 'paid in full or as agreed,' if going FHA.

If you have student loans, make sure they are not in default. Also, if there are any judgements or leins against you it'll deter you, so its important to settle them.

Purchasing a home FHA can put you on the road to having good credit because they basically require applicants to settle most debt prior to submission.

hope this helps....

Are there any companies offering primary tradelines? Or is that a myth?

Using credit cards can be risky, for if you fail on your real estate projects your scores will surely tank. Try setting up an LLC and establishing corporate credit. That way if the project fails debtors will come after the LLC and not you personally. Also make sure to arrange any loans given to LLC not in the form of a personal guarantee.