All Forum Posts by: Debra Grumbach

Originally posted by @John Jackson:

So Jay, as far as you'd figure, it wouldn't be considered any kind of a problem by the Massachusetts bank that the applicant for the mortgage applied for a primary residence loan when he already had another primary residence mortgage out from a bank in DC, for a property he owns there?

Legally you can have dual residency. If you spend a good chunk of time at one home in DC and a good chunk of time at home in MA, both could be considered primary residences (think congress critters or lobbyists where it makes more sense to own than to rent when in DC). I'm not sure if that complies with mortgage regs but in this case, neither would be rented out at any time and neither would be just a "vacation" place. I know this "dual residency" is legal for buying guns in 2 different states according to the ATF (handguns which must be taken possession of in your state of residence).  You would only be able to vote in one state (theoretically and legally) and you would file taxes as a resident in one and as a non-resident in another, but I can see legally having 2 "primary" residences.

I just completed my classes via live webcast. Every student has to be on camera for the class. I am in TX and needed to be able to do it from home. They may offer the same for your state. I took classes from Champions School of Real Estate. Taking my exam on Wednesday.

If rates have gone down they can redo your loan package with the new rate. My understanding is, as crazy as this may sound, is that it will have to go through the underwriting process again. Ask the lender how long that will take and if it can get done prior to your scheduled close. This usually means you have to re submit all your documents.

What does the state of IN say about property managers? In TX, unless the PM is your employee, property management is a real estate function subject to licensing and may be held financially responsible for any loss you suffered. He represented himself as being competent in an area of real estate that he obviously was not. Also, his broker could be responsible as well if he promoted the practice of real estate property management by this guy on "his own."

You mentioned you have "plug ins" all over the house for, I guess, making good smells. When I walk into a house like that I immediately wonder what smells the owner is trying to cover up. Just a thought.

So you are asking a realtor to do things that an AGENT does - vetting properties would be acting as your agent- but then you are saying you are acting as your own agent and want to work with whoever brings you the deal. You have no loyalty. Why would an agent spend time pulling comps etc to "teach you the market" when they have no contract with you to be your agent?

Originally posted by @Jamel Brunson:

How can I work with another wholesaler who has property under contract that I may can get sold.

 You need to be careful that you aren't "acting as an agent."

keep in mind that a lot of wholesale deals are not going to work for conventional financing deals as they often need a great deal of work. not always, but often.

Google is your friend: This is just one:

http://www.successrealestateschool.com/real-estate-license/tennessee-requirements.php

do you pay rent to your parents?