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All Forum Posts by: Hattie Dizmond

Hattie Dizmond has started 37 posts and replied 1966 times.

Post: FHA Occupancy Rules

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Nelson M.

The property is furnished with your stuff, and your stuff is in the property.  Mail in your name is going to the property.  Insurance in your name is carried on the property.  Utilities at the property are in your name and current.  You list the property as your primary residence.  

You have no issue here. I have friends who are consultants, the road warrior type. They are home either Thursday night to Sunday night or Friday morning/afternoon through Monday morning. They have all purchased properties using the FHA homeowner loans. No issues.

As long as you are not establishing another primary residence (i.e. furnishing another residence and residing there), you will have no issues from FHA. And, if you are simply staying with friends or in a hotel, while you are working, you will certainly not draw the ire of the FHA.

Post: Looking at investing in a house with mold.

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Brenda Hedges

Mold...regular old, ordinary green mold doesn't scare ME.  (Black mold is an entirely different story, and I would run - not walk - away.)  The problem is that most people these days hear the word mold and think the black, scary, toxic stuff.  They don't realize mold is what was growing on the block of cheese in their refrigerator; that mold is what makes bleu cheese look and taste the way it does; or, that we have antibiotics now because of bread mold.  They just freak out.

My point here is that, in Texas, I would have to disclose any mold remediation or known problem with mold on the seller disclosure.  I'm guessing you have a similar requirement in VT.  If that's the case, I would suggest a scrape off, unless you can get the property at a ridiculous price that will support you selling it below market and paying for a post remediation mold inspection report.

Post: Why do sellers have so much faith in banks offering remods

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

CFPB Rules Restrict Dual Tracking

The CFPB, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, issued new mortgage servicing rules that went into effect as of January 10, 2014. Among other things, the rules restrict dual tracking.

Under the new rules, a mortgage servicer cannot initiate a foreclosure until 120 days after you fall behind in payments (which provides a reasonable amount of time to submit a loan modification application). Also, the servicer cannot start the foreclosure process if a loss mitigation application is pending.

If you submit a complete loss mitigation application to your mortgage servicer after the foreclosure has started, but more than 37 days before a foreclosure sale, the servicer must stop the foreclosure process until:

  • the servicer informs you that you are not eligible for any loss mitigation option (and any appeal you make has been exhausted)
  • you reject the workout option that the servicer offers to you, or
  • you accept a workout, but fail to comply with the terms of the deal (such as not making payments during a trial modification).

Now...that's the law, but let's talk about reality.  Anyone ever watch the show House?  (Of course you did, admit it!)  Remember how House always tested for things that couldn't have been possible, if the patient was telling the truth?  Why did he do that?  Well, he kept telling his residents why...Because patients lie! 

If you read the synopsis of the servicing rules that went into effect in Jan of 2014, there are plenty of loopholes that would allow a bank to pursue a foreclosure, even when the borrow says they are seeking modification, such as simply not filing a complete and accurate application.  Borrowers, like people everywhere lie, but even more than that they live in DeNile.  That's usually how they have gotten to the place they find themselves.  They have been floating along the river enjoying the views and pretending the crocodiles aren't circling the boat!

Stay plugged in with the buyer but don't spend a lot of time on this one.  Also, keep an eye on the auction filings.  Since we're non-judicial, it's hard as hell to monitor them efficiently, but most of the high-volume originators will file their notice of auction 45 - 60 days out from the planned auction date.  If Travis handles it like Dallas County does, they are scanned into a mammoth PDF file.  However, since you know the name of a specific borrower, you can simply do a Ctrl-F and search for the buyer's name in that PDF file.  That way, if the buyer is lying or floating on the river, you may be able to have a reality check with them and grab the property, before it hits auction.

Post: Mailing Advertisement line advice

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

It's the south.  Use your name, not your company name.  I'd recommend setting up a landing page with a separate address for the website.  The use of the word "discount" is going to be a problem for some people. Think about WalMart.  They use a lot of words in their ad campaigns that basically mean they are a discount store, but rarely do you see the word "discount" in any WalMart branded marketing.  It has negative connotations.

The other thing I'll say is feature your phone #, not your website.  You want to drive those contacts to you, so you have a chance to talk to them.  The people who are going to go to the website first - like me - will look for a URL.  You don't want them to have to look for your phone number.

As for the message...you need to be direct.  Don't worry about embarrassing anyone.  You don't have enough space to say anything embarrassing!  Go with something like (the email & URL are just examples of something that is benign and will not turn people off)...

I buy houses in Searcy and surrounding areas.

JaMarcus Joseph    501-827-5813

Got a property you need to sell...fast?

Any condition, Any location!  Call me today!

[email protected]

www.sellyoursearcyhousetoday.com

Post: Learning the biz in Amarillo Texas

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

It warms my heart to see the Panhandle represented!  Lived in Dumas for 7-years, Amarillo (Paramount) for 1.  God's country out there, and Wyoming doesn't have anything on the Panhandle, when it comes to big skies.  I still miss the stars at night.

@Dallas Peters I took a very similar route, in that I attended a Fortune Builder's 3-day event and got passionate about real estate but not about the price tag on the Mastery program.

Please let me know if there's anything I can do for your or any questions I can answer.

Post: REO's and Transfer Taxes, and Other Associated Costs

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

Wow...posts like this make me thankful, once again, I live in Texas.  When we say redecoration, we're either talking about a new sofa & love seat or going to the cemetery to put fresh flowers on the graves!

Post: ​How can I attract a marketing partner? A New Wholesaler….

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Brian Gibbons

Hey...where's my vote?!?  LMAO!!!

Post: Advice

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Ramsey Kheshen

@Dmitri L. is correct.  You need to ask a question that can actually be answered, if you want real feedback.  

There are a lot of folks on BP who have knowledge of the Dallas market. I'm merely one of them. But, as I've told a ton of people here, this market is much too large and diverse to speak in generalities like "Dallas". If you're looking to understand this market, you need to specify what it is you're interested in. (i.e. SFR, MFR, exit strategy, purchase price, etc.)

I can tell you about 3 great areas for cash flow, but if you're only interested in B class & above, it won't matter, because they are all C areas.  I could tell you about areas where the average DOM is < 2-weeks, but if you're maximum purchase price is <$150k, it won't matter.  Those are sub-markets.

I can tell you about areas where there's a $50k swing between houses 1/2 block apart...with nearly identical floor plans, finishes, and condition...simply because they feed different elementary schools.  Those are micro-markets.

If you want a real response, you're going to need to put some parameters around the question I believe you're actually asking.

Post: ​How can I attract a marketing partner? A New Wholesaler….

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Account Closed

Prove you provide added value.

What do I mean?

People willing to fund the marketing side generally fall - loosely - into 1 of 3 categories:

1)  They can't, likely because of geography or time constraints, field the incoming calls and handle the inspections and property visits themselves;

2)  They don't want to/don't enjoy the negotiations and interaction with sellers;

3)  They are already successful and are looking to expand into additional areas/markets.

You're basically looking for someone to invest in you, because they will be betting their investment on your ability to field, negotiate, evaluate, and close on the leads generated by their marketing dollars.  What are you doing to send the message you can be trusted with those dollars?  What are you doing to send the message you are a better bet than someone/anyone else they could partner with?

My suggestions...get actively...ACTIVELY...involved in the BP Forums.  Start answering questions.  Start responding to posts and questions about your local market.  Write some high quality blog posts.  Write forum posts about the deals you are finding and the deals you are getting under contract.  Prove that you're willing to help others and invest in their success.  Become the type of investor other investors want to partner with.

Post: We got a call from Renatus and we were shocked...

Hattie DizmondPosted
  • Investor
  • Dallas, TX
  • Posts 2,078
  • Votes 1,810

@Enrique S.

Dev nailed it, as usual!

I don't personally like the word "mentor" or "mentoring".  They are perfectly good words.  They just seem arrogant to me.  I don't know that I will ever feel like I could be a "mentor".  However, I meet with and spend time helping new members and new investors all the time.  My personal email address and phone number are in my signature as an open invitation to anyone who care to reach out.

The education companies live and prosper by getting folks to sign up for their trainings and mentoring programs.  I had a similar experience with Fortune Builders.  They got very hostile and condescending, when we say "No thank you".