All Forum Posts by: Jason Dillard

Mrk rent? Payment? Enough spread? Then I would take it sub2 with sellers covering cc and 3 more payments.

I would like to know where this house is. 

Don't listen to the ignorant. We borrow 100 percent of price and rehab from private lenders. It's not easy at first to find a new lender and convince them to invest the way you need. It's work and you may have to pitch many people. However, when you do a couple successful deals, then the lenders are easier to find. It's the track record and your confidence that makes new lenders feel safer. It's a personal thing for the lenders. Most of our best lenders had never loaned money before. Social media is probably the wrong venue to find one. Face to face and one on one meetings without any time crunch for your need of the money, is a better method.

Go find 100 people that say no. I dare you!

Buy it sub2 and just rent it if you are concerned about predatory lending. If it was in my market I would take it. You can sell it later with terms when values increase. We don't need equity unless your exit is to turn soon. Recently, we bought one sub2 and asked the seller to bring cash to close. We left with almost enough money to make repairs.

$500. Prorated taxes were $800. So seller brought cash to sell it. Double closed it for 7500 same day.

Just take it sub2. Get title company to request amount to catch up and wire instructions. Have closing agent collect money to catch loan up and you start sending payments to lender next month. Change address with bank to yours so you get statement. Get proof of insurance to bank with you as new additional insured. Get a authorization to release from seller to use later with bank. We do it all the time. No need to wrap.

Yes, we are licenced. Compliance is another question. No two attorneys can agree on some of the specifics. This is probably because the DF has ambiguities. However, we build a file with what is definitely required. We then add documentation if there are exceptions. The goal is to have as much documentation as possible to mitigate the risk of the seller and educate the buyer. One of our methods to prove "the ability to repay" is to document 6 to 12 months of on time rents through our property management company for buyers that may not fit into the "box" in the beginning. Our goal is to build a file on every loan that would hold a strong defense if there was ever a lawsuit. This is very unique. Essentially the lender/underwriter/seller has already approved the loan when we receive it. We are really providing a lawsuit mitigation service to the seller. At the same time, we educate to the buyer on exactly what they are agreeing to.

The origination company carries some risk, so we are buying the appropriate liability insurance, we have the required bond, and must maintain the appropriate reporting to State and Federal authorities.

Here in SC, we can get owner occupied property tax rates with recorded Bond for Titles. This cuts the property tax rate by 50 to 65% which allows investors like myself save a lot. My average property tax bill is 700 per yr instead of 1500. Lower property tax is one of the biggest benefits to seller financing over straight renting. This concept saves about 800 per year per house. We own or manage about 200 houses and growing. That's over 150k per year still in our bigger pockets! (Couldn't help it)

try basecamp

Powerbroker

Rent manager

Don't know of any software that does it all.

water heater .... Not hot water heater. ... If water was hot, wouldn't need to heat it ....(on going joke at our office)

In most states you need a realestate license to earn a consulting fee. Stick to assigning contracts.