All Forum Posts by: Jeffrey Holst

I dont think it is subject to review from a practicle purpose I am not sure how they would even begin to review such things as these types of loans are common and mainly undocumented from a governmental perspective.

Originally posted by @Chris Seveney:

Jeffrey Holst
The first question is will these be owner occupied or you lending to non-owner occupied
If owner occupied then you need to comply with Dodd-Frank. The state these are in also plays a major role as in some states you just be licensed to be the mortgage holder etc.

You can get a MLO but I would recommend talking with a title/closing company to confirm what requirements you need to meet. Once you understand that then you can review servicing companies which there are many mentioned here on BP

Thanks for the response. I will ask at our usual title company I hadn't thought of that.  These properties will be owner occupied and primarily in Michigan.  

@Caleb Heimsoth nice.  My goal was 120 posts at least 10 per month,  I started the year at 1 post I am over 300 now so I also blew past it.  I am shooting for 500 by end of summer now

I listened to 14 episodes in the last 13 days so I am back on pace with that.  I have a long drive coming up and expect to get a few more in during that drive.   Im up to episode 136.  I look forward to hearing where you all are on your goals now that we are nearly half way through the year.

Wow thats an annoying problem. What part of N. Georgia? I'd keep pushing the local banks some community banks I know can commit in a week's time.

I was about 32 and I partnered 50/50 with a friend in an all cash deal. We paid 30k for a nice condo that we still own and rent for around 950 a month. I am 40 now so this was about 7/8 years ago. Its probably worth 80/90k now.

I was under impression that they ohased the credit out. I think there might be a value play here if you are in certain markets and appeal to more environmentally conscious renters. Some people might pay more for solar powered rentals on principle and you presumably could also get the tax credit could be a win win. let me know if you find out about credit I might consider trying this for one of my buildings.

Just a hunch but I think it's steady incline with inflation with a little bit of a other factors mixed in.  Class of neighborhood, population growth or decline locally, job growth or decline locally, amount of new construction, percentage if home ownership but having watched rents since the late 80s on my parents houses and having my own properties for a decade or so I haven't ever seen significant declines in rent I have seen rent stagnation and rent growth but never any real drops out side of a couple areas where neighborhoods declined greatly.

@Andrew Postell Thanks cross posted.  

I am looking to get information about loan servicing.  Not sure this is the right forum or not but hopefully someone can help me out.  I have heard on the podcast and also read that there are limits to the number of owner finacing deals that an individual can do unless they are license or use a servicers.  Can someone explain those limits or point me to servicers that they have used.  I am looking to sell a few properties on notes and want to make sure I am in complainace. Also is there a difference between a servicer and a mortgage orginator 

Thanks