All Forum Posts by: Account Closed

@Aaron Rose Not interested in Colorado. I am a small time lender who lends within a 2 hour radius of Hot Springs, AR. Best of luck to you.

It always amazes me how people will spend time trying to beat the system instead of just earning an honest living. Network and ask for references. Good luck.

I don't understand. How can them applying for a credit card screw up your credit. Are you saying they are applying for a credit card in your name? If so that is criminal behavior.

Do not pay anything up front. Put the deal in an escrow or title company and work through therm.

@Landon Lee Welcome to BP. I am a lender and have a good investor friend in the Benton area that I have done business with. Am sure he has realtor connections. PM me if interested in talking to him.

At the risk of sounding cruel I would suggest you live like a pauper, save, pay down debt and learn. Give yourself whatever time limit you feel comfortable with to see where these actions put you after this time period.  Then re consider your situation. Your may find the real estate excitement was a passing phase or that with some cash and knowledge you have a clear understanding of what to do. Good luck.

Verify that you are NOT a disqualified party. This depends on your relationship with the relative.

Keep contributing. Tax advantages of real estate is one thing but totally free of taxes is the best.

My thoughts are that as long as loans are securitized there will be those who will create real estate loans under any circumstances just to sell the securities. Thus in addition to the government backing the loans the poor sucker who bought the security is also "backing" the loan.

@Christopher Stover I think every HML has their requirements. For an example I will give you mine.

Credit score greater than 700

If working a W2 job D/I of less than 80%

If self employed a positive cash flow of more than the monthly payments of my loan verified by their Income tax returns.

Loan is no more that 80% of the ARV of the property or up to 100% of the purchase price of the property which ever is less. I insist on being in first position.

Copy of sales contract

Title insurance.

Promissory note

Mortgage Deed 

Hope this helps.