All Forum Posts by: Levi T.

I put together this video to showcase the Property Prospect app for iOS we will be launching in a few weeks. The forum does not let me embed YouTube videos, so you will have watch it on our pre-launch website that I just posted: https://www.propertyprospect.net/get-the-app

My team at Thornton Investment Group have been using this app we developed to absolutely dominate deals in Alexandria, Manassas, Woodbridge, Stafford, Fredericksburg Virginia.. Even out in the mountains of Charlottesville and Harrisonburg Virginia we have used it. It works in every state that I've ever used it in. In fact, I just looked up a 6 million dollar mansion in Evergreen Colorado that got snatched up for 4 million, just to see what type of debt the sellers had. It even works in Columbus & Cincinnati Ohio. We used this last year to snatch up about 42 deals in Norther Virginia. It's nice to be able to know everything you ever wanted to know about a property, right in your pocket at all times. So checkout the video, if you like it, and would like to get on the pre-launch invite, checkout the signup form underneath the video. All the best!

You will be hard pressed to find lending for your business unless the assets it's holding is real estate. Banks or lenders cant quickly move your product, so it's worthless to them. If your business is producing cash, use the cash to buy properties, that's how it works. From the sounds of things, I would recommend apartment investing, mainly syndications so it's 100% BS free, that is unless you want another part-time or full-time job dealing with real estate.

They will use the tools at their fingertips, auto comps and appraisal, then move to listing agents and reporting.

There a rich banks, and poor ones, don’t assume it works in some logical model, because it don’t.

I know a bank that the founder, yes the founder, has to sign off on all loans on Friday at 1pm, they fax them down to his home the day off, and him and his board sit around and have a good old boy vote. It’s comical, but whatever.. it’s his money to oversee and do what he wants with.

Somedays they want it gone, someday they don’t care how long they hold onto it. 

Hi guys,

For a long time now, me and my team have been using software I developed to help us buy properties, and recently I got thinking that I should develop it as a app for real estate professionals, and publish it to the iOS store for anyone to download and use, but before I start doing that, I need some testers.

It does not require anything fancy, you don't have to write code or anything, just use the app and give us feedback. You will get to use the app for free while testing it, and when we do publish it in a few months, we will give you a heavy discount off the normal subscription price for helping us.

I plan to release the first test version in a few weeks. It will be a simple app at first, and we will expand it's features and services based on feedback we get from you all. The app is called Property Prospect, and it is for iOS only. You will be able to see property details such as number of rooms, utilities, construction type, lot and building sizes, tax details, municipalities, owner names and address, mortgage data including loan amount, pay off dates, loan types, etc. Also the property/lot legal name, zoning, taxes, etc. Lots of really cool stuff right there at your fingertips with just a quick search.

This app is awesome for any real estate professionals: Real Estate Agents, WholeSellers, Flippers, Landlords, beginner or general investors thats looking to buy any property. It's free to use while testing, if you own an iOS phone, please join us and help us test this app.

You can join as a tester by going here: http://eepurl.com/dj7tXv

Thanks for your interest!

- Levi Thornton

From what I had seen when buying MF back then, it simply comes down to one simple thing, you cant stuff a medium to large family into an apartment. As someone else pointed out, people children came home. I remember clearly two young guys I know lost their jobs, moved home, then their parents lost their jobs.. Everyone started shuffling down best they could. Three generations living under one roof in some places.

It is my opinion that the housing bubble was not so much a lending issue as the media likes to play it. Everyone likes the idea of big evil bankers, but really the price escalated as buyers assumed they could keep moving up in the size of home or the quantity of homes, most planned to sell if they could not make the payment. At the time it did not sound crazy as houses sold within 24hr of hitting the market. Banks where left with market demand, they had to compete. Once one bank is offering something, the next has to follow... Toss in a little Freddie and Fannie, and the party was getting started.. The numbers worked on paper back then, but no one really though the market was going to take a 50% haircut. It's like playing the flipping game, investors plan to get out before the banks come calling for the first payment, sometimes they don't. 

At some point the market took a breather, that started the domino affect as people could not off load the property for more than they had in it before the bank came knocking. Interestingly LA figured it out, most investors went to cash only, and fractional ownership via investment groups once the prices outpaced buying ability for the average investor, which helped keep them from taking much of a hit.

This drove Millennials to stay home longer, a lot longer. You where crazy to be living at home at age 30... Now you hear about people over 40. That your sign tho, builders stopped building, people where forced to stay living with family, now we are left playing catchup for many years to come. #1 complaint I hear from single young adults about rentals, is the cost, and no one will rent to them and their 4-5 friends. We are waiting for their income gap to reach market. For now it's cheaper for them to stay home till they have created a life and a career for themselves. 

I'm rambling.. I need some Zzzz, peace!

Whoops. wrong thread. Sorry about that, BP app glitch I guess...that post was for another topic. Cant delete it now. 😂

Normally not worth it, you could have to return the deposit if you get an unfavorable ruling. There are other options, if your planning to grow bigger, or are big. Hang onto your files, catalog it and come back in 5,10,20 years type thing. I buy them from old landlords when we buy the properties. All leases, past and current, it’s a nice side business most ignore.

 Landlording is a business where you lend people assets in the place of lending them money, without any collateral. It has limited collection options, and functions identical to junk debt lending.

We use a law firm as a collection company to harass the living life out of people and ping their credit for failing to honor their contract. We normally take this route vs court if they skip town as we don’t need approval from a judge.

We use the same method on people after eviction by the court as well. One must understand the tenants don’t have money today, but one day they will, so it’s a waiting game. 

We normally process ours once a year. For example we just submitted 2017‘s last week, $64,000 worth of it, that will roll forward till it’s paid off or we consider it non-collectible. 

We keep doing this every year, year after year. We collect some of it, and the attornies take their cut.. it’s better than just writing it off.

When you understand your not a landlord, your a lending operation, That changes the entire paradigm.

Good luck!

We are not talking about the eleminatiom of title companies. I won’t get into the weeds with it, but with blockchain smart contract, you could have corrected the issues outlined, and recorded it yourself. It will streamline your job and remove waiting periods. 

We are seeing a lot of hype around using blockchain on stuff that does not need it, but if those startups want to be hot and sexy, you need blockchain in the game to turn heads. ICOs are the new IPOs for all startups. There is a reckoning coming for all those altcoins that are launching with zero value as a business that backing it.

As for what blockchain will do for real estate, counties that adopt it can stop dealing with clouded titles as blockchain will let us insure the owner on record is the owner, once a property is recorded to the blockchain. It wont be hard for them to adopt, it's basically a centralized BC ran by the county. It will also mean faster transfer and recoding. 

I only see 2 futures for crypto:

As Currency: It lets people move money freely, cheaper, and it also provides them an exit out of their countries currency without a stock broker. When it comes to the currency side of things, the rest of the world will come first before America as my country is not like Grease or Zimbabwe in that respect yet. This market won’t have a lot of players, we don’t need 1,000 crypto currencies, only 2-3 really. I think our currency players are already defined in this respect, they just need time to stabilize more.

As Technology: On the other side of things, people are issuing coins for startup capital, if they are successful then your coin is worth more, this is what’s driving the value of these coins., from there you can buy or sell it on a open exchange, or maybe you can trade it in for stock at some point if they make the leap to a publicly traded company (I'm speculating on that last bit). It allows everyday people to get in on public offering without having to be a millionaire, it also allows companies to stay private and avoid all the regulation and red tape. Hopefully the SEC does not stomp on that and cut us out of the ICO market. Lots of regulation is headed our way in 2018 for America.

Right now we are is massive speculation mode, people are tossing whatever they can get to stick to the ICO market. There will come a shakedown at some point, that’s when we will see which tech companies emerge as the next Amazon or Facebooks of the world.

My top picks are BTC and ETH for currency. ICO alts are XRP, POWR, TRX, and RED (Launching in a few days). I'll be HODLing those till the end of time. I'm hoping BTC gets segwit2x implemented. It cost to much now of days to transfer, and it's slow as mud. If BTC fails to fix that issue, it's done for as a currency coin.

Mike Kennison PBMares or Allie Parrish Commonwealth Business Services, the ladder is cheaper.