All Forum Posts by: Terri Lewis

It looks fantastic. The transition is so dramatic it looks like a totally different house! Hope it moves fast for you.

Does any one have some energetic subs, to do preservation work in East Central Michigan and North Eastern Indiana? We are looking for some more team members for our preservation work. We have taken on some more accounts, and have more work than our teams can handle. If you know of any one interested please give them our email. [email protected] Thanks

That is some good information. I approached a lender with 4 properties in the very beginning and was denied. I didn't have them under contract and was trying to put a loan together of the lenders choice of properties, with rehab figures and everything. I wanted to be able to go to the Realtor with the POF and knowing I had the loan. Learned the hard way don't give out all that info. 2 were bought within 30 days after I did that, from someone not in the area to wholesale. 1 was listed as a rent to own from someone out of the area. Lesson learned.

@Bill Gulley Your depth into the financial side of any business is what keeps a business balanced. You really nailed it. ACID test is important in any business to keep check on where you are at and how solvent you can be if necessary. However I do not know of many assets that can be liquidated quickly in any business with out accruing some losses. Most manufacturing businesses look at a 1/10 ratio. Far more significant than a quick sell of RE. As I see it, as long as you have properties (not financed) that can be sold off at a loss, then any RI should be able to sell some off in time of need. I am not as experience in the RI side as I am the manufacturing as of yet, but I have bought and liquidated manufacturing facilities and learned that it would have been better to have owned the property the facility was located in also. The Real property even held in a second entity, would have helped hold the value of the manufacturing assets considerably even with everything financed. Providing it was an ongoing business, even with a negative cash flow. I am not big on financing even if it holds us back some.

In the PP industry I have learned it's all about how many non preforming loans the bank has in their portfolio that makes them have tighter rains, foreclose quicker, and liquidate before they are in trouble with the feds. Isn't there ways around holding the RE in a few different entities to help protect one's self from loosing everything? I realize it's more bookkeeping, but in the long run at 400 properties seems like the odds would have been in their favor to liquidate one entity, with that financiers permission than to hand over all potential earnings.

I do see the power in the BP site, and thanks both of you guys for the advice. I have always had sooo much patience. lol. I will be glad when Wayne and I get done with some of our PPO work for a new account, and I can get back to spending some time here reading, learning and connecting. I have actually been learning a lot and really am amazed that BP is here. I am also amazed at the free advice from experienced people like yourselves, are willing to help give me direction.

I have been refraining from asking for anything but advice so far. I am not sure if I am trying to learn too much or just cautious so I don't do the wrong things. The main thing is I want to be able to be a member on BP for years to come. I have learned a lot from everyone and the posts I that I have read. I have been looking for funding from other sources or avenues so far. I have more to try but have not had any luck yet and just feel I haven't found the right one. So far non of our offers have been accepted so it hasn't been an issue. I guess I really don't understand how to look for a partner on BP and don't want to go about it wrong. I am not computer illiterate but feel I have a lot more searching menus, blogs, and reading to do here. Do I need to be a pro member to look for partners or funding?

Congrats and thank you for creating such a great site. There is so much here to read and learn from. Being able to post and get answers on topics that I am needing to learn about on BP is a fantastic. I can't wait to see how much I will be able to grow though the people I have and will meet on here over the next few years. I wish I would have checked BP out years ago.

I have been trying to get a property that is a reverse mortgage. When I went to put an offer on it that was a little less than the asking price, the Realtor said that it had to be for the full amount. We were trying to put $500.00 earnest money down, on that she said it had to be $1000.00 and 10% of the asking price into a trust. Has anybody purchased a property from a reverse mortgage? Is this the standard guidelines for a reverse mortgage purchase?

We have a property that we are interested in. We also have about 3 hard/privet lenders lined up for our financing flips. I was wondering if I should submit the proposal to any of them before we get the property under contract? Realtor is saying we have to put $3000 down for earnest money and deposit. Our funds are tight until we receive payment on work we have done and didn't want to wait until time we will receive payment. looking at 2 to 3 weeks out. Should I just ride it out and take what ever happens as a learning curve until we get a better relationship built with these lenders? We had a lender a few months back that bought 3 of the 4 I had discussed with them so it makes me leery. I also thought we just needed to put earnest money down. This is a reverse mortgage, does that make any difference?

I will make a few offers this week, and keep the momentum going.