All Forum Posts by: Lew Payne

I got into this purely by accident, the result of making a loan to an out-of-state flipper friend.  I now work with two flippers (each in a different state, and each a franchisee of HomeVestors of America - which means they pay roughly $5,000/month in franchise fees - so they're quite serious about this business).  Their average flip time is less than 90 days.

In essence (through an LLC), the following equivalent transaction takes place: I supply 100% of the purchase price of the home, plus the estimated repair costs (in other words, more than 100% financing). The "loan" is 14% APR (which amounts to barely 3.5% on a 90 day flip), zero monthly payments (not even interest payments), 2 points origination fee, and another 2 points if the term goes beyond 90 days, with a 6 month final term.

My flipper(s) keep the profits, which means they must be good at buying below market, computing remodel/rehab costs, and marketing quickly - else their profits suffer, not mine.  We are all comfortable with this arrangement - I get a fixed return and security (mortgage), whereas they assume more risk and reap commensurate rewards.

I am now averaging two (2) flips per month with them.

Perhaps some of us have progressed since 1974, and realize that words today (especially words used in slang) do not necessarily carry the same connotation they did back then.  At the same time, I do realize that some are hopelessly stuck in the past, too.

I have just answered a similar question in a different thread.  Some of you may be interested in the various pieces of the puzzle.

http://www.biggerpockets.com/forums/48/topics/1933...

I've just provided a similar answer in another thread; you might be interested in some of its component pieces.  It may or may not fit your exact needs.

http://www.biggerpockets.com/forums/48/topics/1933...

The following may or may not be suitable for your needs... please research independently.

I use an OBi 202 device (give me two physical phone "lines" and supports four phone "numbers"), of which three of my phone "numbers" are with google voice (no monthly charge, no computer needed).  The OBi device supports call transfer, extensions, etc.   http://www.obihai.com/

There is also an OBi hosted solution available, which may or may not be overkill for you.  http://www.obitalk.com/info/business

The VOIP providers I would recommend (aside from google voice) are:

• CallCentric [ http://www.callcentric.com/ ]
• Voip.ms [ https://voip.ms/ ]
• Anveo [ http://anveo.com/ ]

In particular, look at the "call flow" and "digital receptionist" solutions available from Anveo and Voip.ms.  You can basically program the system to do just about anything, including off a webpage.

To better understand it all, keep in mind that a phone number is a "virtual" thing, and that its point of termination (your equipment) is the only "physical" thing.  I have my cordless home phones plugged into my OBi 202 device, thus terminating my phone "numbers" to my home cordless phones.  In addition, I have some of the phone "numbers" programmed to ring both my cellphone and home phones *simultaneously*.

If you want a full-fledged human-staffed service, take a look at PatLive [ http://www.patlive.com/solutions/ ].

Here's a call-center solution - http://www.talkdesk.com/

Hope that mini-lesson helps.

The answer to your question is seven.

Judging from his other posts ("dang bro that's alotta paper u buried in"), I'd say he's a very professional businessperson and takes his job very seriously... upstanding citizen, too.

Isn't that insensitive toward tenants who do not celebrate or believe in Christmas?

Just kidding...

My personal opinion (I have a few local rental homes, and one of my tenants went through loss of a job, etc)... increase the rent to $1,900/month when the time comes (or don't - $50 versus great tenants is a petty sum), and offer them a $100 discount (or $50 discount off current rent if you choose to not increase it) for paying before a certain date, providing that they pay it via some online means - such as:

http://lmgtfy.com/?q=rent+collection+online

I have great tenants (the ones who went through a job loss) - who take care of all the small repairs... and I do not mind discounting their rent below market value in exchange for their occupancy of my rental home.

I realize there are several schools of though on this, and that's fine.  This is simply the one I choose to personally pursue, as not everything in life is about top dollar.

Is there a reason people tend to spend so much money on courses like these?  For things which are commonplace (which note purchasing certainly is), Amazon is a great resource, complete with reviews.  Eliminate the fake reviews (the ones with a history of only reviewing that one item, or with no activity beyond a few posts), and you're left with pretty good opinion.

I first bought notes around 1986 or so.  There was no internet as we know it, no google, no online resources... just the county recorder's office, which is where I spent my lunch hour (while holding a full-time job) researching notes.

Do you really need a course (or to attend a seminar) when the subject is covered so cheaply and thoroughly through a variety of books on Amazon?

How about calling RANlife Rurual Housing Service Center, and see what they say... then posting your findings on here so that future generations can have the answer?

http://www.usdaranlife.com/