All Forum Posts by: Mark Sewell

The new rules relate to equal opp / anti-discrimination compliance.  If you are buying, this doesn't really apply to you.  If you are selling/renting a specific property, then you need to comply.  It is essentially still business as usual, as far as I can tell.

I would be up for this on a Wed night... I don't mind posting it.

Maybe be a lender yourself first.  Find something small, maybe do a second lien deal on a sub2, bring somebody current on a pre-FC deal, and just learn how it works.  

I just made my first PM loan on Friday.  And I did that not so much to earn a nice rate (which I am) but I am more interested in learning some of the processes involved.  We paid the bank current and next we'll sell the place on an OF deal (wrap).  Sure we all get how it works in principle, but now I get to actually do one, as an involved participant. 

If at some point I ever decide to offer a similar arrangement to somebody, at least I can say with some degree of authority that I know how it works.

@Zijuan Capps

If you are doing any kind of consistent marketing or lead gen, then you will have these sellers contacting you. They want full price but they don’t want to list. You just need to gently make them understand the situation.

The analogy is trying to trade your used car in at a dealership. You know that you are NOT going to get full value on your trade, but many people do it anyway- just easier, faster, whatever.

@Cynthia Harrison

There is a lot of sound advice in this thread. I agree that lead gen is maybe the hardest part right now.

Look into ways to partner up with others. How can you help them and how can they help you. And keep networking here.

@Jay Hinrichs

Of course you remember Mt St Helens in May 1980. That was my first major event, but I was just a kid. Couple earthquakes later, and two hurricanes in Houston as a homeowner.

Way out of my breadth of knowledge, but I have to say I have wondered about this myself.

Hmmm.... Pointless is probably not the correct word. I have two BAs, one in business/finance and one on Russian language/history. Also former military (Navy linguist), used VA benefits to get these completed. Highly doubt you are interested in my crazy windy career path, if you can even call it that, but I can assure you I was able to put both of these degrees to very good use in the civilian world.

Now, I do have to agree that you probably would get a better-paying starting gig if you had the MBA vs just the BA in business. 

There is almost nothing fun about flipping - especially when you are new to it.  It is like trying to figure out how to pack your parachute after you have already jumped.  That ground started coming up pretty fast, in my case.  Not a smooth landing.

And heck, my flip was just a couple zip codes away, 30 minute drive.  No way would I have attempted to do this out of state.  Not without a good local partner that brings some battle-scars and experience to the mix.

And that brings me to this -- and I say it a lot on these forums -- if/when I do another flip, it will be working in concert with somebody that knows way more than me.

@Josiah Sia

Sure. You will find HM lenders here in Texas that offer temp-to-perm loans. Find a few of them in your area and get the details.

That $50k should be set aside as reserves and maybe working capital. Try not to use more than $25k, keep the rest back for ‘just in case’ needs.

You can find a small 3/2 with a $150-$160 ARV and maybe get it for $100 or less. Figure you will put $20-$25k into it assuming it is in OK condition. You can borrow about $110 of this from a HM lender, if they agree with your numbers.