All Forum Posts by: Mark Gallagher

@Christopher Dunson sounds like they might be trying to make those funds look like business income to the borrower which would be seasoned. But as @James Masotti said, don't hesitate to ask questions. They need you a lot more than you need them. 

@Guevara M.

Remove and replace the subfloor. 

@Thomas C. Barrage

My township library proctored mine and asked for a small donation. 

@Jay Hinrichs you must think we're a foreign country the way we do real estate over this way lol

@Patrick Philip

If I'm reading between the lines, you want to passively invest in real estate while traveling? Do you have an annual amount in mind that you want to live off of? Do you want to stay at hostels, or the Ritz? Do you eat off the $1 menu, or surf and turf? Do you want to fly private, first class, or coach? How many personal residences do you want? How many years do you expect to need this amount? Some crucial number-crunching items are needed to be known. 

I'll echo what @Phil Z. says about BPOs - I used to read how people would say to do BPOs in order to get listings. That has NEVER happened to me and I used to do LOTS of BPOs. 

I spent well over a year tracking the HUD AM bidding process and then applied and got it. I was well prepared.

You could make the argument now is a great time to get in, and when large inventory of REOs hit the market again, you'll get that wave. 

I will add that large sources of REOs such as Fannie, HUD, etc. are really trying alternative disposition strategies so even less inventory is trickling down to the MLS.

@Christopher Dunson

I misunderstood where the funds are coming from then. Get some clarity on why the funds aren't certifiable and report back to us. It's very important. 

@Christopher Dunson

The more we talk about this, I'm not sure how proceeds from the sale of real estate isn't certified funds. I'm no loan expert but just because she didn't have that money in the bank for 2 months doesn't mean she can't use it to buy something new. She just has to prove where that money came from. Nevertheless, you could capitalize on the loan officer's lack of knowledge. 

@Christopher Dunson

@James Masotti

7 points? or 7% APR? I would never give someone $45,000 for $262 return but I think you're talking 7 points $3,150 and then something 12% APR which I'd say that is definitely fair. I would shorten the balloon up to 1 month that way your intentions are clear that you want your money back immediately. You could structure it so as long as they repay you within 30 days, interest is waived, and only points will be collected.

@Elizabeth Wilson

That's a "little" garbage compared to most! I always love seeing 2 satellite dishes, they never paid the bill on the first one so it gets shut off and they install another provider right next to the old one. 

@Mario F.

You would simply find the listing agent of the property you're referring to. The best bet would be to call the broker listed on the sign, and ask to speak to the listing agent only. 

However, we get these types of calls and often still refer the buyer to other agents due to workload, so you're going to have to make your call very attractive for the agent to call you back.