All Forum Posts by: Jim B.

You guys should check out Southern Financial (www.sofi.com)

My wife and I are about to go through them to refi our student loans to 15 or 20 year loans, even though we have between 4 and 6 years left of payments on them.  Our plan is by extending the loan terms out to that length of time, the minimum monthly payments will be much lower, but we'll still continue to pay the same amount on them as we are now in order to pay it off in the same amount of time.  By having the lower payments on paper, it should improve our D/I ratio pretty dramatically, therefor allowing us to qualify for higher mortgage amounts.

HA! Awesome.

@Don Womble ....check out @Jerry Padilla  's signature...

I'm working with him now, he'll point you in the right direction!

I also like @Billy Rogers non-conventional ideas for personal loans, if you're looking for something more short-term.

Welcome!

You'll get all kinds of opinions on what areas to look into and which ones to avoid.  Everybody has their preferences, which can be completely different from somebody else's.  I guess it depends on what exactly you're looking for, help us out and give some criteria and we can probably point you in the right direction.

@Daniel I. is right, taxes in this area are ridiculous and can be a real deal killer.

Welcome to BP and hope to see you around!

@Crystal Smith 

Right, I agree.

But even at a purchase price of $100k, and if rented, an investor would be looking at $200+ in monthly cash flow with a fully rehabbed turn-key rental property.

Not saying that's exactly what's going to happen, but was putting it out there as an option in the future!

oops

...

@Phoebe Hodges-Carter just food for thought, it's illegal to act as a property manager without a license.  Unless, of course, you're doing it for free....

"Broker" means an individual, partnership, limited liability company, corporation, or registered limited liability partnership other than a real estate salesperson or leasing agent who for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly:
(1) Sells, exchanges, purchases, rents, or leases real estate.
(2) Offers to sell, exchange, purchase, rent, or lease real estate.
(3) Negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of real estate.
(4) Lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange.
(5) Buys, sells, offers to buy or sell, or otherwise deals in options on real estate or improvements thereon.
(6) Supervises the collection, offer, attempt, or agreement to collect rent for the use of real estate.
(7) Advertises or represents himself or herself as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate.
(8) Assists or directs in procuring or referring of prospects, intended to result in the sale, exchange, lease, or rental of real estate.
(9) Assists or directs in the negotiation of any transaction intended to result in the sale, exchange, lease, or rental of real estate.
(10) Opens real estate to the public for marketing purposes.
(11) Sells, leases, or offers for sale or lease real estate at auction. 

Sec. 20?10. Unlicensed practice; civil penalty.
(a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a real estate broker, real estate salesperson, or leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil fine to OBRE in an amount not to exceed $25,000 for each offense as determined by OBRE. The civil fine shall be assessed by OBRE after a hearing is held in accordance with the provisions set forth in this Act regarding the provision of a hearing for the discipline of a license. 

@Phoebe Hodges-Carter just food for thought, it's illegal to act as a property manager without a license.  Unless, of course, you're doing it for free....

"Broker" means an individual, partnership, limited liability company, corporation, or registered limited liability partnership other than a real estate salesperson or leasing agent who for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly:
(1) Sells, exchanges, purchases, rents, or leases real estate.
(2) Offers to sell, exchange, purchase, rent, or lease real estate.
(3) Negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of real estate.
(4) Lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange.
(5) Buys, sells, offers to buy or sell, or otherwise deals in options on real estate or improvements thereon.
(6) Supervises the collection, offer, attempt, or agreement to collect rent for the use of real estate.
(7) Advertises or represents himself or herself as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate.
(8) Assists or directs in procuring or referring of prospects, intended to result in the sale, exchange, lease, or rental of real estate.
(9) Assists or directs in the negotiation of any transaction intended to result in the sale, exchange, lease, or rental of real estate.
(10) Opens real estate to the public for marketing purposes.
(11) Sells, leases, or offers for sale or lease real estate at auction. 

Sec. 20?10. Unlicensed practice; civil penalty.
(a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a real estate broker, real estate salesperson, or leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil fine to OBRE in an amount not to exceed $25,000 for each offense as determined by OBRE. The civil fine shall be assessed by OBRE after a hearing is held in accordance with the provisions set forth in this Act regarding the provision of a hearing for the discipline of a license.