All Forum Posts by: Account Closed

How marvelous for you, and what a way to end the year. I agree with Jon's kudos on giving credit to the One who deserves it. That helps us keep priorities straight.
Congratulations on your persistance and a great win.
Ofgift

I looked at a houwe a year or so ago. It was filled with stuff--so much that one could not really see what one wanted to see. Went back later and much had been moved out. There was a large section--about half--of the living room floor, had become "dished". The indent was a large depression that started near the middle of the living room floor and got deeper as it extended toward the outer wall and the interior living room/bedroom wall. There was NO similar indent in the neighboring room, and neither the walls themselves, not the foundation on the inside or the outside appeared affected.

On the other side of the house there was a place where water had seeped or ran under the foundation.
I called several foundation contractors. ONE talked to me. He told me that area (where the house was) had such problems. He said the builders poured the footings, then the slab inside the footings. If there was any water problem, the underlying ground would/could be washed away. He said the problem could be repaired. the least would be $3-5K, and could be over $50K. I didn't buy the house.
I am suggestion you get a lot more information, and consider looking further--walk away from foundation problems.
Ofgift

Originally posted by nationwidepi:

Let's stay on point here in this thread Ofgift, we are talking about BP and the benefits of it, nothing else..

My response IS on point, Will.
Without BP, I WOULD be letting my money sit in the bank earning 1.25 interest rather than trying to learn about and do some transactional lending while looking for a property.
In fact, it was you and Rich through whom I first heard of TL, and it was you two that first got me interested in TL. I would never have heard of either one of you or transactional lending without BP.

I know I'm a rank beginner in this, but I will continue to use BP to learn. I know there are people willing to mentor others here, I hope to find one in TL. Will you mentor me?

Because of BP, I have connected with a few people and hope to connect with others, and be as successful as so many others are.

Without BP, I wouldn't have the knowledge base I have now, or some of the friends and colleagues I have.
Sorry to deflate your balloon Nick, I did not sneak one in there.
Ofgift

:oops: Oh. Sorry. That's not tactful, is it? :oops:
Ofgift

I went to a new doctor a few months ago. Never saw the man before, but had been going to one of his associates in the same office. I changed doctors at my request..
Before he got into the room I was in, he stood at the door and said to me, "You should have stayed with Dr. A, I'm usually an hour or two later to my appointments than he is."
Then he came in, sat, and before reading my chart, told me a political joke.
While reading the chart he interrupted himself a few more times, all with jokes. Off color, political, dirty, and the last, political, racist, and just nasty.

He won't be seeing me again. I fired him, too.
Ofgift

I would be letting some money sit in the bank earning 1.25 interest rather than trying to learn about and do some transactional lending while looking for a property.
I like being able to help people, and via TL, I can do that and I can grow some money for myself at the same time.
Ofgift

Originally posted by Justin S.:

Many. But not all. You can find them.

How do you convince your end buyer to borrow from (that) bank, rather than their choice of Conventional and gov lenders?
And if you can't convince them--or they don't meet the qualifications for those banks, it sould appear that they can't be your end buyer, then. Right?
Ofgift

I have a few bucks to put to work, and I'm looking into doing transactional lending in Arizona. I'm new at this and of course, want to do it right. I'd like some discussion, ideas, guidance, please. What are the advantages and disadvantages? What are the pitfalls?

I plan to set up an LLC do do this.

What, besides LLC, city business license, and fed ID number do I need?
Do I need a banking permit?

What kind of attorney do I need? Corporate? Contract law? Banking? Other?

What questions do I need to ask?
What kind of documents/paperwork do I need?
promissory note
proof of funds, from me to borrower

After that, for each transaction,
What interest rate is being charged? Do transactional lenders charge points? What is a point worth--is it 1% of the loan?
What kind of fees will I have as lender?

A few are wire transfer fees, both from my bank to the title co and back, fees that my bank may have for wiring money at a specific time period, phone calls to title company in the buyer's area, to the buyer, other office fees. What might that include, and amount to?

Do I set a single fee amount, or different for levels?
$X for loans up to $49,999K, $XX for loans 50 to 99,999, $XXX for 100K to 149K, etc?
What kind of information do I need from the borrower?


Help please.
Thanks,
Ofgift

Lets try that again!
Water harvesting, both rainwater and gray water, is legal and encouraged here in AZ, and I'd do it with both, but I plan to move in a couple of years, and don't want to spend the money on this house.
Here's a blog with links re harvesting that others everywhere might find helpful or at least interesting.
http://www.mytucsonblog.com/tucson-homes-explained/rainwater-harvesting-cisterns-tucson-homes/
Ofgift

What happened to the other one? Jon, you have got a QWIK set of fingers!
LOL!
Ofgift.