All Forum Posts by: Terry Lewis

Thanks Brian,

Philip when you write a purchase contract you are an investor buyer so you are always exempt under the Dodd-Frank Act. If you assign the contract to a consumer buyer then you and probably the seller are in a consumer buyer transaction and will need to hire a MLO to bless the deal. Let me know if you need more clarification. 

Terry Lewis

The MLS here in San Diego has a search for seller financed properties. In LA County you might ask a Realtor if they have a similar search. If they look at you with Deer in the headlight eyes you need to run and find someone else.

Your credit at the high 600s does not need to be fixed! Take a look at the report and see if there are one or two items that can be fixed. Do you have a parking ticket that went to warrant? Cell phone charge off? Charge offs need to be paid before you can get a home loan. If you have credit cards don't close them. Make sure all revolving debt is paid down to 50% or less. Dispute late payments.

That's a start,

Terry Lewis

Hi Jerry,

You are on the right track as far as investing goes. Ultimately you want all passive income in your portfolio. Right now that appears to be in the form of Real Property rents or Debt income from loans. You get to decide between the two or both. Property offers appreciation, depreciation and headaches. Loans offer checks in the mail but get paid off and you have to reinvest.

You can look for seller financing and use that to finance the property purchases without the hassle of bank financing and there are a lot of property owners that are tired of their rentals. They would love to have an installment sale and seller carry the loan.

Terry Lewis

Hi Mark,

Find out the existing loan amount on the internet or thru a title company. The Deed of trust or Mortgage is public record. You will also find out if there is a Notice of default or sale. Then determine the value. I will monitor the topic and let me know what you find out. This is way too much to go thru in one sitting.

Terry Lewis

Hi Lisa,

Can you roll it over into a self directed IRA and put a portion into a Roth IRA, Then you can invest inside the retirement account. I know of investors killing it investing in notes.

Terry Lewis

Hi James

I have been reading a blog by Maulden Economics, It's very interesting. The Federal reserve has come out and said no interest rate hikes thru 2015. It appeasers we may be heading into a world currency devaluation with the result being the dollar strengthening. This is deflationary and will prevent the Feds from raising rates.

Terry Lewis

Hi Richard,

I don't know anyone that can answer this without knowing the document that it is referencing.

Terry Lewis

IRA or even better yet Roth IRA?

Terry Lewis

Hi Ryan,

You and your entity will need to be licensed as a MLO in California. You will need to also follow the Dodd Frank Act. Why don't you find a lender that lends hard money and be the money behind the lender?

Terry Lewis