All Forum Posts by: Patrick Roberts

 You can do this all day long at big banks and rocket mortgage. You dont need a lender like me or Erik for this. These lenders already exist. You can input all your information on their website and get a rate quote instantly. You dont even need to provide any documents. 

Id recommend determining the current payoff amount before getting too far into this. If it's in foreclosure, there are likely arreages on top of the UPB that can limit your flexibility.

Gotcha. Get your credit score as high as you can between now and then. Also, when you are applying for roles/jobs, be aware that there is a major difference between being salaried and having variable income, meaning being paid hourly and working less than 39.75 hours per week. A job with variable income or heavily commission will make qualifying very difficult. 

Building is more cash intensive than buying, and usually (but not always) more expensive than buying existing. It can be lucrative if you get it right, though. Overall, if youre going to be starting a new career at the same time (since youre graduating), it will probably be simpler to buy something turnkey. You dont want to take on too much at one time. 

What do you mean by "working in real estate"? Do you have a particular pathway/segment in mind?

Im a big fan of the househacking while in college strategy, but taking on a new construction project while a student might be biting off too much. I'd recommend partnering with a competent agent to help you find the right property if you havent already done so. Are you also working right now, or are your parents/someone else helping you with the loan?

"I told the lender its a great deal and I make tons of money and have great credit - how dare they ask me for documents that verify what I'm just saying. How dare they waste time getting a title report or appraisal. They should just give me their money for free and be grateful for the opporturnity to do so." Yeah, these borrowers get fired immediately. 

Same goes for the ones who want to shop after all the work is done. I explain everything up front when the initial application is complete and I have provided a quote, and I advise them that if they want to shop around, now is the time to do it. I explain that I cannot commit time and resources to analyzing their deals with them or processing and underwriting their loan if they cant commit to working with me before I do so. If they wont provide a verbal commitment, I stop everything there and let them know I cannot work on their deal until something changes. If they do give their word and then later try to retrade or "shop rates" after all the work is done, then they are fundamentally dishonest, and I dont work with dishonest people. The second this happens, I cancel the loan wherever it's at in the process and refer them out to someone else. 

It's a two-way street - I do what I do because I enjoy it and because it allows me and a client to work together for mutual benefit. I have no interest in being a "top producer" or closing loans just for the sake of closing loans. I personally invest my time and resources into every deal, and I expect reciprocal commitment from a borrower who's receiving this in good faith from me. If they just want the lowest rate/fees and a corporate slave to do their loan for free, they can kick rocks and can take their loan to some corporate shop. Not coincidentally, they'll come on here afterward and complain about how all lenders are scams and wont just give them free money and bait and switched them blah blah blah. Play stupid games, win stupid prizes. When you go looking for cheap, dont be surprised when you find it.

I have far too many other ways I'd rather spend my time to allow it to be spent working for free. Do I walk away from some viable loans with this philosophy - yes, probably, but I dont really care about that. I enjoy helping honest people and creating win-win situations for them and me, and I enjoy the challenge of getting a tough deal done. I have no interest in playing games. 

Something I learned working around other entreprenuers - 30% to 40% of leads/prospects will be people you do not want to do business with. I try to weed these people out as early as possible to not waste time or resources on them. This is the equivalent of the proverbial "FU quote" from a contractor. 

 The REC is going after people attempting this. I suspect that the law will eventually be overturned or modified as it seems overly broad to me, but at the moment, the law prevents marketing any real estate property that you do not have ownership in. They are treating marketing a contract to buy a property as marketing the property itself. Even then, good luck finding an attorney willing to close this kind of deal. The REC has made clear that they are going after attorneys as well if the participate in these days. 

Basically, you need to close on a deal yourself before marketing it. 

Traditional wholesaling is now illegal in SC. That being said, there are still ways to get started. I recommend attending the local REI meetups to network and soak up knowledge. This will definitely accelerate the learning curve.

Charleston has a ton a STR regulation now on the peninsula. I strongly recommend you review this prior to purchasing anything.

Are you not able to use Delayed Financing?