All Forum Posts by: Peter Roehrich

@Hend Harb in my experience, it's a wise idea to ask the settlement company - before closing - what the title insurance covers. At minimum, it should protect you for any recorded liens (tax, water bills) and bogus claims to ownership (aunt Sally coming out of the woodwork to claim ownership). Would it cover liens due to unpaid contractors in the past? Good to ask, and it should. Also ask who the company is and how much in dollars the coverage limit is.

@Andrew Postell I was thinking questions to ask a lender, but I'll take anything!

Hi everyone, I'm a new investor looking to buy a lot and put a house on it to then sell. I identified several projects and I'm getting ready to look for funding for one of them. I'm wondering: what questions should I be asking and what do you wish you knew when you were in my position? Many thanks!

I'm interested, too. I'm a short hop down the BW parkway.

Hi Sarkis, I have a closely related degree in cell biology as well as a degree in - wait for it - finance. Wearing my finance hat, I see tremendous value in a science degree. While the facts of the degree really don't transfer (I haven't thought about the G2 checkpoint in detail in years), studying the sciences teaches really strong analytical skills that you can put to use in sleuthing for deals and sussing out what are good deals vs wastes of resources. Think forming and testing hypotheses, just beware of analysis paralysis. I'm going to send you a connection request as I want to hear how you progress.

@Carlos M Riquinha by the way, since you mention reading (am excellent goal), look for "4 Disciplines of Execution".

@Carlos M Riquinha don't forget to set lead-measure goals like "analyze X deals per week..."

@Lethia Krouse is it that you have ideas but do not know where to start? Or you have no ideas? The first is an organization issue, the second is an issue with your business.

Templates online can exacerbate the first type of problem as they are often written for someone who's done a B plan before.

Send me a DM if you want to discuss, I'll happily walk you through the process. (I'm not a guru looking to charge you, just a guy who recently updated my own B plan.)

@Skylar Martinez I believe that underwriters care about the quantity of income (your annual pay) and stability (that either you're a W-2 employee or have two years earnings history as a 1099). I don't think they even care what you do (generally speaking, underwriting standards may prohibit them from lending to someone who's an illegal arms merchant, etc.). FHA makes their underwriting standards public, so I'll send those if you like. So if your question is along the lines of what the underwriter will think of your job, it's a non issue - infact source of income is a protected basis in some jurisdictions. If your question is along the lines of what job will yield the most income, that's dependent on you're skills, location, experience, etc.

@Justin Stetson I've heard of this. You can simply become licensed if you like; it will probably cost a few thousand dollars, so you'll need to look at payback.

Have you considered house hacking with an FHA loan?