All Forum Posts by: Phil G.

Be aware that in many states this would constitute unlicensed activity and can land your birddogs in jeopardy.

I buy in NH and MA. I primarily buy listed REO properties within 60 minutes of home. Workable listed flips are far from plentiful, but they do pop-up. Luckily I only do one or two deals a year, when the opportunity comes around.

@Bill Gulley

What regulatory agency has jurisdiction for registering HML that you refer to? Federal or State? Only lending my own funds.

In terms of mortgage lending, Massachusetts only requires licensing of mortgage broker, mortgage lender and mortgage originators for owner-occupied residential properties.

Want to be able to charge my points :)

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I'm self-employed and have max out my solo 401(k) plan, but if I were working a job, I would, at the least, invest up to the max of any company match I was eligible for.

@Bryan C.

I've been told be a loan officer at one of the national IRA lenders that they sometimes will make an exception and do a loan in the $40s, so it may be worth a call if you're just under the $50K. There are also some regional lenders that will do loans less than $50K. A $20K or $25K loan will be more difficult to find.

@Susan Maneck

It's not per unit, so a fourplex @60% LTV and $50K minimum loan would need to sell for $83.3K. SFR they'll typically do 70% LTV.

@Susan Maneck

The lender I was referring to does loans for buy & hold investors with a 10 year term.

They aren't my lender, my last post was a bit confusing. I am the HML lender on the fix and flips, I mentioned, not the borrower. I don't use this lender. Just know of them.

I do small non-recourse hard money loans for fix and flip with high interest rate & points.  So, if you're willing to pay a high enough rate, I'm guessing there will be some private money out there.

I know of one hard money lender who will do a $25,000 loan 50%-60% LTV for 10 year terms at 13%+. Your loans will still fall under their minimum, if there's opportunity for repeat business, you never know if they might make an exception.

PM me if you want their name.

From the Board's website:

Does a Licensee need to report his/her affiliation and/or a termination of an affiliation? If yes, how does a Licensee record an affiliation and/or a termination of an affiliation?

Yes, a Licensee must report his/her affiliation to the Board and/or a termination of an affiliation. The Broker of Record must complete the form entitled "Affiliation Notice" located under the Applications and Forms link on the Board's website. The Broker of Record can either mail the form to the Real Estate Board, 1000 Washington Street, Suite 710, Boston, MA 02118 or fax to 617-727-0139.

Some MLS systems are owned by one or more boards. Others are independent. They are privately owned either way and a license doesn't entitle you to membership in an MLS.

I belong to Massachusetts and New Hampshire MLS. The Massachusetts MLS (MLSPIN) doesn't require that you be a realtor to join, but you pay more for MLS dues if you're a non-realtor. The NH MLS (NNEREN), is also the VT MLS, also doesn't require you to be a realtor, but if you're not a Realtor, they charge everyone in your office the non-realtor rate, so brokers make all agents become Realtors. NNEREN doesn't care what board you belong to, so long as you're a Realtor somewhere. Other MLS systems are owned by a board and are more rigid about membership. The Rhode Island Statewide MLS is wholly owned by the RIAR and they require you be a Realtor to join. I personally would like to see a single national MLS.