All Forum Posts by: Terrence Robinson-Brown

Lose the fear of exploring Hard Money and other non traditional lending methods to finance deals. I’ve finally bought into the reality that this buying a house as I save the 20-25% down payment thing isn’t what I want to do. I feel like doing it this way has kept me stagnant.

Hey Maria,

I have cousin who had this same problem during the beginning of the winter in his new apartment. His son came to visit  and began to have seizures. (Not to say mold was the problem). The doctor in the ER suggested that he test for mold.

I remembered that I'd been to a REIA meeting and heard about this mold tester in Home Depot. I went to my local Home Depot and took a screen shot of the test and sent it to him. He conducted the test and found out that it was mold in the apartment.

However, you have to mail it out to a lab and get it tested... Only then will you know if its toxic.

When my cousin showed his landlord the results of the test, she let him out the lease...

Here's the pic of the test....  Hey, run the test to see if there's a presence of mold there....

Terrence........... (Proper_T)

Hey Markus, I'm about to close on my second FHA LOAN(which I didn't know was possible until I spoke to my loan officer). My credit was FAR from perfect but the property is only 85k and I have a decent salary. An yea, you MUST stay in the property. Someone said for one year but from my understanding it's 3 yrs ( I could be wrong). My first property(closed in 2009) was a three family and I stayed in one unit. This second property is a 2 family and my loan officer and realtor made it clear to me that I would have to stay in the unit. Since the property has a legal full finished basement I can still receive two rents and have a living space for myself. In closing, I would inquire about the FHA loan because if the low 3.5% down. Even with non perfect credit it may go through. I wasn't even at a 700 but my salary is good and the property is cheap. Give it a shot. The worse that can happen is they day no. At least then you'll know where you stand an what you need to do to be in a better position. Terrence......... Excuse the typos (iPhone)

Hey guys I would really love to learn more about your tenants paying rent through an automated system. Has this made your collection of rents easier? What about late payments or the ole "I sent it but I don't know what happen". Finally, any suggestions on who I should go with to start my SD IRA? Any help would be appreciated. Terrence......

I currently have a 2 family home under contract.  Im buying from Bank of America.  The price is great and the property is in rental condition (with paint, carpet, and a stove). 

The Problem: Im buying this home with an FHA loan. The home had to have running water for it to get approved. The home owner or someone else cut the copper pipes from the water tank. My crazy self got a plumber in there to fix it so it can pass the appraisal.

It did pass appraisal but now I have about 2 weeks to close.  My concerns are:

1. What if the lender finds something they don't like and I don't get the loan, even though I got a commitment letter? (money lost on repair)

2.  What if someone enters the home and rips out the copper again. (money lost on repair)

WAS THIS A FOOLISH MOVE ON MY PART?  BE HONEST!!  

ps.  I really wanted this property.  PEACE!!!

Terrence...

@ Brie Thanks for the advice.  I've been looking at the forums and I do see that there is tons of info here for free.  But should I attend just to be in the mix with people who are in my local area?  Let me know what you think..  PEACE...

Terrence...

@Curt, Thanks for the heads up advice man.  I will continue to mingle just to be around folks that are where I want to be and to have some people to reach out to.  Hopefully I'll need those folks sooner than later

Thanks a million. PEACE....

Terrence....

Hello BP folks,

Im struggling with an issue involving my local REIA meetings. It seems like the point of these meetings are to have someone present half of a good idea only to tell you that you have to pay for a program or a boot camp to get all of the information. Lately I've been turned off by these meetings.

When I attend my next REIA meeting what and who should I be looking for. Im often lost in these meetings and don't know who to network with.

Can anyone help me with this?  Should I be looking for money lenders, CPA's, attorney's etc?

I only have one deal under my belt with another one under contract as I type (so I'm far from seasoned) will people take me seriously?

PLEASE HELP!! What do you guys do to have an effective meeting at your local REIA?

Terrence....

Hey Michelle,

A co-worker and I were just discussing the Philly Market about a month ago.  He has family there and tells me that theres a lot of opportunities out there.  According to what he says, your in a good market for what your trying to do.  Have you had any experience in Lancaster PA?  I hear theres a lot of god properties out there too.  

Welcome aboard Michelle, I'll be learning this RE game along with you..... PEACE

Terence.......  CT Investor