All Forum Posts by: Scot Howat

Welcome.  Why wholesaling???

Can I talk you out of it?

If you can document that they are one time losses they will not be counted against you.  But you have to document it.

That's pretty typical.  I found a guy locally (IL) that'll do similar rates and terms.  But I'm sure if you call around you can find someone that'll do 30 year terms.

@Danny N. you should go to a few local REI clubs and talk to a bunch of people there. I'm sure you could find the bank that you're looking for that way.

A portfolio loan (or portfolio lender) is a mortgage that is not sold to the secondary market.  Which basically means that the bank that does a mortgage for you will actually keep the loan and service the payments you make.  Most banks don't do that (Bank of America, Wells Fargo, Chase etc...). 

The best place to find a portfolio lender are small community banks and credit unions in your area.  Just call them up and ask to speak with someone in their loan department, then ask if they sell off their mortgages to Fannie Mae or Freddie Mac, or if they hold on to them.  It shouldn't be too hard to find a couple of them in your area.

I'm actively doing deals too.  

I'm simply trying to offer an unbiased opinion to @Enrique S. based on my personal experience, that's all.

I'm sure there are people that go to Renatus that have done deals, I'm just saying that every one that I've talked to hasn't. 

I'd rather lose $20,000 on a deal and get the experience rather than spend $20,000 on an education.  That's just my personal preference.

I'm looking around too.  I've got a short list of names but I haven't vetted any yet.

My impression of Renatus is that it's a hype up group.  They bring a lot of people in the door, and end up selling them education packages.  Then those people try to sell more education packages rather than focusing on deals.

I call all the Renatus bandit signs in my area and have yet to talk to a person there who has actually done a deal.  I'm sure if there are hundreds of people that show up every week then the odds are that someone has done deals, I'm not doubting that.  I'm not saying that it's a bogus group or anything, but based on my experience so far the only people I've spoken to are interested in selling education.

I talk to a lot of Renatus folks in my area and I have yet to find one that has actually done a deal.  

I have no doubts that they have a good community, and good education.  But I would agree that if you have a deal on your hands you can find an experienced investor to help you walk through it.

Renatus is a for profit company, selling real estate education.  

You should attend a non for profit real estate club in your area.  That's where the mentor you're looking for will be.

They tried to make us tear off the roof, but we pushed back and they let it go.  Other than that it was pretty easy.  It was a cosmetic job anyways.