All Forum Posts by: Mike Burkett

@Derek Beatty  Is the buyer moving into the house?  Is the financing conventional, meaning it will take 30 days to close?  If so, your seller probably won't be too happy.   If the buyer is an investor and rehabbing then flipping the house and financing with private money or hard money, the close should take place pretty quick and have no effect to you assuming there is sufficient time to close on a hard money deal.   The investor structure is quite common.  

@Chris Marten Chris, are you living in the house? Is the house titled in your name or an LLC? If you are not living in the house, a hard money loan should be easy to get and quick to close.

@Shedrick Archangel It is all across the board. Some require appraisals, some don't. Some require experience, others don't. At a minimum you need to provide LLC documents, driver's license, purchase contract, proof of funds, proof of insurance. Let us know if we can help with any other questions.

@Jose Trujillo  We have certainly made loans just for rehab.  $50k is on the low end, but not out of the question, particularly since you are paying cash for the property.  We usually have a minimum origination fee we charge which makes the loan a little more expensive.  

@Heidi Lutz  Since you are on BP, I'm assuming you want to hold that property as a rental.  Do you own a house?  If so, the process of getting qualified is basically the same.  If you have never bought a house, you will need to provide proof of enough stable income to support the mortgage payments, good credit, and sufficient cash and reserves to close.  I'd be happy to walk you through that process.  If you are buying a duplex or larger, plan on living in one of the units.  Contact a local realtor to help you with finding properties in the best locations based on the amount of money you want to spend.  Get qualified for a mortgage before you begin that search.  

@Jose Trujillo  How much are you looking for?

@Shedrick Archangel Driver's license, LLC formation documents, bank statements, loan application, and executed purchase contract.

@Jaz Patel @Kyle Strouse  I agree with Kyle.  Read those PDF attachments.  Most of the quoted cents/kwh are basically bait and switch.  You will need to know your average monthly usage for the past 12 months.  If you want the best electricity program you basically need to build a spreadsheet using your actual usage.  It won't require a super computer, but it will require some work analyze these offers.  

Power to Choose was set up to make it simpler for consumers.  The electric companies figured out how to make it complicated again.  Good luck.

@Rendall Mash  I haven't heard anything positive or negative about them.  I'm curious to hear from others.  I've never been a fan of high pressure sales people either.  

@Keritan Shelby, I'd be happy to help you with any questions you have.