All Forum Posts by: Shannon Wright

@Jeff S....I would suggest private lenders doing LESS than 5 loans a year to avoid TRID Compliance requirements under new GFPB regulations.

"The new integrated disclosures are not used to disclose information about reverse mortgages, home equity lines of credit (HELOCs), chattel-dwelling loans such as loans secured by a mobile home or by a dwelling that is not attached to real property (i.e., land), or other transactions not covered by the TILA-RESPA Integrated Disclosure rule. The final rule also does not apply to loans made by a creditor who makes five or fewer mortgages in a year." (Bottom of page 2:

http://files.consumerfinance.gov/f/201503_cfpb_regulation-x-real-estate-settlement-procedures-act.pdf)

@Bill Gulley I do doubles and I am escrow, funds have to come to me, not title and I pay the TF back on the B-C deal, also.

Escrow gals like me are good people, too! ha :)

I have plenty of investors looking for private money in that range, especially since I handle the whole state of Ca.

Each deal is very different in need and timing, sometimes it is quick and easy ROI and sometimes it will take a little longer. Let me know if you want to discuss options. :)

@Account Closed is right...I am only familiar with Ca, but POA's usually become void upon death. Was the property owned just by the deceased party solely and individually? Maybe it was in the trust, there is a joint tenant (that has surviviorship rules in Ca) or something similiar and you can get lucky and avoid probate.

I do, I handle the whole state. :)

Yes, my list is not "available", as @Chris Mason said. I made a promise to everyone that their email would not be spammed or passed on to anyone. I have even turned down money to buy access to my list! #MyWordIsMyBond

I'd love to network and help you with the resources and contacts I have. :)

This is very odd and makes me wonder why. Is there an agreement between owner and tenant that will not allow you to evict them? Is there rent control?

You cant remove a contingency on this wihout full disclosure...IMO.

Flood insurance is very expensive, so is earthquake. I had one lender require EQ insurance and it killed the deal. :(

On a side note, I would see no reason to separate the transactions, we combine adjoining properties into one deal often enough with no problem.

I disagree that SoCal (and the rest of Ca) is bad investment, I have over 50 investors that I work with personally that are turning a profit all day statewide...it's about finding the diamond in the rough and where it is located. Some areas have lower profit margins but are a guarantee, while others are a lot harder to find quantity, but it will only take 1 deal to net over $500k in profit in flip or allow you to collect a decent rent.

B&H in some areas are a waste of time because the tenant pool is not the best or your have rent control issues, but there are quite a few places where renters are stabilized former homeowners that were displaced from the crash and they will pay well for the right house and not move for a while.

It's all about perspective and using that perspective in the right areas, IMHO.