All Forum Posts by: Curtis Mears

I had asked this before, but did not have the supporting links, so I am asking again with reference. My father in Law would like to burrow money so he can buy a new house. I would provide a bridge loan secured by the old house and he would pay me back once the old house is sold. Is this legal under Dodd Frank as I am definitely not a mortgage broker? See link below for the detailed explanation.

http://barneswalker.com/seller-financing-restrictions-under-the-dodd-frank-act/

Here is a link to what my father in law refers to. It is part of the Dodd Frank Bill.

http://www.businessobserverfl.com/opinion/detail/the-unintended-consequences-of-dodd-frank/

I was in the process of lending my father in law some money so he could buy a new house (basically loaning him money until he sold his current house). I was going to put a lien on the existing house as is usual. He spoke to his attorney and the attorney said that as of Oct 1st, 2015, private lenders can no longer lend money and put liens on property, only mortgage banks can have liens. Has anyone heard of this? And if true, how does this effect private investors, and also WTF was the government thinking?

East side just west of Knightdale.

We had used Cozy Bear a while back and they were excellent, but I think they merged and are now Alpine Heating and Air. The guy we worked with was Ron.

I bought the house almost at asking price. But, the house is immaculate so should rent out very well.

I just signed the contract for my first rental property. I am sure I paid to much, but it is a great looking home and turnkey. Does anyone have referrals for home inspectors. I am sure the real estate agent knows some, but I like to have options. I have been trolling the Biggerpockets site for a while. Thanks for all the great tips/ideas.

Curtis

Funny thing, I have consistently offered to by beach front property for pennies on the dollar and never a taker, even though, the experts keep telling us how these properties will be underwater. Do not believe everything you hear regarding sea level rise and such. If it were as dire as they would want to believe, then no bank or insurance company would take the risk.

The real issue is getting property on sand bars, which, by their very nature, are always moving and changing.

Jerry, I moved to Raleigh about 9 years ago and moved into the North area (between 6 Forks Rd and Falls of Neuse). The area is quiet and close to about everything. And compared to inside the beltway (area inside 440), it is much cheaper. I have been looking for rental properties, but have not found anything yet, so I can not comment on that.

Lauren,

Yes people do rent single family homes. Two of my neighbors are renting 4 bedroom homes from a local real estate agent who purchased them back in 2006. I am not sure how the numbers work out as the homes are $300+ and rent for about $2,300. I am looking to purchase a single family home for rent, but, I find the prices are high, and the rents low in relation to prices.

Thanks to all for the advice. I will look into the REIA as I was not aware of it before today.