Loan Officer Nelson
Loan OfficerForum Replies Created
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We are seeing massive layoffs due to the significant drop in new home loan applications due to higher interest rates… There’s a lot of mergers occurring in our industry as well…
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What is a POS: Also now as a “point of sale”: The point of sale or point of purchase is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment (reference: https://en.wikipedia.org/wiki/Point_of_sale)
Now as far as how to make money with it… I will leave that to someone more experienced in the forum
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The Feds has announced that they are going to hold rates at their current level, which is good for everyone! Here’s a way to “TRY” to predict rates:
Going Up: “Unemployment rate low” and “inflation is increasing year over year”
Going Doan: “Unemployment is high” and “inflation is slowing year over year”
The Feds try to aim for a 2% inflation rate and a unemployment rate of 5%
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This is a terrific product! OPMs (Other People’s Money) is the fast track to wealth creation… Here’s the play to turn yourself into a mega investor:
1. Credit: You should always strive to have “very good” or “excellent credit”… So try to be at least a 661 FICO score or higher… This is save you thousands in interest paid over time!
2. Liquidity: Just because you’re using OPMs, doesn’t mean you should have “$h!t happens” money… What if the repairs comes out to be more than you expected? What if there are delays during the renovation process due to the weather? What if finding a quality tenant takes a little longer? Be prepared to weather the storm! My recommendation? Have at least $40k-$50k in an easily accessible cash-value account (i.e. checking, savings, money market, stocks, etc.). Thank me later
3. BUILD YOUR TEAM: Trying to find a good deal is tough! All the calls & letters talking to homeowners that will just waste your time is discouraging. Enter “Wholesalers, Bird-dogs, etc.”, these people will go hunting for potential properties for you! Of course you need to make sure that they understand that you need to be at 65%ARV (After Repair Value), and that they need to factor their cut into the deal (Purchase Price + Wholesaler fee + Repairs = 65%ARV)… FYI – you can do a dual closing to leverage this product!
4. EVALUTE YOUR DEAL!: Make sure the number works for your investing risk: cashflow, ROIs, whatever is important to you… Not great at figuring out what needs to be repair? Hire a quality home inspector (or if you REALLY want to know what needs to be done to a property, maybe even get a HUD-consultant, FYI their way more expense, so it may not make sense)…
5. FIND THE MONEY: Contact us! Knowing a good deal is one thing! Knowing where to get the money is a completely different challenge! We created this forum to help guide ANYONE that’s looking for REAL answers from REAL professionals! There’s no bad questions, except the ones you’re too afraid to ask
6. TAKE ACTION: Be consistent at doing the EFFECTIVE work! Don’t fall into the treat of analysis paralysis. You’re not going to know everything until you’ve start doing something. Trying to be efficient or innovative means nothing if you aren’t being effective
-Nelson Thompson aka Mortgage Sensei
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Will do!
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It’s a portfolio product… The investors are high net-worth individuals looking to park their money… My partner combed the US finding these individuals and created this product from scratch with them! We’re so excited to bring this to market
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Hey Lisa! To get started is easy! Just book an appointment with me for a free commerical/business lending consultation: https://calendar.app.google/EkxQUtHF1cw6tKkj8
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Will do!
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Sure no problem!
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