RBBP Mentoring Sessions Day 1 Andrea Weule

Call tonight was awesome. Sharing valuable re contract information is an excellent way to end a holiday weekend!

For those who missed the call tonight or would like to listen to it again, the replay is uploaded. Look forward to next Monday's call! Have a great night.

Thanks,
Jeremy

Andrea,

I agree with Jeremy, great call! I took 15 pages of notes, I thought the info was so valuable! When I contacted my agent to see if she would help me go over how to fill out a contract as you said, it was a bit DISHEARTENING.
She sounded a bit testy in her answer. “Why do you need to know how to fill out a purchase agreement? You DON'T need to know if you are working with me because I will fill it out and you or my Buyers do the signing with MY explanation of each paragraph as it is signed. I spent 3-4 hours searching for the properties you wanted. I thought and your buyers were going to buy it!”

What do you think of this? How should I respond? Does this sound like an agent you'd want to work with?

Thanks,

Greg

Wow, I think your agent has a few other stresses in her life. Now, I'm not saying to write her off, but I would try a second pass at her. Remind her that you'll be making several aggressive offers and that there will be time up front. I always ask that my agents stick with me for 50 offers. That is a good test to see who freaks right away.

As for the understanding contracts, explain you want to understand the basics of a RE contract and you know she is an expert. A little ego stroking Never hurts. Explain that you know she has put in time and you'd like to template a contract to make more offers faster. See how this conversation goes. If well great, you're back on the same page. If not well, move on there are tons of great agents out there.

Best of luck!

Andrea,

Thanks for the previous help. How does no season refinancing compare to HELOC home equity line of credit? My understanding is that most banks provide HELOC. Matt suggest we put a great deal of effort into finding a bank that provides the no season refinancing. By doing so we'll be able to find a bank that no one else can find.

Thanks,

Greg

A HELOC if through a traditional bank is still based largely on your credit. Additionally, it shows on your credit score and can give you a challenging debt to income ratio. Additonally, traditional loans often limit the number of deals you can do.

A smaller local bank that does cash out refinaces and holds loans inhouse are what we focus on (not that you cannot use the others). The in house loans are not reported on your credi score - unless you default. They also refinance based on the value of the property not the purchase price. Finally, they will often put the loans right in your llc's (company's) name.

We are in the process of interviewing several STL banks right now.
Hope this helps, Andrea