Your a fascinating dude @brianphobos . I really have to give you props for supporting yourself off hustling. I think I'm sometimes a bit too cautious, my business was doing really well for years and I was still to chicken to make the plunge to go fulltime until 3 years and the business was doing 6 figures so I really admire you having the balls to do your thing and live your life on your terms.
That's interesting about the mirrorwrap mortgage. Do they still vet your credit and go through underwriting or do you literally just take over the loan? I know when I was buying my house here it was a big headache providing proof of income for the mortgage. Fortunately my business has been around a few years and I had a few years of tax returns but I make a decent amount off youtube and they didn't wanna count that which i kinda understand because its a 3rd party thign, because income isn't super consistant, etc.
While I am an "entrepreneur" I honestly feel more like an employee or a worker. I don't really live the Entrepreneur lifestyle or at least what my image of that is. I'm pretty much in the office 9 to 5. Because I worry about teh business and because I dont want to put a burden on my partner I probably wind up taking less time off than when I was working a job and I have a hard time leaving work at work.
I did buy a house somewhat recently. My first house was a duplex I bought in my early 20's moved in with a couple buddies, a few years in my folks moved to Charleston so I rented my house and moved into their house and rented it when they were away to help them out. DId that for a few years and then about two years ago bought a new place.
I'd like to build up a portfolio of rental properties so currently I have one rental and also have a home I live in. I'd like to buy a house in or around Charleston SC rent it for the next year or two and then eventually make the move down there. Real Estate down there is appreciating so fast A. I see an opportunity to make some money and B. I feel like I need to buy something before I'm priced out of the area which is already happening to an extent.
It's really amazing 5 or 6 years ago when my folks moved down there it was a relatively cheap plaec to live in terms of real estate and cost of living. Now, shit man for like 200K your lucky to get a 2 bedroom condo and were not talking luxury condo, think your average mediocre suburban apartment complex ie ugly exterior, cheap finishes inside etc, your lucky to find a 2 bed 1 bath for 200k or even 230k. The area I'd like to live Mt Pleasant I'll do a search on Zillow and you cant find a SFH under like 400k maybe even 500k. For 250K you'll get a trailer in some swampland if your lucky lol.
I try to spend most weekends out at lake michigan. 2 of my favorite spots are Weko Beach in Bridgman Michigan. Less crowded than chicago, sand dunes in the background, some great places to hike a campground and they have a dog beach a ways down.
Another nice spot is Grand Mere State Park in Stevensville. I'll occasionally hit up Indiana beaches but it just kinda turns me off being in the water and seeing the gas refinery and all that stuff nearby, I do love hiking the dunes nad stuff in that area or even just going and sitting at the beach there but not my favorite area to swim.
With the wraps you don't have to leverage your credit because a new loan isn't originated. So you can take down any size property fast and not get approval. It is often a mechanism that is used by investors who are going to take down a property and within a couple of months flip it. So they will just wrap those loans so they don't have to go through the approval process and they won't have to find a hard money lender or any of that.
There are some issues with it depending on the type of loan. Most loans today aren't truly assumable. They want people to always start over at the beginning and spin their wheels in interest.
A lot of loans have due on sale clauses that basically state that if the property is sold the loan can be called due and the lender can make you pay the entire principle balance. Mine isn't like that. They can't call it due and plus it pays off in 2 months. Usually if a loan is being paid then there is no reason to call it due.
I have been up to Stevensville. I actually used to have a FedEx box there and we would send supplements there and my parents would go up and get them and take them to Indiana. It was a pretty good setup for about a year or so. Supplements are considered food in Michigan so it isn't taxed.
Overall the hustling can get exhausting if stuff isn't going that great and just in general with anything it is tough to stay motivated. I have really go burned out with the resell stuff but I really need to be focusing more on it.
I would just rather focus more on crypto but I somewhat get burned out with that as well. It is tough to crank enough content and stay motivated.
Like today I really should crank like 3 videos. If I could average 2 videos a day then that would be ideal.
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That's interesting with those wrap mortgages. Is the original loan holder on the hook in any way? That seems very risky that a bank would allow someone else to assume the loan without really going through any underwriting. What if I want to get out of a house I'm underwater on and I find some homeless guy and I'm like hey dude want a house? That's a pretty extreme example but would seem risky to let the original person with the loan off the hook and the bank basically takes on the risk of someone unvetted.
That's cool you were into the supplement thing. Did you ever have problems with payment processing? the whole being classified as high risk is a nightmare to deal with. On eBay and Amazon Paypal and Amazon paymnet processing seem surprisingly lax on it but setup your own site and man what a nightmare from what I've heard.
Stevensville is a cool little town. I imagine it's been a while since you've been back there but there's a relatively new brewery called Watermark, cool little spot they have big glass garage doors that slide open so the inside is open air and outside they have lawn furniture, beanbag toss games, you can bring your dog and I'm pretty sure 7 days a week they have a different food truck outside selling food.
As far as tiring of things I feel you there. I have ADD, not sure if that plays a role but I'm just a very curious person and am always getting distracted by new projects, new things I want to learn about, new skills I wnat to acquire, etc. In many ways it's a strength in that it's helped me find a lot of ways to make money and have a lot of cool experiences but its also kind of a curse in that I have a hard time focusing and dedicating myself to one thing, I quickly get bored and want to move on to something else.
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It kind of depends if the previous owners are on the hook or not. In my situation it was sort of unique because the previous owners filed for bankruptcy so me paying on those loans actually was helping them repair their credit and it never kept them from getting credit cards eventually and getting loans for vehicles so they didn't care.
That all being said I wouldn't try to execute one of these by just filing paperwork with the county recorders office. I would go through a title company and have title insurance and all that. You don't want to have a clouded title and there be confusion of who legally owns the property.
The most likely scenario to take down a property like this is if someone has equity but there is a lot of deferred maintenance that they really can't fix and there isn't really enough room in the deal to be trying to pay realtor commissions to market the property on MLS. So wrapping the loans and paying the previous owners some money so they have some cash in hand to get them moved into another place.
Because the alternative would be potentially take a foreclosure if they are behind and if there is equity they really can't do a short sale and the money isn't there to really market the property and all that.
It is a tough deal to find to be honest with you. And then on top of that even talking to the owners about what you are looking to do could be met with skepticism. Like they would be worried you are going to sort of "take the property from them." But in reality the bank is going to take it from them so it is better they have cash in hand.
Also they are able to independently talk to people at the title company to understand everything from a 3rd party which can certainly help.
There are just a lot of people who for some reason think that real estate agents are the experts and that you have to go through them to do a transaction.
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