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Black Gray
Black or White
In a business such as ours, there are MANY gray areas. But, do you actually know what is gray and what is not?
When Sharon and I first started in this business we structured deals the way our mortgage brokers told us to. It was not until we had been in the business for awhile that we began to question whether or not some of the deals were in the “gray” area. Lucky for us, we did not break the law. However, many investors do and have gone to jail or been heavily fined because of it. How does a new investor avoid the pitfalls of unscrupulous realtors and mortgage brokers? Easy, if you can’t put it on the closing statement or show it to your accountant, you should not be doing it.
We want to share a gray area scenario with you so you will understand what we are talking about.
You have a property for sale for $80,000. You find a buyer who loves the property but can only qualify for an 80% loan. Your buyer has no cash and needs 100% financing. Your mortgage broker tells you to make the sales contract for $100,000 and that he’ll get the buyers 80% of that amount giving them a $80,000 loan. In essence, your buyers now have 100% financing. The broker then tells you to prepare a second mortgage for the additional $20,000 ($100,000 contract price minus the $80,000 loan) and satisfy it at the closing table. You agree thinking this all sounds good. The day of the closing arrives, your buyer gets the 80% loan, you close on a deal, and then you sign papers satisfying a second mortgage you have no intention of collecting. Seems like a great deal for everyone, right? Wrong! This is bank fraud. If you can’t put the second mortgage on the closing statement or you aren’t really collecting the money or you inflated the price to get your buyer 100% financing, you have, without a shadow if a doubt, committed fraud.
There are so many mortgage brokers who do this, it’s scary. There are other ways to get your buyers qualified without committing fraud. You can pay part of their closing costs, you can offer gift letters, some banks allow the seller to legitimately carry back a second mortgage, others may allow you to pay part of their down payment. We know how desperately investors want to close on their deals, but please do it within the limits of the law. There were two mortgage brokers in the paper recently who were arrested on charges of fraud. We happen to know one of them. Don’t let greed or inexperience lead you down the wrong path.
If you are a new investor and don’t know where to start, call a group leader or another investor. We are happy to offer advice, give you the names of folks that we have successfully worked with, and help you in any way possible. Attending investor meetings is the best way to find every person you need to be successful in this business. Other investors will be happy to share with you who works in the “white area” and who does not.
About the Author
Dwan Bent-Twyford is the Co-Founder and Faculty Head of The Investors Edge University, a company that specializes in training new and seasoned investors in a wide range of real-estate investing techniques through live workshops and seminars.
Dwan is President of Financial Freedom Through Foreclosures. Her company specializes in educating new as well as seasoned investors through a series of home study courses and boot camps.
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