Posted by Mike B on May 13, 2000 at 14:07:45:
Bud, thanks for responding!! I am relatively new to investing. On the few houses I have bought and fixed up for profit, I have contacted my mortgage broker who in turn got me a loan (conventionally). I then fixup the property and list it with my realtor. I know this is not the most creative way to buy and sell but I have at least made decent profit on each of them per my financial goal per house ($10k-$15k). The houses I have done so far have been listed on MLS. My broker gets paid well (usually 1 point + placement/bonuses). I just felt he was getting a little too greedy on this one. We did discuss the ‘misunderstanding’, and we are scheduled to close on Tuesday. I will, however, be pursuing other alternatives to my financing for future projects. Any advice is always greatly appreciated!!
Once again, thanks for your help!!