lee Arnold ,every ones knows something about it

[Sergio Luna]

Lee Arnold ,is any one who. an know some experiences on this company cogo capital?

[Denver Boling]

We are working with COGO now. Extremely frustrating experience! 

They told us the deal we have would qualify for 100% financing for purchase, closing costs, and Rehab. Gave them the closing date and they said "No problem.  That is plenty of time."  Awesome!  We signed on and then....

Communication slowed!  They are based in Idaho and we are in Ohio. Sent us a list of items they needed.  Ok no problem.  Sent all the information that was on the list. Week 1:  Told us for 5 days they hadn't received our contract!!  Kept sending and kept getting same response.  How they were able to open all the other PDF's, but not that one still boggles me.  Ended up faxing it to them.  2 days later they said we still don't have it!! Then magically it appeared.  Also had to pay into the Lee Arnold system and purchase items from it for them to complete paperwork.  

Week 2:  Now they have to have the property appraised again because it was too old.  When we first started this process with them it was still valid.  They now would also have to have one of their inspectors check out the property. They never scheduled the appraisal.  Thought it was our responsibility.  We called the appraiser and was told that COGO was the client and they were sent all the information, but have yet to schedule.  Called COGO..."Sorry our mistake, but we will need more time.  Ask the owner for an extension.". 

Got the extension and moved forward.  COGO now says they need a licensed and insured contractor bid and hazard insurance on the property. This wasn't in the original packet of info they needed.  Got the contractor bid, but told them we don't own the property yet so the hazard insurance for this property doesn't exist.  Gave COGO my agents info to verify the insurance we were planning on purchasing at close.

COGO now comes back with our credit scores are too low for the 100 % financing they promised. Within 1-2 points.   They would pull it again in a few days to see if it went up.  Are you kidding me??!! Called to cancel and have membership fee returned since they said "Buying into the program would guarantee 100% financing". 

Our main POC then immediately got back to us and said that if we stayed enrolled they would wave some of the other requirements and we would get 100%. 

We are now 3 weeks in, closing is next week,  the appraisal has not been submitted to them, and the inspector is just now scheduling to get in!  

This deal was great at $130k ARV, purchase of $60k, and maximum of $29k in rehab. Days on market for homes in this are are less than 60 days. Now it may not happen because of COGO!