Has anyone done business with these companies?

[Zachary S.]

Hello,

I am in the process of searching for private or hard money and found two that I just wanted to see if anyone's heard of or done business with.

Cogo Capital and EconoHomes

Let me know.

Zachary (The Frontier Guy)

[George C.]

I bought a home a year ago from Econhomes, It's not for the faint of heart, your buying with a quit claim deed only. I had a title search done before (and bought title insurance) from a local company so I went ahead and closed. You do wait months, about three months for me to finally get recorded... but it all came out in the wash. It was a great deal for me, a home with a little fixing that will realistically sell today for $65K, I paid $21K for, it rents for $950.

I know they offer to financing on their homes, the rate is pretty high, I paid cash.
I would buy again from them and constantly look over their site for another that would work for me.

I wanted to look at this house when it was listed by the bank as an reo for $35K, was told it was off the market, only to show up again for $25K from econo. It turns out that econo bought it in a bulk purchase of 100 homes, they paid $12K for mine, as I found out in title work that came later.

Econo does not pay anything on the home while they have it, no r/e taxes, hoa fees, etc... If you do buy from them, be sure to find out what is owed on it, because YOU will be stuck with it. Mine was just bought by them when I bought it, so nothing was owed. Some they are stuck with for a long time, so you might have to pay nearly a years back taxes & other fees at or after closing.