All Forum Posts by: Chris Kraemer

This is an old post, but my experience with COGO was so bad, I need to chime in and say it was terrible! They were slow, cumbersome, and impolite. I almost lost a deal and had to change lenders days prior to my deadline. I went through one of their "brokers" who I trusted, but she was shocked how bad they treated this deal.

This is an old post, but my experience with COGO was so bad, I need to chime in and say it was terrible! They were slow, cumbersome, and impolite. Their appraisals come in low so you have to bring more to close than they promise. I almost lost a deal and had to change lenders days prior to my deadline.

This is an old post, but my experience with COGO was so bad, I need to chime in and say it was terrible! They were slow, cumbersome, and impolite. Their appraisals always come in low from what I hear, and it did for me, too, which allows them to fund less than they promise.  I almost lost a deal and had to change lenders days prior to my deadline.

This is an old post, but my experience with COGO was so bad, I need to chime in and say it was terrible! They were slow, cumbersome, and impolite. I almost lost a deal and had to change lenders days prior to my deadline.

I just had a terrible deal with GOGO. They were so bad,  I had to delay closing to switch lenders. They sold themselves as a fast hard money lender, but were slow and required more paperwork than any bank. They also changed their terms prior to closing. They could have easily cost me the entire deal and they seemed ambivalent.

There is an REO auction for an occupied 2010 property that looks perfect on the outside

Market value 180K

Suggested bid 130K

Last time an auction house in this area went for the suggested price and the CMA is accurate.

As a newbie, what are my risks of getting this occupied property?

As a newbie, I see good possibilities on auction websites, but many of them want cash offers.

It looks like all the hard money lenders only work with a closing process where they can do an appraisal?

I guess this means I can't make an offer on these unless I actually have my own cash up front...

Yep. everything helps - thanks!

thanks J

I keep reading that I will need cash to be a competitive buyer to house hack (live in a rehab for a year then rent it out).

So, will I need hard money initially?