@Michael Tan I see this property is still marked as Pending, so at least you didn't close on it. Hopefully you're slowly coming to terms with losing $2500. That sucks, yet way better than what you could be facing if you close on that deal. I recently lost $6k on a deal that @Ryan Dossey essentially told me to stay away from, yet I just couldn't. So...$2500 isn't so bad!
If you're looking to buy properties to hold, I would strongly recommend that you get yourself a rentometer pro account. It only costs like $100 a year, and I'm guessing with the rent value it would have given you on this (average for 2 BR near that property is $762) you would have realized right away that this deal would never work. You have to do your due diligence on these things at the beginning - and trusting a wholesaler's numbers won't work.
Next, check out Iron Bridge Lending. Don't pay $4k for an origination fee. That's ridiculous. Other companies will charge a slightly higher percentage rate, yet if you do the math you'll see that even if you pay upwards of 15-16% you'll still be in the positive over paying LimaOne 11.5% plus that origination fee. Iron Bridge doesn't have any fees like that - and they only charge you interest on what you've drawn out. You will pay a point or two, but again on $86k that's not even half of LimaOne's origination fee. PM me and I'll shoot you the contact info for my guy there.
Be careful out there...there's a lot of wolves running around. Do your own due diligence and trust the numbers that you uncover from your own research. Regardless of what you read on BP about jumping into action, don't force the issue (this is how I lost $6k earlier this year on a junk house I bought last summer). If the numbers don't work, they don't work. You're going to find that way more often than the other way around. Jump into action because you trust yourself and/or your trusted advisor, and know you've done the proper due diligence.
