All Forum Posts by: David Weintraub

I drive through Trenton 2-3 days a week.  It's a good place for lawyers across from the courthouse, but I don't see much else right now.  

My parents made a great hard money lender.  I can't speak to anyone else. 

the 100% financing lenders have a catch.  It's a good pitch, I'll admit, but it's not as it seems.  

They'll give you 100% of purchase at close, and they'll even advance you say $10,000 in rehab funding, of the 100% of rehab.  

But...you'll still have to pay the points, which will probably be 3, and you'll have to put 3-6 months of rehab funds into an escrow account, and there may even be loan term minimums of 6 months.

The 6 month thing isn't bad because in a best case you're out in 4 months, but it'll probably be closer to 6.  But you still have to tie up your money in the escrow account at closing.  

There are companies who are doing this because they feel the market is tightenting (it is), and they need to play the volume game of processing as many loans as possible in what they view as a short window.  Could be dangerous for them, but it's their money...

I would imagine the ARV will be tigher at 60-65% rather than 70-75%, which is out there.

I'm not in the business of crapping on local companies, but I feel I need to say something here.

You're not the first person who I've heard about dealing with a really bad situation with this company.  I know there are some folks on BP who feel otherwise, but after the first story I heard I went to someone who KNOWS.  And he said, "Avoid them at all costs.  ALL.  COSTS!"  

If people are getting ripped off, or sold a bunch of goods, that's garbage.  Sorry you had to deal with this.  I'm glad the city stepped up for you.  That's not usually their position. 

I am Hard Money Lender.

I am not Private Lender. 

Really depends on the "class" of the property, and as @Yury Shraybman pointed out, the type of commercial property, and the number of resi units.  Are you looking online, or walking into local banks? Where's the property? 

You're born to family - you didn't choose them.  Don't think they're going to care for you because you're related.  Often, that's not how it works.  Stop looking at your mother/sister as "family", and realize they're just two people who want to prevent you from being happy.

Forget the pets.  I've had pets.  I love pets.  BUT...we eat animals.  That's just the reality.  Gotta let those things go right now, as sad as it is for you.

If you are truly determined you can get a job.  I'm just not sure exacty what type of job you're applying for.  Do you have a resume?  What does it look like?  I happen to have some decent resume skills so if you want to email it over to me I can help jazz it up.  If you don't have a resume, try and get one/make one.  

Think about the value you can add to someone else, and try and obtain a job in that field.

I can't say definitively what's going on there.  if you win on auction.com above the reserve, I've never heard of anyone not winning.  Maybe I'm wrong. 

Not to bring up bad news, but just to satiate my own curiosity, I googled  "Sherwin Vargas Real Estate"  and it brought me right to this thread.