All Forum Posts by: Dee Xixi

Hello all,

I wanted to know what rates and terms that people are seeing from subprime lenders for multifamily acquisition?

Thank you for sharing!

Hi all,

is it illegal not too disclose to a lender that seller is carrying a second mortgage on a commercial deal? 

Also should it be spelled out in the P&S?

I am looking at a commercial property which i am borderline qualify to purchase. The building needs work. The seller loan is at the end of his 5 ARM.

To purchase the building with a new mortgage and to make repair i wont have enough capital. Bridge loan too expensive.

any creative ways i can enter a partnership, make repair and be added to the mortgage with refinance?

@ Joe, of course. I wont be that irresponsible.

@ Ann, by any chance do you have Ryan Gadles phone number. maybe you can PM it to me please. Here is Richard Coward contact info: Email: [email protected] Phone: 17743604306 Address: 35 Bates St, Brockton MA 02032.

@ Mike I have him in at least 3 phone conversation said I will mail the check back to you. Honestly I did a poor job on investing on him before handed him the check. I am not making excuses but he was referred by a reputable real estate agent in Brockton Ma and Rich have helped me in the past with two other deals. One of them he could not help with financing but he put me in touch with Bob Walsh that was able to help. The other deal, he told it was a bad deal do not buy.

@Shaun, I went back and read all the exchanges. 25k was included his fee, closing cost and prepaid interest.

Loan amount : 160k

Administrative fee: 7%

@Bill, The first person I called was the realtor. According to her she tried to reach out to him with no success. I still have a close relationship with the realtor, I doubted she was involved in the scam but you never know.

@ Rob, he drove by the property in question to know if he could done the loan. I met in in another area that closer to me that day but not at his listed office location.

I am wondering besides filling with the District Attorney and keep paying my partner interest on the 12.5k that he lent me. For taxes, can i file as a lost, specially if i ended up paying him back outta pocket?

The Broker name is Richard Coward from Brockton MA. He goes by the name of Richie. I have a written agreement with the broker.

I got his contact from a Real Estate agent in Brockton MA. But the crazy thing, I have talked to him about other deals before. Kn a separate deal, he told me couldnt help and put me in touch with another HML. However, in the contract his office location wasnt accurate. It was an empty building. I gave him a check for the 12.5k, he signed over to someone else.

The loan amount was $160k for a 7 units in New Bedford MA. .

I can put a complaint to the District Attorney even he is a commercial broker?

Dion thanks for your reply. Does the hard money lending fall under the same category? I needed a loan to buy a foreclosure multi family. His brokerage fee was supposed to be 25k. 12.5k at the begin and 12.5k at closing. I gave him a check for 12.5k, he cashed it and never heard from him. Called couple times and told me the check will be mail out back. Now his number is cancelled. He gave me false office address location. My attorney sent him a letter of demand. I hired an attorney, he could not guarantee to recoup the money back and he keeps charging for phone calls made, fee here and there. I cancel the service because i didnt see the process moving anywhere. I need to pay the investor his 12.5k that he lent me.

I have a broker that steal my broker fees and didn't perform on the loan. worst i borrow the money from another investor. what is my options legally? also tax wise can i claim a lost? I am still paying interest and eventually repay the investor per agreement.

Please advise

Hi All,

I am in a three way equity position in a buy and hold. Recently I am not too happy with the way the investment is heading partners wise. However the building is cash flow positive. I wanted to stay for as long as i can but i reach a point that i just the peace of mind. By asking to be bought out early, how much discount should i take? any advice on the best way to leave the investment?