All Forum Posts by: George Zink

interesting...is that still possible even though the paperwork has been signed using my LLC as the buyer?...would the bank seller have any issue with changing the "buyer" mid-stream? And lastly, any additional "significant" fees/costs to consider?

thanks for your creative idea!

all great comments.  I appreciate the input from everyone.  I'll be having several conversations tomorrow and hope to get this issue resolved successfully.

tried getting a HELOC, but don't report enough income to qualify (retired w/ no pension)

definitely don't want to do anything illegal, so I appreciate your input

thanks, Jeff...really appreciate your thoughts/ideas...they are a lending firm

don't know...good point...will research...another reason to look for other options

don't mind the additional risk...looking for other options, too because most lenders won't lend on personal residence because of the homestead protection that exists in Fl...any other ideas?

looking for solution...winning bidder at cash only auction closing 5/2...purch 379,500...needs 100k rehab...ARV is 650k...I'm putting 190k personal $...borrowing 290k...private lender has agreed to fund but wants to establish mortgage at closing for the 290k...bank seller won't allow because it's a cash only deal...any ideas?...one option I thought of was having lender put the mortgage on my personal residence (value 450k...no existing mortgage) so they could distribute funds prior to 5/2 closing yet still have collateral protection...just looking for best strategy

yes...I would NOT use their service.  They basically charge a little under 9k for a 100k "loan" which amounts to several 0% interest credit cards that they apply for in your name.  In the initial conversation, I asked if there were any other fees charged for utilizing the funds and the answer was no.  I went through the whole process and only in the final conversation with a loan processor did I find out that there would be 2-4% fees charged by the credit card companies to access the $$$.  VERY deceptive practices, including the outright lie.  They promised to send an email confirmation regarding the cancelation of the loan request...that was a few days ago...have sent a few email requests and left phone messages but no response so far.  I would stay VERY FAR away from this company.

a few of us are organizing a RE investment club for educational/networking purposes (meeting once/month)...applying for a tax id number so we can have a bank account, but not sure what "legal structure" would be best...any suggestions?