All Forum Posts by: Greg Newson

Thanks Joe for clearing that up for me. I knew there would be something I wasn't thinking of, now I can work around that... Thanks again

I'm still really new to the investing side of this, I'm nervous with the holidays coming I'll have to set on one a while.

I've decided because of this I'm going to buy a very cheap property in a good rental area, and instead of renting, I'd like to just carry a note. There won't be a lender involved, but I want to be sure I'm thinking right in what I want to do.

I'm paying cash for the purchase, and rehab. My plan is to sell owner finance when it's done. My question is, once someone has the home under contract, since it's technically under my name, can I then go to a bank and finance the home to recoup my money and invest it into other flips for spring?

I just wanted to know if there's any pitfalls in my plan that I'm not seeing? I'd appreciate any advice from anyone whose actually done this type of thing before.....

-stay blessed-

Hey chief - I WAS DUMB ENOUGH TO PAY THEIR CRAZY FEES A FEW WEEKS AGO.... Ok desperate really. Horrible all around. Ed is so full of crap I feel I needed to wipe my phone off (every time I actually got to talk to him anyway) with tp..... My advice run as fast as you can without looking back.

No I was already at the dead line. I was 2 days away from my 3rd closing when he sent me his broker opinion (not apprasial), that came in at less then half the ARV my agent and her broker who both sell in that area every week gave me. It wasn't just my opinion he had a low ball apprasial come in at the last second, the Agent and her broker had came to that conclusion too, before me. I knew that wasn't the smartest of ways to get a lender, but I'm new and that seemed to be the best option for my situation. I know lenders take risk every time, I don't want to whine about it, I'll just dust myself off and go again... I just wanted to warn new people. I had seen that people had asked if anyone had ever heard of them (the lender), but no answers. Only wanted to spread the word, not start a big conversation. Don't really know my way around bigger pockets to, there may be a better place to put this, just didn't know that either.

Ok I guess English isn't someone up theres first language. The whosaler is in S.E. Tennessee, the lender is out of Washington state, I'M NOT SAYING THEY WORKED TOGETHER. As far as the loan not closing, I'm not going to type out all the excuses I heard. The biggest problem was the appraisal he charged me up front for, took him over 2 weeks to get done, then when he did finally get it, it was just a broker opinion instead of a actual appraisal. They pulled comps from over 15 miles away, just so their numbers would come back low (at least that was the opinion of myself, my Agent and her broker) , INSTEAD OF PULLING FROM THE HUNDREDS OF SALES WITHIN 2 MILES. The Lender simply used some appraiser from California probably, on a property from N Georgia. I had explained how "hot" that areas became in the last few year's, and was concerned about just what eventually happened, he got a appraiser from across the country to give him low numbers, so he would have a out....

I don't feel like writing anymore about this, I just wanted any new investor to be aware that Churchill and Forrester is not a viable option if you're looking to get a deal funded.

I have a lot of respect for lenders, I know they are the ones taking the most risk on these deals, but this one's taking money, then getting a low ball appraisal to make it undoable, then costing the new investor a lot of cash in the end. I know this wasn't the smartest way to get a deal funded, but as I said before - people here were just telling folks what to look for, not where to look for it.

Lender.... I didn't have a bit of trouble with my whosaler, they bent over backwards trying to work with me and let this lender close on the deal. I felt like if a whosaler gave you 6 weeks, and you still didn't have the money in escrow, they probably went above and beyond what they were expected to do.

Hi Russell, ok that's fair enough, I just didn't want to write a lot. One thing is, everyone says not to pay something up front, but no one says who will work that way. I paid $2500 to a whosaler for a non refundable deposit, and a additional $1390 to him for his "soft costs", all with his assurance everything would be fine and we would close right on schedule. After having to move the closing 3 times, I finally ran out of time with my whosaler. I just simply think he never had any intention of closing the loan, and I don't need to hear "why would someone try to screw you out of 1300$ on a real estate deal". You do that 10 times a week with new investors all over the country, you can see how that's making a pretty nice living for yourself.

The company Churchill & Forrester, LLC seems legitimate when you're a new investor, the man you speak with there, Ed Franklin, seems wonderful to work with, just know - HE WILL DRAG YOU OUT WEEKS AND WEEKS, MAKE YOU SPEND A BUNCH OF MONEY, THEN NEVER CLOSE.... He's cost me thousands, I'd say when your new you don't need to loose a few more thousand, so run like hell if you ever talk to him.... You've been warned now, by someone with first hand experience from him.

Very much so

They wanted to charge me a fairly large sum up front, then when I couldn't even pay it with a c/c I really got concerned. I'm on a dead line to close, but really don't want to loose another 1365 on top of money I've already paid to whosaler.