All Forum Posts by: Susan V.

I discovered that Mesa Escrow is not licensed or allowed to provide escrow services.

I cannot recommend them

I cannot recommend at this time.

Hello,

Seeking credit partner who has at least at 680 credit score to help with qualifying for a business loan or drawable line of credit.  This can be long-term if things work out.  Please specify terms when you respond.  Thank you.

Susan 

@Rick Pozos, yep, too crazy.  Legit people need to stick together :)

Chris,

You've described what I've seen as well :)

Susan

Wow, that's different.  A private lender (possible scammer) sent you his driver license?  Check DMV records perhaps?  Do a credit check or skip trace on him based on info from the driver license.  If he's legitimate, I'd like to meet him.

I would love to believe it, but I have investigated 2 companies offering something very similar, with low interest rates, 2-5% origination fees, etc. One would even go through escrow, but unfortunately, the escrow office did not pass my test.  Ugh.

I even spoke with an investor who I connected with through BiggerPockets because we both happened to find the same suspicious kind and philanthropic, extremely wealthy human who would love to offer lower rates to borrowers who could not get financing elsewhere.  And the testimonials from these references is the fantastic ability to repay $2M in less than 6 months. and they would go back and do it again.  Hmm, really?

I did find a dead-end for where the borrower's origination fee goes and likely the borrower to never see or know who really received the origination fee, while waiting for the "funding" to take place, which is promised a "few working days" or "24 to 48 hours" or "30 days" on the "promissory note".  Yes, I read everything and caught the typos, inconsistencies and stock photos used.  Even then, I almost fell prey to a group organized to find unsuspecting targets.  How? Somehow, they found contracts used by legitimate people and tried to modify the contracts, some not looking at the form they put together and some sucker would sign in desperation for funding.

I know, we've been there.  Times can be desperate, but this is only temporary.

SCENARIO:

Personal credit scores: less than 500

11 rental units; 9 located in IL; 2 in PA; gross rental income: $6360 when 100% occupied

5 currently vacant in IL

1 will be vacant in PA

Current gross rental income: about $2000

4 Units in IL need substantial work (around $100K, but can start and complete 1 for about $25K)

Contractors in IL need to be paid in full: $23K

Total debt for all properties: $240K

Total estimated value of all properties: $273K

LTVs: 69%; 93%; 55%

QUESTION: What would you do to get positive cashflow again?

Wow, my credit scores have not been that high.  Maybe you can make some additional money by being a credit partner for someone who will compensate you for it?  Just a thought. 

I am guessing you are a first time buyer. If so, could you get the 3.5% down or zero down with an FHA loan?