All Forum Posts by: Jorge Armas

 Hey @Shayan Sameer sure! sent you a DM

 Thanks Mike!

Quote from @Andrew Zamboroski:

Quote from @Jorge Armas:

Hello BP,

I recently found two lenders that offer 5% rate loans. I'm not sure if this is legit. Have you received this type of advertising as well? I found them on FB. I sent them a DM and they sent me the Terms which I will be sharing with you here. Is this a SCAM? 

I agree with Jeff, proceed with caution. 

 Thank you Andrew!

 Thank you!

Hello BP,

I recently found two lenders that offer 5% rate loans. I'm not sure if this is legit. Have you received this type of advertising as well? I found them on FB. I sent them a DM and they sent me the Terms which I will be sharing with you here. Is this a SCAM? 

Hello BP!

I have an On-Market deal in the Fort Lauderdale area that I want to assign. They had it listed at first for $789K, and I just put it under contract for $650K!!! I went to see the house, and it looks amazing. It is rent-ready but also a good Flip. If you want to Flip it, the rehab is about $50K, and the ARV is $850K. The house was completely remodeled in 2008, so it doesn't need much, just cosmetic. Message me if you need more info. Here is the listing:

Click Here to see the listing

I was able to push the closing 3 more weeks. Any help on this matter will be greatly appreciated. 

Hello @Adam MillerI reached out to them but they can't do co-ops when is less than 200K. I can't believe no one is willing to lend money. I own a house, have a co-op apartment free and clear, and looking for another co-op apartment. I mean, can't they do like a lien of 75K in the one I already own and 75K in the new one? Plus I still have almost 100K equity on my house to use as collateral. My credit score is 700+ so I don't understand. I'm pretty sure I'm doing something wrong. 

At this point, I'm very frustrated that after putting this deal under contract I won't be able to close it. 

Hello BP,

I had the opportunity to start my REI journey by buying a Co-Op apartment close to the beach a few months ago. I bought it in cash since it seems most banks don't work with Co-Ops. I did a HELOC on my primary property to buy this one, which I rent and the cash flow is good. Now I have the opportunity to buy another co-op (the one next to mine), but I don't have more cash. The asking price is $150K.

Do you know anyone who can help?  I have the deal under contract to close next week. I will lose my deposit if I don't have the money by next week. It seems banks don't lend to co-ops when is less than 200K. This lady also has another one in the same location that will be selling in September. 

Any guidance in this matter will be greatly appreciated. Already worked with 3 lenders and none of them was able to help. 

Thank you!

Thank you Adam. I will reach out to them.