All Forum Posts by: Michelle T.

The skinny...you won't get that answer till you own it. 

I just bought a lot with the same scenario but it was far too good a deal to pass up. I did my due diligence by reaching out and speaking to those in the decision seat to get a feel for what I had in mind if I purchased it. Knowing what was involved, I forged ahead with the deal. Fingers crossed. That's really all you can do. Nothing is in writing and won't be till you go thru their processes. 

My take...if you believe in your project and aren't attempting to veer too far from the unknown, especially looking to add value, then I say go for it. If you need that deff answer, then move onto a lot that allows you to do what you want to do without question. Some lots are worth the hassle and extra time, money and hurdles to get done what you envision. Others not so much. 

So how much is the lot is my question?

Question...companies claiming to get you up to 100k in credit card lines with 0% cash advance fees, no annual fees and the big question...0% interest for 12-24 months using a cash advance (not typical cc purchases). These companies charge a commission fee (usually 10%) of the total lines they were able to get you lined up for which could be anywhere from 2-10 cards. 

Of course I understand the risks and get the game but I've never heard of 0% interest on a cash advance or even deferred which is what is being claimed once the advance is taken out. Does anyone know how this is being done, the loophole and any catch. 

Of course this is all to avoid using your own money in a deal for big ticket items like. closing costs and to buy you time to pay off until you get that check for the project. And things you can't use a cc for.

Thank you for all insight in understanding a bit more. Any guidance would be appreciated...

Any help greatly appreciated

In reply to you 3 (thank you btw, I'm new here, so bear with me)... let's just say it's a hunch. But I'm not sure, I have trust issues from being burnt on things before. Not sure, as of this morning, he supplied the references of other investors he has lent to, but still, that can be manipulated. Anyhow, simple answer for me on this forum is the pros answering the "who" are good lenders but if I understand this format, that's not allowed to solicit or name names.

I have reached out to those I know around, most are very quiet about it. No one likes to spill the beans, just like when trying to find good contractors or subs...no one will share who they are using. So much shade in this biz it's unreal to me personally. We should all be helping one another so that no one gets scammed or taken advantage. I'm used to doing things solo without help, so this isn't new to me either in this regard. 

Still, who do you trust? You can research out the ying yang but still in the end, it could burn you. I just don't know. 

Have my first deal on the table and the lender I thought was good to go, may actually not be. Not sure to be honest who or what to believe. Who and how do you trust anyone out here? I know this topic has been beaten to death and there are "verified" lenders, but how do you believe who posts them...

Frustrated beyond belief, any guidance would be greatly appreciated.