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All Forum Posts by: Rebecca Chapa

Rebecca Chapa has started 2 posts and replied 10 times.

Post: Avoid Sherman Bridge Lending

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

This company is a bait and switch lender advertising one thing and then once you're in you are held hostage, ignored and financially penalized. DO NOT CHASE THE DANGLING CARROT.

I am a LICENSED TEXAS REAL ESTATE BROKER and have been since 2001. I have worked with investors and I make my own investments as well. I HIGHLY DISCOURAGE ANY INVESTOR FROM APPLYING FOR OR USING SHERMAN BRIDGE LENDING.

What you can expect from Sherman Bridge Lenders: promises will be made to you, they will not be fulfilled; you will be lied to, you will be ignored, you will be stuck in a trap between the hard money purchase loan and the supposed refinance permanent loan you are ultimately expecting to get. Meanwhile, you will pay a very high price eroding whatever profit you expected or worse...going into negative losses as ongoing delays caused by Sherman Bridge Lending force you to pay spiked interest rates for an extended period of time leaving you at their mercy as they control your refi by threatening high fees as a penalty for seeking refi elsewhere. So you can't get them to follow through and you can't get refinanced by someone else.

I bought a house in November 2015, completed rehab construction in December at which time my refinance application went underway...lets see...January, February, March, April, May and a few days it'll be June...THEY HAVE TAKEN 6 MONTHS TO PROCESS MY REFINANCE AND CHARGED ME $1500 EACH MONTH THAT THEY HAVE REFUSED TO COMPLETE THE UNDERWRITING.

I have contacted them multiple times of course and a popular reason Sherman Bridge provides me is that the person in charge of my file is no longer working there. The 1st time I heard this I wasn't concerned since talented people get recruited away with better opportunities. But one after another after another? I now suspect that Sherman Bridge has serious internal issues as well and the good people, the reliable, service oriented, ethical and "get things done" people flee this company. So WOW! How are they treating their own people? I WOULD ADVISE ANY LOAN OFFICERS CONSIDERING EMPLOYMENT WITH SHERMAN BRIDGE ---DON'T DO IT! You will have very dissatisfied clients - no one likes being neglected and held hostage then being charged for the privilege.

The current person in charge of my file took a week off to get married. Yay for her. But prior to her vacation she promised I'd be closed on my refinance in 2 weeks (the 1st of which she was gone). That was April 29th, it's now almost a month after the promise. I have still not been contacted by her, any other Sherman Bridge employee or had any courtesy response even to my email requesting status, explanation for additional delays, or most importantly....WHEN I CAN EVER EXPECT TO CLOSE MY REFINANCE!?!?!?

I am convinced that this is deliberate action by Sherman Bridge to earn the $1,500 monthly interest as long as they can procrastinate and put my refinance off; and now having read other posts in this forum and learning that it's the normal way they do business with so many other customers I can see that they sell this hard money to permanent financing loan combination as a dangling carrot really since it's oh so clear Sherman Bridge never intended to process the refinance in a timely manner to begin with. It appears at this time the still have no intention of processing my refinance.

This company should be avoided at all costs by prospective borrowers and by prospective loan officers.

Post: Avoid Sherman Brdige Lending

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

This company is a bait and switch lender advertising one thing and then once you're in you are held hostage, ignored and financially penalized. DO NOT CHASE THE DANGLING CARROT.

I am a LICENSED TEXAS REAL ESTATE BROKER and have been since 2001. I have worked with investors and I make my own investments as well. I HIGHLY DISCOURAGE ANY INVESTOR FROM APPLYING FOR OR USING SHERMAN BRIDGE LENDING.

What you can expect from Sherman Bridge Lenders: promises will be made to you, they will not be fulfilled; you will be lied to, you will be ignored, you will be stuck in a trap between the hard money purchase loan and the supposed refinance permanent loan you are ultimately expecting to get. Meanwhile, you will pay a very high price eroding whatever profit you expected or worse...going into negative losses as ongoing delays caused by Sherman Bridge Lending force you to pay spiked interest rates for an extended period of time leaving you at their mercy as they control your refi by threatening high fees as a penalty for seeking refi elsewhere. So you can't get them to follow through and you can't get refinanced by someone else.

I bought a house in November 2015, completed rehab construction in December at which time my refinance application went underway...lets see...January, February, March, April, May and a few days it'll be June...THEY HAVE TAKEN 6 MONTHS TO PROCESS MY REFINANCE AND CHARGED ME $1500 EACH MONTH THAT THEY HAVE REFUSED TO COMPLETE THE UNDERWRITING.

I have contacted them multiple times of course and a popular reason Sherman Bridge provides me is that the person in charge of my file is no longer working there. The 1st time I heard this I wasn't concerned since talented people get recruited away with better opportunities. But one after another after another? I now suspect that Sherman Bridge has serious internal issues as well and the good people, the reliable, service oriented, ethical and "get things done" people flee this company. So WOW! How are they treating their own people? I WOULD ADVISE ANY LOAN OFFICERS CONSIDERING EMPLOYMENT WITH SHERMAN BRIDGE ---DON'T DO IT! You will have very dissatisfied clients - no one likes being neglected and held hostage then being charged for the privilege.

The current person in charge of my file took a week off to get married. Yay for her. But prior to her vacation she promised I'd be closed on my refinance in 2 weeks (the 1st of which she was gone). That was April 29th, it's now almost a month after the promise. I have still not been contacted by her, any other Sherman Bridge employee or had any courtesy response even to my email requesting status, explanation for additional delays, or most importantly....WHEN I CAN EVER EXPECT TO CLOSE MY REFINANCE!?!?!?

I am convinced that this is deliberate action by Sherman Bridge to earn the $1,500 monthly interest as long as they can procrastinate and put my refinance off; and now having read other posts in this forum and learning that it's the normal way they do business with so many other customers I can see that they sell this hard money to permanent financing loan combination as a dangling carrot really since it's oh so clear Sherman Bridge never intended to process the refinance in a timely manner to begin with. It appears at this time the still have no intention of processing my refinance.

This company should be avoided at all costs by prospective borrowers and by prospective loan officers.

Post: Sherman Bridge Lending User Beware!!

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9
I am currently at my height of frustration for exactly the same reason...I am being held hostage by Sherman Bridge as the have ignored me and made zero effort towards completing my permanent loan that is my refi and pays off my hard money rehab loan. I purchased a property Nov 2015 and moved through the rehab construction and the refinance loan application was started in January...here we are at the end of May as 5 months have ticked by and Sherman Bridge is charging me $1500 monthly interest so they clearly have zero motivation to complete the processing of my refinance loan!!! If I attempt to refi elsewhere where if course it would've been done within 30-45 days at least, they will penalize me with a huge fee even though they are refusing to complete my refi!!!!

Post: Are the rich the "greedy" ones?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

I quite agree about the idea that the "taking care of" those in need should be addressed by charitable organizations and the churches-theoretically.

However this is a problem in reality "nowadays" for many reasons. For example, the non-religious and non-believers. They don't seek assistance from churches-you all know why. And when you go to a church to seek assistance people are confronted with "humility" and "moral judgement" and such. Not so much from the church volunteers and staff, but these thoughts can be within ones own mind as one is aware they are dependent-but everyone wants to believe they are independent (even if it is an illusion). And to obtain assistance from the church again in another month one must go back again to apply-thereby facing the facts of their dependent situation once again--then monthly.Ugh-regularly reviewing their own situation and reflecting in the mirror? As you mentioned-relationship and consequences. But people who are of the line of thinking that they should be provided for by others seek to avoid consequences as they are the type of people who don't take responsibility for themselves. And knowing charitable assistance can't go on forever because charitable organizations and churches have assistance program's designed to "bridge the transition" or help folks get on their own feet.

It is much easier to go to a government office and just be a number in a crowd where you apply once and get mailbox money for years to come. No judgment..no looking in the mirror...no expectations to meet if no one expects you to get on your feet..no repeated reflection or assessment of one's situation...no need to figure out a way to pull oneself up...permission sanctioned by the official government to boot--promoting the idea that its not their fault...that society is responsible for them...and best of all, it facilitates the illusion of being independent--and worst of all...it perpetuates the idea that the successful or truly independent SHOULD be responsible for them.

And, as more and more of the masses seek help from the government rather than the churches...we perpetuate the population of non-christians...and our taxes rise to pay for this. This seems to me to be a gradual but massive shift in our society from donations of funds to churches and charities to funneling funds to the government entitlement programs. A very bad thing. As someone who has something to give...shouldn't you get to decide who you want to help? Homeless children, cancer victims, etc. Yes of course you should. Likewise, shouldn't you get to decide when and how much you wish to give for help-of course you should. Why then do we give away our freedom of choice to our government?

And this is why the government has stepped in with entitlement programs isn't it. Because in our local communities we tend to help those we consider to be deserving. Yes, there are some undeserving folks out there who would go without help but by their own choosing (even if they can't see it that way). Wouldn't society be better off if folks had to go to the church and look a community in the eye to get help--and be required to give help in return (i.e. show up on saturdays to help hammer nails in the house being given to a needy soldier)? Each of us has only so much to give and as the government takes more we have less to donate. Growing gov't=shrinking charities. There seems to be a tug of war out there for our dollars between the church and the state. Ultimately this permits folks to force the givers to help those whom we otherwise would not help. After all, how long would you continue to financially support your neighbor if they are unwilling to support themselves or give back something in trade? Or how long would you donate funds to your neighbor just to prevent your neighbor from breaking into your home and taking what he pleases? And this is the most disheartening aspect of the whole movement. Takers have something to give but simply don't have any sense of philanthropy-trade-service-debt to others. And that givers continue to give only throws fuel on the fire-why shouldn't they develop a sense of entitlement? After all, did they actually threaten to break in or riot? Or is that just the fearful thinking? The reality is that there are pure takers out there and only fools perpetuate the the situation. Pathetic really. And if some folks contribute to the welfare dependency under the guise of preventive measures regarding crime, then aren't they voluntary participants in blackmail? After all, we have laws and a punitive system that is designed to pull these sorts of criminally oriented people out of society.

And I'm not so sure there is some widening gap out there between the economic classes. It may simply be that with the advances in technology, education, access to information on a global scale has made it possible for more folks to find a path to becoming millionaires and even billionaires. There are more millionaires now than there ever has been-yay-inspirational and speaks volumes about our country. Yes there seems to be more demand on the entitlement system (hey people need a raise to keep pace with inflation right? And the birth rate in the lower economic classes is booming). So on the surface it may appear to be a widening gap, but could it be that the population growing in the poorer groups is simply out pacing the population growth in the wealthier groups. And with the opportunity here in our country only those who don't find a place to apply themselves can't make a comfortable life here. One does not have to be a millionaire to be comfortable and happy.

And even the poorest of folks in our country don't have to walk for hours crossing a field where lions seek you for diner just to get to the nearest river of somewhat contaminated water and then back to a village carrying the heavy bucket just to have a drink. Who in our poor can even imagine risking their life for a contaminated cup of water? Yet, the mailbox money they do receive isn't enough? And stealing is their chosen method of survival? Give me a break.

It's not about economics, it's about principles, morals, ethics and values. It's about belief systems. Some people have good ones and some people don't. And as the tug of war continues between the government and our churches for our dollars (which facilitate the perpetuation of ideas)...the war over perpetuating one belief system over another will be at the center. Who would you like to see win?

And yes, thanks--the wagon example was used to demonstrate the social security dilema- and can be applicable in other examples. Its a personal favorite visual.

Originally posted by Michele Fischer:
This is an interesting discussion. Normally one I wouldn't want to touch, but here goes.

I'm not sure what the answers are, but it is clear that the gap between the rich and poor is widening.

I invest in low income real estate partially as an investment and partially to give back, providing ethical affordable housing. Some, normally those who don't see the connection between actions and consequences, still view me as greedy and unreasonable.

My husband has a theory that we as a nation tolerate career welfare because the alternative is rioting and break ins. Helps with perspective.

Seems like people and churches need to do more so that the government can do less, and they can instill more relationship and consequences, but it is a hard sell.

I think the upper class can and should use their resources to generate more resources.

Post: Are the rich the "greedy" ones?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

This is a topic riddled with complexities and fun to explore with others. Since there always has been and likely always will be "have's" & "have not's" then this discussion can go on forever. We are each like a math equation: Our genetics + our parenting + our schooling + our environment + our experiences + our stereotype + you name it = <>. So many influencers combine and we evolve daily. And because we have politicians promoting ideas not for the betterment of the folks but simply saying what they want to hear in order to obtain their votes- the followers drinking the kool-aid will believe what they want to believe. In the end it all boils down to "what's in it for me". So greed or a sense of entitlement and of course strong opinions are present in all socioeconomic classes. Somehow however, it does seem to be the case that only the rich are publicly labeled as such in the media.

And just like in interpersonal relationships, there are givers and there are takers - no matter whether one is rich or not. There will forever be a ball where the two shall dance...clumsily stepping all over each others toes.

I suspect that many of the poor and criminally poor may consider themselves somewhat insignificant in the big picture as they do not realize that each decision they make is like a pebble thrown in the water, causing ripple effects that take a while to reach the shore. For example, a shoplifter is usually thinking only about the moment, the need or want they have for the item they are taking. They are not thinking about how that stolen item forces the shop owner to raise prices to cover the loss (which are paid by you) or to file an insurance claim to cover the loss- which leads to higher insurance rates for every shop in the area when insurance companies label it a crime area. Which then means prices go up on all the shops and with repeats of the cycle leads to an inability to provide inventory at prices the area can afford and an empty shopping center. Loss of economic ground for the area and so on.

It all comes down to real estate. Under all is the land. And with for every minute of the day, with every step you take, bite you eat, place you sit, stand, work, play, shop or sleep you are paying for your real estate or someone else's. And every price out there is a direct result of the cost of real estate under it. You are a have or a have not as defined by your real estate holdings. If you have none, your family before had nothing to leave. At some point in every family someone starts laying the groundwork for a family legacy by building a portfolio to leave to the kids. Then they continue to build on it and their kids and so on. And that is how the wealthiest families get to the top and stay there. Rarely is it done overnight or by a single generation...acquiring and keeping extreme wealth is a long building process.

One of my favorite cartoon drawings is a short series: it shows a large wagon holding a few meek individuals and a lot of folks pulling the wagon. Gradually one by one the folks pulling the wagon moved to ride the wagon. Of course the wagon slowed to a stop when there was only one man left to pull the wagon and the crowd riding in the back---it could no longer move forward because the weight of the crowd in the wagon was to heavy a burden for a single man to bear.

Post: what to do when you ran out of money?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

You can go to Hard Money and Private money lenders in order to facilitate purchases. Just look for one that has the option to transition into long term permanent loans. I'm not sure why not being American means you can't get a loan?

Post: How do I wholesale or rehab an MLS house without the cash in the bank?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

Jason,
First, if you are working with a Realtor I strongly recommend finding one who is also an investor, someone who is buying and selling and renting their own properties. Especially if you can find one who is doing the kinds of deals you want to do.

Second, if you are looking to do wholesaling, then you may want to look for off market deals rather than on market deals (MLS=on market). Work on creating a list of buyers, network to find them and write down a description of their property types/interests. Then go out and find the deal so that once you put it under contract you have buyers to call right away and offer the deal to. Ask for a long option period to give yourself more time to find your buyer.

Third, to control a property you must use contracts.

Fourth, can you qualify for a loan? If not, then focus on stockpiling your cash while remedying the obstacle to your ability to qualify for a loan (reduce debt, credit score, etc) and/or find a partner to work with who also has cash or who can qualify for that loan.

Fifth, just seek seller financing or take over someones payments to buy something.

Post: Unmotivated sellers what to do with em?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

I would keep in on the list and in the loop unless he requests removal. This is the kind of owner you want to keep your name in front of so that when he starts to think of selling he will think of you. You don't want to irritate with too much too often, you have to occasionally send him something with a kind and gentle nudge. Develop rapport first.

Post: Out of State Investors: Which Market do You Invest in and Why?

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

Hi Jason, I'm in the Dallas, TX market and many folks buy in our market from out of state and out of the country. One reason is that in CA for example if you have $40k to use you can't afford anything there so they buy in markets where they can get a profitable deal. Another reason is that Dallas is basically the center of the country and one can be in any other state in 4 hours or less really. We have an international airport and many coming into the country have to go through DFW first (the wealthiest airport in the country by the way). Our population projections and land available for development keep a steady supply of sellers and buyers and prices remain reachable and profitable. Being a business friendly state our tax policy is attractive too.

Post: Newbie in Dallas, Texas

Rebecca ChapaPosted
  • Residential Real Estate Broker
  • Plano, TX
  • Posts 10
  • Votes 9

Welcome to DFW Joseph! What part of Dallas have you settled in? I'm in Plano but go all over the DFW area for opportunities-its all about the numbers. And as for that first purchase, what is the price range you're seeking?