Anybody charging that kind of money is not looking out for you. This business isn't rocket science. As a loan broker, i have seen instances where these companies take your money, introduce them to "their" lenders (kick back), only to gain for themselves. I have a gentleman that was from California who had bought into one of these deals. He had bought homes out of state and eventually in had trouble servicing the debt due to non payment of rents. He had a property in Missouri that he could not even rent out because he did not know that the place had to be inspected before he could rent it out. He lacked the resources to do so and came to me to re-fi another rental. I could have done so based on the asset but he would have continued digging a deeper hole so I chose to take the high road. I hate it for him but I would not have been doing him any favors.
