All Forum Posts by: Sara Enyart

I hope you aren’t right, Ryan.  Her credit, rental history etc. all checked out.  Very well, actually.  I just have this feeling that she is one of those people that will squeeze everything she can out of people.  I feel like we have a pretty good handle on what we are required to provide and feel comfortable saying no to the rest.  
I appreciate your advice regarding the refrigerator.  Very helpful.  

@Jeff S., yeah, I’m sure to someone who has been doing this for a while, we look like a couple of boneheads.

You’re correct. We were starting to have doubts anyway. I really do appreciate your help. You have provided some really helpful information. Lesson learned. Oh, and we had not provided any bank account info, SSN, or money to this guy.

We are new to this. We found a “private money lender” through a post on a local real estate marketplace Facebook page. He offers 100% funding at a 5% interest rate. We submitted an application. The application asked for some basic information. No SSN or bank information. It did ask for the amount of the loan requested “in words” which I thought was a little strange, but we’re new to this, so I don’t know what’s normal and what’s not. All he has asked for to this point is a copy of my driver’s license and either a copy of a bank statement or pay stub (which we have not provided yet). From reading some of the posts, 5% interest rate and no website (and nothing comes up when I Google his name) are red flags. We’ve decided to step back and do what we should have done initially. We’re going to ask for his website, a number so we can call and chat, and references. Is there anything else we should ask or look for to know if this is a scam?

@Steven Segal Thank you! I appreciate your help!

Thank you, both so much.  You’re suggestions are very helpful.

We have decided to use a private money/hard money loan for our next (2nd) flip. How does this work? Do we apply for the loan and then find a property? Or do we find a property and make an offer contingent on approval for the loan? The house we are currently considering making an offer on is “cash only.” So, if we have a contingency of loan approval, they might decline our offer. Do we just explain that it’s a private money loan which does not require an inspection? Thank you for your advice and words of wisdom!

I’d like to join!