All Forum Posts by: Stephen Tong

 Agreed, it sounded too good to be true. All of the Facebook experts along with the thousands of wholesalers its a hard place to navigate. I got lucky and found a duplex from a wholesaler that worked out for me. 

Thanks for the feedback. A lot of shady people out there! 

Im sure everyone in this forum has seen or been contacted by "Private Lenders" on Facebook. I was recently offered this...

Terms are flexibleJohnInterest Rate: 5.5% (Buy and Hold), 8.5% (Fix and Flip), Cashout/Refi (4.5%) Purchase 90%, rehab 100%, Origination Cost: 3pts, 10% Down Payment, Two (2) phase drawsJohnNO FICOClosing 7-10 business days, 1-30 years, Asset-based, Interest-only paymentJohn. And no prepayment penalty.!

Has anyone actually worked with any of the so called private lenders on Facebook that post on all the RE sites? Legit or scam? 

Thanks,

Stephen 

Awesome thanks Matt! 

That would be awesome thanks 

Awesome thanks Nicole!     

Hello All, 

I am looking for a reliable contractor in the Sacramento area for a condo rehab. I appreciate any help! 

Hello All, 

I am currently looking for hard money lenders in the Henderson/LV area of NV. I appreciate everyone's help! 

Thanks,

Stephen! 

Thank you everyone for the responses! 

 Thank you for the advice! The mortgage is $2600 and I could probably get $2800 in rent but that doesn't cash flow well. The appreciation and principle pay down would be great though. By redeploying the funds I would be able to pay down all of my debt as well as reinvest into a different market. Thank you for the input, I definitely have some decisions to make!