All Forum Posts by: Mark Kumm

In NC you better make sure youre bidding on a first mortgage. If you win a second mortgage foreclosure, then you have to pay off the first as well. If you win the first mtg, then the second is wiped out. However, all liens attached to the property survive, including tax, hoa, and city liens (ie grass cutting). Its best to learn how to research titles yourself, its really a simple process! Best of luck!

You are correct David Weiss, that Dadlani does provide some appealing benefits to lending. However if you are going to lease a car with no payments and no down payment, yet at the end you have a balloon payment of triple the regular cost after just driving it for six months. It now brings to light what all those nice benefits realy were, which is just bait to trap as many unsuspecting people as they can. I do take it personal that someone is on a website dedicated to helping people become successful investors, and is using it for a forum to catch the untrained newbie into making a huge mistake. If for one second you think this loan is good for anyone, and is ethical then please promote it, but its on your conscience. I will always stand up for what i believe is right, and ethical!

Dadlani, i see that you are very actively posting on this site, i see you on everyones posts for financing. Personaly i don't think anyone could be a succesfull flipper if they lent money from you, you would be eating most of the profits, especially in my market. I dont see why your money is worth so much more than any other hard money lender, that lends at 4points up front and 14% interest only payments, with no pre-payment penalties. The example that you have on your site shows a purchase price of $90,000, and you charge a flat fee of 20%, or points, which would be $18,000. Compared to a very common hard money loan which would charge 4%, or points up front equaling $3,600, then your 14% monthly interest only payments would be $1,050, figuring 3month carrying would cost $3,050. All in all adding up to $6,650 in fee's! Im not an accountant or anything but you would have to be completely out of your mind to pay three times in financing for a property! Im sure you can find a couple newbies to fall for it, but i hope they will read this post first!!!!

Dadlani, i see that you are very actively posting on this site, i see you on everyones posts for financing. Personaly i don't think anyone could be a succesfull flipper if they lent money from you, you would be eating most of the profits, especially in my market. I dont see why your money is worth so much more than any other hard money lender, that lends at 4points up front and 14% interest only payments, with no pre-payment penalties. The example that you have on your site shows a purchase price of $90,000, and you charge a flat fee of 20%, or points, which would be $18,000. Compared to a very common hard money loan which would charge 4%, or points up front equaling $3,600, then your 14% monthly interest only payments would be $1,050, figuring 3month carrying would cost $3,050. All in all adding up to $6,650 in fee's! Im not an accountant or anything but you would have to be completely out of your mind to pay three times in financing for a property! Im sure you can find a couple newbies to fall for it, but i hope they will read this post first!

It does sound too good to be true! If it is anything like you say, alot of people would buy it, including myself or the investors i know! When the numbers are good you wont have any problem finding buyers, good luck, although you dont need it!

Brendan this was from a foreclosure auction.

True the before pics did seem like the house just needed a clean, however it did not show the gouged and peeling engineered flooring, stained carpets, beat up walls and bad paint. Sure i can clean it and put it back on the market and hope someone doesnt care about all the flaws. That might work amazing where you are but not here. I pride myself on rehabbing homes and bringing values back into neighborhoods, im not just in it to make a quick buck.

Thanks for the compliments!

purchased for $51,000, rehab $13,000, carrying costs and closing costs $6,000, sold for $88,000