Joshua Dorkin
Commercial Real Estate Funding, Financing and Lending: A Scammers Paradise?
27 May 2019 | 23 replies
Josh I have talked about this many times.On the residential side all these scammers used to exist.Sell the loan off so they didn't care and closed up shop when it fell apart.Now that residential is under huge government regs they have all moved to the commercial side.All of these people advertising many are just helpless point and fee takers getting sucked up into the scam.Many of these so called lenders are not lenders at all but mills running due diligence fees,insurance fees,deposit fees etc. and then say they can't fund later on to deny the deal.I have found direct lenders are very hard to find and I find one of those for every 20 scammers.As a buyer you do not pay upfront fees except for appraisal,survey etc.You can talk to these scammers on the phone and can tell by what they say they are not a true lender.I do very heavy lifting to make sure my lenders are real and I am not dealing with a middle man to protect my clients buying properties through me.Any company claiming to be a lender that will fund anything is more of a conduit (middle man) taking fees.A reputable lender will display recent closings and details of the loan.They will have very detailed rate sheets along with terms and conditions of the program.Any points will only be paid at closing when they perform.Many of these lenders will be highly specialized in a particular asset class and not broad in scope.The interest rates from legit lenders will be very close in percentage rate and LTV's.The difference being in how much money they have to lend and what loan size they specialize in and recourse versus non-recourse etc.Many lenders can promise but very few can deliver on the rates promised and close it.
Joshua Dorkin
10/2/12 Announcement: Interactive BiggerPockets Company Pages Are Here!
5 October 2012 | 14 replies
The one I entered doesn't display correctly, but not only is it likely too big, but also a giff.
Mike Mitchell
Texas demand letter only partially met
10 October 2012 | 2 replies
I'm seeing a pattern with a couple of payers who seem to be a little bit short on their payments with increasing frequency and I think it's very important to nip those behaviors in the bud.
Karen Margrave
>> Are you watching VP Debate tonight? <<
13 October 2012 | 16 replies
His loud, intrusive, behavior was meant to make people think he was in command, when all he did was attack Romney/Ryan.
Chris LoSapio
(Another) Potential First Deal
17 October 2012 | 5 replies
There is always something after closing but before you've settled into the typical long term behavior for the property - filling an up-front vacancy as in your case, dealing w/ random smaller deferred maintenance items, and so on.
Ember Meadows
First Wholesale Deal Complete Story
20 October 2012 | 14 replies
If you keep doing the behaviors, deals will come to you.
Jim Slack
Necessary paperwork
22 June 2007 | 12 replies
There is a reason that they are facing foreclosure and people usually do not change their behavior.
Account Closed
Being a professional; think before you type
2 August 2007 | 0 replies
For what ever reason they think being casual with flip comments, not reading something entirely before hitting the reply, getting into pissing matches plus not looking for a graceful exit and other such behavior is OK.
N/A N/A
Recent REO Success Stories
9 January 2008 | 48 replies
A little motivation to those that are struggling, that's all.If you can, tell us what area the property is in,original list price,list price at sale,purchase price - negotiation details,seller concessions,days on market,property condition,any inspections,financing,smooth closing or not,agent(s) behavior,market conditions,etc.And if you've already listed or flipped the property, how did that work out for you?
Tom Sylvester
Wholesaling with a Realtor?
29 August 2007 | 17 replies
Please let me know if I have it misconstrued.I've noticed on loopnet it displays a note: "Commission split: 2.5%"Is this note referring to a scenario where a Buyer's Agent comes and helps find this property, the Buyer's Agent will get 2.5%?