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21 February 2020 | 1 reply
Equity, Debt/income, DSCR are all fine, I'm just curious if lenders red flags will go up if I do all these loans all at once with different lenders, the properties are in different states.
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22 February 2020 | 2 replies
You will want to be aware of the process and the players involved in foreclosure.
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12 March 2020 | 13 replies
A few red flags to watch out for would be:- Asking for a large loan application fee or other fees upfront - Unusually low interest rates for a hard money/private lender (real hard money/private lenders aren’t loaning money at 4-5% but fake ones usually advertise those rates)- Email communications with really bad English/grammar indicating the sender might be from out of the country- Claiming they loan nationwide in all 50 states (most non-bank, hard money/private lenders operate in only certain states and don’t lend nationwide)- Claiming they can do loans from $5,000 to $50 million (most lenders that will loan you $5,000 can’t do a loan for $50 million, and most lenders that can do a loan for $50 million aren’t going to bother doing a loan for $5,000)- Offering to send you a photo of their drivers license (fake lenders tend do this to convince you they’re legit but I guarantee you it’s not their license they’re showing you and a real lender would never do this)- Not caring about your qualifications or the merits of the deal (basically willing to “approve” you no matter what you bring to them since they know they’ll never actually fund it)- Terms that seem just way too good to be trueThat’s just a few things to watch out for.
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27 February 2020 | 43 replies
Loans without personal guarantees are call non-recourse, and are mostly limited to larger commercial deals where the players are bigger, or loans specifically made to Self directed IRAs, where the borrower can't guarantee without breaking IRS rules.
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24 February 2020 | 4 replies
(red flag number 1)Once I requested for a closing statement or doc to review, there was no interest rate printed on it, no estimate of mortgage payment, the closing cost were a bit higher then originally agreed, and they had the wrong pay off amount there.
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21 February 2020 | 0 replies
(red flag number 1)Once I requested for a closing statement or doc to review, there was no interest rate printed on it, no estimate of mortgage payment, the closing cost were a bit higher then originally agreed, and they had the wrong pay off amount there.
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25 February 2020 | 9 replies
Atlanta is red hot and there are not a ton of small multifamily so they go real quick and for inflated prices when they do pop up.
22 February 2020 | 7 replies
Look for red flags like evictions, criminal history and credit score and can't verify employment.
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21 February 2020 | 1 reply
What red flags should one try to avoid in this process?
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4 March 2020 | 3 replies
I have a few questions about this...1) does this present a red flag about the condition of the home?