Realnetusa
Has anyone heard of a company called realnetusa? They claim to be a real estate agency targeting investors.
Most of there listings are fixer-uppers under $100k. They offer you a 70% loan on the post rehab appraisal of the home and 50% of there estimated rehab costs.
The catch is that the company's apr is 14.9%. However, their are no refinancing restrictions. The benefit is that you require limited out of pocket expense. The downside is that these guys take some of the gravy off the top for providing you with the loan and for finding the home. Any thoughts...
I can't find the numbers your did on the website in my 5 minute search. If you are interested you might as well check into it. Be careful but keep your mind open. GOOD LUCK
I've heard of them, they have an office here in Cincy. From what I know, they do good work and supply great leads and financing. Kind of set everything up for you.
As long as you do your research, you should be okay. See if they have any references that you can talk to.
The Solutions Kid
[addsig]
Hello rzamani,
You must have seen the same sign I did. They seem to be very honest company but with everything in REI....you must do your research.
Southernbg[ Edited by southernbg on Date 10/16/2003 ]
I have a friend who was offered a "great deal" by them, which he took ... but complained that subsequent deals they offered were dogs he turned down and they've stopped bringing him things.
On further questioning though, the "great deal" turned out to have negative cash flow. I'm not sure whose fault that is, or whether it's really bad news ... but it is negative cash flow, all the same.