IS THIS A SCAM?????
Hey everyone;
I have been hounded on the phone by this guy who is with a company that claims they will give me 100% financing for investment props.. Is sounds tempting but the catch is I must pay $375 for the investor package. Is this a scam? What type of questions should I ask? Should I tell him to stop calling or to start financing?
Need some advise b4 I make the wrong mistake.
Thanks guys.
[addsig]
Yes!! This sounds like a scam to me. Never pay money up front.
Gary-TX
Only $375? I was approached by one such group and the upfront cost was $4800 to $15000! (originally the bottom cost was $4000 but then they found out I had some money.) For the higher cost, they give you a one on one coach. They buy properties cheap, fix them and flip them to you. They say they do 100% financing, but that is for the properties they buy. In 90 days, they expect YOU to buy them with 100% financing that they arrange and also make money on. You've got to have sterling credit. And they will put in a tenant and manage it for you. It seems that the main advantage is that they sell the property to you at about 75% of its value. And you've got an immediate positive cash flow. Maybe it's good for someone who doesn't know anything (like me) but it seems like a rather high ticket. Any thoughts?
Soon To Be:
I can't speak about the specific program you've mentioned, of course, but I can assure you that 100% financing IS available for NOO investment properties, assuming sufficient credit, property value, ratios, etc are within lenders' guidelines.
I have some lenders who'll do 100% NOO, and others who'll do 80/20's....there are different parameters and different reasons to consider each program.
You should be able to access the opportunity to price 100% $$ without paying an 'upfront' cost by contacting a mortgage broker who works with such lenders.
If you'd like to pursue, you're welcome to contact me at MentorForWinners@aol.com.
Best Regards,
Mark
I also can not comment on the specific program. However I will say that I have never had to pay up front for a loan package or an application. I would not advise anyone to do so. If the loan officer has already been paid, what more incentive do they have to get your deal done. It's probably easier to get $375 from motivated wannabe borrowers then it is to get a 100% loan pushed through.
[addsig]
There are 100% financing investor. Some stated but they are a major pain in the ass to do. Also the rates are up there. Close to 9%. Just be carefull of who you use because you will have great grandchildern by the time you get the loan done.
Hi Soon_2B_Rich,
My first thought would be RUN !
Do they have a local office?
Do they have brochures that thay can send you?
Do they have a list of other investors that they are helping that you could call?
In investment deals, I look forward to paying people a return on their money, but I wouldn't consider giving them anything up front.
And as the posts said above, there are a hosts of NOO that you can get without money in advance! My advice . . . Be Cautious!
Best of Success!
BAMZ