The top 5 crazy borrower questions asked us in 2018

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The top 5 crazy borrower questions asked us in 2018

Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
The top five crazy borrower questions asked us in 2018. 5. If I use your capital and pay the interest, will you fill out my tax return? 4. If you don’t deal with people with no income and no assets who do you deal with? 3. Why do you care what the environmental report says? You don’t own the property. 2. How much does the property have to appraise for for me to borrow how much? And my all time favorite 1. How many bankruptcies can I have before I’m considered bad credit? You CAN’T make this up!
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y

or your rates are way too high I saw a broker on FACEBOOK/LINKDIN?BP offering 3 % loans up to 200 million.. !!! and all i have to do is promise to pay it back.. and get a insurance bond out of Thailand.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    or your rates are way too high I saw a broker on FACEBOOK/LINKDIN?BP offering 3 % loans up to 200 million.. !!! and all i have to do is promise to pay it back.. and get a insurance bond out of Thailand.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    8Reply
  • Don KonipolBusiness Member
    OP
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    7y

    Only $300 mm?  Those guys usually claim to have access to billions$. LOL

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  • Mark Nickoson
    Rental Property Investor · Dayton, OH · Member since 2015 · 79 posts · 85 votes
    7y

    So when they ask these questions how do you keep from laughing?

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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y
    Originally posted by @Mark Nickoson:

    So when they ask these questions how do you keep from laughing?

     You learn to be professional and not laugh early on, when you're working with brand new real estate agents who refer 'clients' to you who have no income, no credit, and no savings, but are dead serious that they want to buy a $1.5m house in San Jose oh and by the way they also want the lowest interest rate they can find advertised on the shadiest corner of the internet. 

    Entitlement Culture. 

    4Reply
  • Mark Nickoson
    Rental Property Investor · Dayton, OH · Member since 2015 · 79 posts · 85 votes
    7y

    @Chris Mason I hope you're allowed to smile and shake your head.   I'm getting old and crusty.  I'd probably get fired.

    Mark 

    1Reply
  • Omar Khan
    Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    @Chris Mason You are one solid professional. If it was me, I wouldn't be able to control my laughter. Good on you, sir!

    1Reply
  • Mike G.
    Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
    7y
    @Mark Nickoson Old and crusty..... lol. The perception gap of what constitutes a qualified buyer from an actual qualified buyer is getting bigger. Sad but true.
    0Reply
  • Mike G.
    Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
    7y
    @Jay Hinrichs Love the sarcasm jay. Hey this lender that I’ve never heard of messaged me on Instagram and is offering me zero doc nothing down 3% rates on a 30 year term for 100% LTV for new “ flippers” .........
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Mike G.:
    @Jay Hinrichs

    Love the sarcasm jay. Hey this lender that I've never heard of messaged me on Instagram and is offering me zero doc nothing down 3% rates on a 30 year term for 100% LTV for new " flippers" .........

     YUP  to folks that just don't know true rates  they suck people in on these get 500 to 800 out of them then on to the next victim 

    you can just see them sitting in rooms in the Caribbean or the Ukraine justing pounding away..  

    Podcast Guest on Show #222
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  • Mike G.
    Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
    7y
    @Jay Hinrichs Yes it is so true. They get them lined up and collect those fees then its debt deny deny , next !! Lol
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Mike G.:
    @Jay Hinrichs

    Yes it is so true. They get them lined up and collect those fees then its debt deny deny , next !! Lol

    Remmington financial was the mother of this .. great American greed espisode.. really shows how the pump and dump due diligence scam lenders work in real time.. worth watching. 

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  • Mike G.
    Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
    7y
    @Jay Hinrichs Remmington financial was the mother of this .. great American greed espisode.. really shows how the pump and dump due diligence scam lenders work in real time.. worth watching.  I love watching American greed. I will absolutely watch that episode this weekend. Thanks Jay, I hope you and your family have a wonderful thanksgiving holiday weekend as well.
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Mike G.:
    @Jay Hinrichs

    Remmington financial was the mother of this .. great American greed espisode.. really shows how the pump and dump due diligence scam lenders work in real time.. worth watching. 

    I love watching American greed. I will absolutely watch that episode this weekend. Thanks Jay, I hope you and your family have a wonderful thanksgiving holiday weekend as well.

    when you watch it you will see the lady that took  them down was working on an Island in Clear Lake CA.. were my dad was a developer in the 60s and that island was the center of many land deals.. it could NEVER be developed but the lady had a dream and Remington just led her along.. big mistake

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    JLH Capital Partners51 Review
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    0Reply
  • Mike G.
    Real Estate Agent · Las Vegas, NV · Member since 2016 · 589 posts · 275 votes
    7y
    @Jay Hinrichs when you watch it you will see the lady that took them down was working on an Island in Clear Lake CA.. were my dad was a developer in the 60s and that island was the center of many land deals.. it could NEVER be developed but the lady had a dream and Remington just led her along.. big mistake ............whoa that one hits close to home. I will pay close attention to that Jay. Looks lIke RemIngton messed wIth the wrong lady. So your pops was a developer in his day?
    0Reply
  • Greg Downey
    Lender · Springfield, MO · Member since 2015 · 379 posts · 180 votes
    7y

    @Don Konipol, Thanks for the laughs. I shared your post in our shop today and we were rolling with the last one.  Here are some funny borrower/property characteristics that we have seen this year:

    1. Dildo factory (soon to be placed)

    2. Borrower with criminal history of: attempted murder, narco-trafficking and domestic terrorism (actually placed this loan)

    3. Blimp factory (closed)

    Thanks for the pre-holiday laughs.

    0Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y
    Originally posted by @Greg Downey:

    @Don Konipol, 

    2. Borrower with criminal history of: attempted murder, narco-trafficking and domestic terrorism (actually placed this loan)

     I was going to say; none of those are financial crimes. What's the issue? As long as the two year work history doesn't include "professional domestic terrorist"...

    0Reply
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