EquityBuild Review
I wanted to personal thank Joel from Equitybuild for his outstanding work. I received emails from Equitybuild for quite some time, skeptical of how the whole process worked. When my father passed, I wanted to invest the money he left me smartly and felt real estate was the way to go. I have a fulltime job, so I did not want to be a hands on investor in a property by myself because I would be in way over my head. When I called Equitybuild Joel thoroughly explain the process. I was thrilled to find out that he himself was an investor first with Equitybuild. We spend over an hour on the phone, he was extremely patiently (like I said I was a first time investor) and made me really understand how the process works. I loved the fact that they focus on properties in blue collar areas in Chicago, which have already turned the corner. Not poverty and violence stricken areas, which was a major concern of mine. Joel made me feel extremely comfortable, I trusted him, and not once did he ever let me down!
I initially invested $100,000 in two separate 50K notes each.
Once the building closed in escrow. My first payment did not come in, so I called Joel. He answered immediately like he always has, and I found out I put the wrong bank account number on my direct deposit form. It was fixed immediately and I had my funds. Every month there after I received my payment of $1,041.66 (this is 12.5% interest!) We refinanced the notes after 18 months to a commercial lender at a much lower rate.
The reason Equitybuild can give out such high returns is, they use the investors’ money to buy the property in cash, getting a great deal on the property.
Commercial lenders don’t want the property initially is because the net operating income is too low for their standards. Equitybuild uses private mortgage notes/investors to increase the net operating income, so the properties becomes appealing to commercial lenders or banks. It is basically a bridge loan.
I had the option after the refinancing to either get my balloon payment (my principal back) or do another property with Equitybuild. I jumped on the option to roll my principle into a new property because I had such a great experience. I love the fact I get money every month from Equitybuild!
Thank you Joel and I look forward to doing business for a very long time!!
Stacey Diaz