Investor · Minneapolis, MN · Member since 2014 · 79 posts · 17 votes
9y
I recently had a phone call with them. They told me that they like to lend to people with solid experience. To gain that experience, I could go to a 3-day training session for $3000. I have heard that some people are given a price of $2500 and sometimes less. Why does the price change for the training session? Why do I need to pay a lender money for training before they lend me money?
So for ~$2500, you get training. Then they will lend to you up to 4 loans at a time and will fund 100% of what you need.
All this talk about an inner circle and the Lee Arnold "system."
I see lots of ads for Cogo Capital for private lending. Has anyone had any experience with this company?
I have experience with them and they are Very good for helping new to the industry folks and or people who never would have had a chance to get into this industry. The reason they offer training is so that you will know what to do to buy low and sell high for maximum gain. This is not a lender for the family this is a lender for the one who needs help getting started as flipper .They are very helpful .
I see lots of ads for Cogo Capital for private lending. Has anyone had any experience with this company?
I have experience with them and they are Very good for helping new to the industry folks and or people who never would have had a chance to get into this industry. The reason they offer training is so that you will know what to do to buy low and sell high for maximum gain. This is not a lender for the family this is a lender for the one who needs help getting started as flipper .They are very helpful .
I have been trying to sell my house. The buyer is using them. It has been a nightmare. They have pushed back the closing date 7 times over 7 months including 6 minutes before we were supposed to close today. My ex-husband took off work 7 times. I drove 40 montes one way to go to the closing this morning. I’m a single mom with 5 kids paying a mortgage on my old house and on my new one. They are unprofessional, don’t care about people, and apparently completely inept when it comes to business. Run
Investor · Albuquerque, NM · Member since 2017 · 1 post · 0 votes
3y
Bait and Switch. They sent a term sheet which was actually downright attractive so I paid the $197 application fee. The term sheet they THEN gave me for my loan was nothing like the one they baited me with and they were totally unworkable for my deal. It looked it was for someone else's loan There were also fees that I saw disclosed for the first time.
They have a link for requests for refunds/customer services. Still, after 2 inquiries, not even an acknowledgement that there was an issue.
Anyone can go to their website and generate a Proof of Funds for $14.97. Embarrassing, because my seller did exactly that, without any of my loan details, and generated the exact same letter I had given to him.
Lessons learned: gold cross = red flag, "have a blessed day" = "see ya"
Investor · CA · Member since 2020 · 1 post · 0 votes
3y
I am currently TRYING to close a deal with them... not sure if it is going to cross the finish line. It has been an extremely unpleasant transaction thus far... boy do I have stories...
If anyone know a good private lender for the midwest (illinois) please share.... :)
I am currently TRYING to close a deal with them... not sure if it is going to cross the finish line. It has been an extremely unpleasant transaction thus far... boy do I have stories...
If anyone know a good private lender for the midwest (illinois) please share.... :)
I work for a new direct lender, Dunmor. Let me know if you still need assistance.
I just had a terrible deal with GOGO. They were so bad, I had to delay closing to switch lenders. They sold themselves as a fast hard money lender, but were slow and required more paperwork than any bank. They also changed their terms prior to closing. They could have easily cost me the entire deal and they seemed ambivalent.
Had a bad deal with them. It closed but barely. It’s fraud in the beginning. They gave me a blank pre approval and said put whatever numbers you want on it. PA written up for cash to get offer accepted then switches to a mortgage with 2 lien positions so the Title Co loved that of course. Closing got delayed until the VERY beginning of the new tax season so there was an additional $3k at closing for the proration of taxes. I don’t even think they used licensed appraisers (could be wrong. Long time ago) I’m vetting other companies now.
Hampton Roads · Member since 2020 · 2 posts · 1 vote
2y
I've closed four loans with COGO as of today (7/7/24). I'm looking to close another in the next two weeks hopefully. I've found COGO to be easy to work with, however, I'm still new in this area and I can see how if I didn't want/need their hand-holding, I wouldn't appreciate it. There are numerous others with better rates, I participated in Lee's Inner Circle, so I need to do one more deal with them to get my tuition reimbursed. Initially I was constantly offered trainings and workshops and upsells. Since I've taken one of their programs, and found a lot of value in the program, I've been welcoming of the offerings. I have had a number of my classmates in Lee's Inner Circle complain, but I don't at this moment.