Is TCS for real ?

Question

Great Site.

I am thinking about paying $7,000 to join TCS Forclosures.

I have tried to invest in Pre forclosures ETC... we have 30k in cash and a credit rating of 718 yet we still do not qualify for a mortgage.
tcs says they will match us up with investors who have the money.
sounds like a solid plan to me.

The question is < Has anyone heard of these guys?If yes what was your  experience?
Thanks

John Kinsey · Answer

i looked at some information from them and they insist on calling me weekly at the worst times (dinner, etc). then they get pi$$ed when i tell them i cant talk at that time. i probably wont ever look at their site again.

Ned Carey · Answer

You have to make sure the deal you want to do allows for the cost of financing. It is funny how many people woud partner on a deal 50/50 split with a money partner, But won't consider a hard money lender.

As Ashamann01 said local small banks may have construction loans and less stringent guidlens but cheaper than hard money. What you want is a "portfolio lender" this is a bank that holds their own loans, so they do not have to meet the criteria of the secondary market.

Ruben Aguirre · Answer

nope, i only have access to credit at the moment and i didn't want to tie it up knowing that the same money could tie up a real property.  besides, there are enough free and affordable resources to get started without such a large expense.  it sounded to me like their biggest benefit was that if you tied up properties under their requirements, they had the buyer lined up and you would earn a fee, but if you build a good buyers list, you could do that and not have to give them 7000.  also, a hard money lender letter will be just as useful as their proof of funds letter, and if you assign the contract, you don't even have to come out of pocket.  the guy that was trying to sell me was a great salesman, i was almost hooked.  good thing i don't make major decisions without the wife's input and a good night's sleep. had it been the bachelor days, i'd be singing a different tune, something along a blues or sad ballad, who knows.

Ruben Aguirre · Answer

CatmanD,

I was also considering TCS.  If you do a search on them within this site, there is another thread that has a lot of discussion about them.  In my opinion, they are legit but overpriced.

Darryl Catay · Answer

Hey Guys/Gals

Thanks for all the info.
I've decided not to go with TCS.
I'll keep researching, and in the mean time I will save 7K.
Thanks for all the posts.

Account Closed · Answer

Be prepared for TCS to keep at you and offer to take you for less, That's what happened to me, and they eventually went down to $3500. I decided not to go that route as well. Mike

Darryl Catay · Answer

Hey Reuben A

Did You sign up with them ?

Bob McIntosh · Answer

Are you only going to the big banks?  They have certain criteria and they will not deviate from that criteria no matter what.  You may do better to sit down with a lender from a local bank, explain your situation, and work with them.

Kyle Gregory · Answer

why arent you getting financing?    If it has to do with mechanics of a home, then why not try hard money lender, then go with conventional type lending?

Darryl Catay · Answer

Hard money lenders cost for cash will eat up all my profit