All Forum Posts by: Antonio Cucciniello

@Wayne Brooks lets hope not! But I am not going to move forward with them!

@Steve Morris Yes and their communication is no good either, I think its a no go (they rarely respond to emails and messages)

@Kyle Altenau @Steve Morris I have the terms sheet I can show if that helps?

@Kyle Altenau Thanks Kyle - I am actually from Marlboro, so I am right near you! When you say closing fees, would there be anything different then fees on a normal mortgage's closing?

They gave me a loan terms sheet: 5.4% for all loans it says, no collateral anywhere between 6 months to 15 year loan terms. @Steve Morris

@Jenni Utz Constantly analyzing deals in my market and talking to potential partners! Analyzing 1 deal a day and talking to at least one new person per week.

My one thing getting more units for higher cash flow! But I actually recently read this book and purchased the ONE THING planner to keep me focused.  Having one thing to get done and taking the time to do it allows you to remove the noise and do the most important things.

I would really be interested in a planner that takes your one thing and then once you have gotten that done, you can cross off the other things on your list (the to-do list smaller items).

I have been searching for lenders on LinkedIn that can give lower down payment requirements. One reached out to me about lending with 100% financing.  They give business loans at 6 month to 15 year terms with 5K minimum to 2 million, only needing 1% of loan amount in proof of funds.

This sounds too good to be true, I was wondering what to watch out for? I have used conventional loans my entire process through and this would be my first time through a private lender! I have a deal that I want to get in my area that has great cash flow at asking (rarely happens). So I want to act quick but don't want to be screwed. What can even happen? I have been hearing of scams but don't really know what that means!

@Jack Plantin He gets cash flow and then when we cash out, he gets his money back but still gets the cash flow.  He gets lifetime cash flow for a short term loan.

It sounds like you just are not confident in your ability to get a good deal for them.  If God came and said to you, "Hey Jack, buy this property with your friends money, he will get a 10% return... would you do it?" 

These are all great questions.  The reason why I needed to cosign was I have a W-2 job and he is self-employed so it was difficult to get the loan during covid-19 as restrictions tightened up.  He gets 50% of the profit, I am doing all the work when it comes to managing. Does that answer your question? 

I am curious why you don't want your friend who is willing to hand you money to purchase a property help you? Is this something you are scared of?