All Forum Posts by: Brian Figueiredo

All this info is so helpful. Very glad I signed up for this site. I don’t Jason from lending one. Is there a directory on here or something of that nature?

Mike, I mentioned that I kind of understood that. It makes sense to me. I’m basically getting everything on my word. My main concern was if companies are legit as it seems too good to be true. Then again, I guess giving up 50% of your profit isn’t “too good” but again, I kind of get it. You’re 100% right. They’re hedging all the risk. I can’t rightfully expect to reap 100% of the reward. I think that in the long run, it’s kind of worth it FOR ME as I’m not risking much but if I do the right thing, I get pretty well compensated. 

Ryan,

I really appreciate your reply. The only thing I can think of with this company a particular doing business the way that they do is possibly because they require no money at all other than $700 to do an appraisal and some other paperwork. I've been told a lot of HM el I really appreciate your reply. The only thing I can think of with this company in particular doing business the way that they do is possibly because they require no money at all other than $700 to do an appraisal and some other paperwork. I've been told a lot of HML's Will require a bit of money down before they'll lend you anything and some will only lend 60 to 65%. My problem is I have absolutely zero to put down due to my financial situation. I'm not broke and I'm not poor. But I just do not have extra money, which is why am actually pursuing doing something like this so I can get a second stream of income.

Gents, thank you. It seemed odd to me as well BUT so does the concept of giving someone money for basically their word and a credit score (that seems odd to be I guess due to all the hoops I jumped through get my mortgages in the past), but I’m glad I’m not the only one who thinks it’s strange. To answer the question above, yes, they ALSO charge points AND interest. I guess I should look for a hard money lender who DOESNT do that since you guys both say the norm is no cut of the profit. 

I am looking to get into house flipping as a starting off point with a long term goal of having multiple rentals and doing an occasional flip. I contact a company named "All in one real estate consultants". Apparently, they are fairly well recommended and basically loan you 70% of the ARV of the home you want to flip. Initially, they take up to 50% of the profit, which bothers me to a degree BUT I also understand they are posting the most risk, but after several deals, they take less, down to 10%, or so I am told. Has anyone dealt with them? Is this a fairly common type of company/lender in the real estate game? I don't really know any other way to get the money to start this. I have a construction background (built houses) and excellent connections for all that's needed to rehab a home. I own a home but have a small HELOC on it and don't want to tap my 401K. my credit is pretty good with a 740 FICO.