All Forum Posts by: Chad C.

Hi there. I have a *friend* who is in a contract to purchase a $500k. This friend has 20% downpayment. At last minute the bank says “sorry but due to coronavirus we are not looking to lend to me right now, but if I bring in a co-signer they will look at their credit and will potentially consider doing the loan. 

the property is 100% rented and brings in $6K  

My question is... If no other money is needed. Just need the financial backing to get loan approval

Is there a company out there that would consider co-signing if they don’t have to bring any money to table?

Yes, thank you everyone for responding and adding your input.  I did not go with Express Loan 911 and used a different local hard money lender.

@Shawn Regnier - yes, they sound fishy and I like to be careful and tread with caution.  I asked to talk to someone that closed on a loan but talked to someone that just put down $10K but was still in the process of getting funded.  Next, I talked to a guy that was similar to my situation but said he closed on several properties.  But in the end, I decided to go with someone that was local to make sure that I wasn't going to lose my funds.

Maybe @Moses D Jean will be able to update us on this loan.

@Moses D Jean  what is the status of your loan from them?

Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

Hi BP Landlords and Investors, Got a quick question for you! I am trying the BRRR strategy on a 7 Unit apartment. My partner and I bought the apartment complex with cash. Originally it only had 5 units rented. We fixed up the 6th unit and upgraded the 7th unit. The 6th is rented and now looking to rent the 7th. Looking to see if there are any Ohio lenders that you would recommend to cash out and refi? Any help would be greatly appreciated.

Hi BP Landlords and Investors, Got a quick question for you! I have a rental in Arizona. A couple (boyfriend and girlfriend) move in together and sign lease Jul 2015. They deposit $1150 in Jul 2015. Each year the contract has been extended. In Oct 2017 girlfriend moves out but doesn't inform but doesn’t inform landlord. But Boyfriend continued to make monthly rental payments. X-GF is asking for deposit back. But she never informed Landlord that she moved out. Does all of deposit go to the boyfriend that is paying monthly rent? Or does only half go to boyfriend? And other half x-girlfriend looses her share? Just wondering if anyone can help answer this question.

Just wondering if it is ok to trade with other solo 401K investors where they would help with deposit for my investment properties so I can take out a loan and get the benefits of the tax benefits of owning properties? and I can invest my Solo 401k to help invest in their properties?

Thanks everyone for the help. Much appreciated.

Hi BP, I created a Solo 401K a year and a half ago and bought an 8 unit property with it. The returns are good but I am looking to fund other Real Estate deals through my Solo 401K for 6-12 months. Also potentially looking to borrow from other peoples Solo 401K/IRA in order to use as downpayment or purchase other properties. Has anyone experience doing this? Any advice would be great. Thanks!