All Forum Posts by: Derek Peruo

@Jennifer Walsh You're not crazy: margins are tight for rentals in the Milwaukee and Waukesha markets. We ran the numbers on 50+ deals before finding one that fit our buying criteria.

I like @Kristin Hafner idea of doing the deal analysis as a short-term rental. Margins can be higher for Airbnb's in some neighborhoods.

@Tomer Markovich - Yes and how many units? Some managers have a unit minimum

@Ja Vang - I'm afraid we don't do much cold calling.

I've heard good things about Google Voice (https://voice.google.com) as a free virtual telephone number.

@Ja Vang - Correct: title company only for closing!

@Ja Vang - Our attorney made our contracts very easy to customize for each transaction without losing the legal protections.

Have you looked at Wisconsin Legal Blank Co. (https://wilegalblank.com/)? A lot of people in our network use Wisconsin Legal Blank templates.

@Ben Jespersen We work near Milwaukee, WI and can tell you more about our local market. DM me for details!

@Amanda Davi We're based near Milwaukee, WI and would be happy to tell you more about the local market. DM me for details!

A broker for Cogo Capital contacted me last month about their loan programs. The broker contacted me through one of my trusted networks and I submitted a pre-loan application.

While I did get a loan cost estimate, the broker never disclosed that Cogo Capital charges an application fee of $197 to start the loan process.

I asked the broker why Cogo Capital charges an upfront fee when other professional lenders don’t. This was the broker's reply:

I think it's bad business to hide the application fee until after borrowers submit the pre-loan application.

A broker for Cogo Capital contacted me last month about their loan programs. The broker contacted me through one of my trusted networks and I submitted a pre-loan application.

While I did get a loan cost estimate, the broker never disclosed that Cogo Capital charges an application fee of $197 to start the loan process.

I asked the broker why Cogo Capital charges an upfront fee when other professional lenders don’t. This was the broker's reply:

I think it's bad business to hide the application fee until after borrowers submit the pre-loan application.

Rod replied to my email. His answers to my most recent questions are in italics:

1. What is the maximum loan-to-value and/or loan-to-cost amount your investors are willing to lend?

Loan amount ranges from $5,000 to $17.5 million dollars. Loan-to-value (LTV) is an often used ratio in mortgage lending to determine the amount necessary to put in a down-payment and whether a lender will extend credit to a borrower.

2. Do your lenders need first-position lien on the subject property?

No. you’re only to provide any governmental issued ID CARD FOR VERIFICATION.

3. Do your lenders need a lender’s insurance policy on the subject property?

No, I don’t need any lender’s insurance to fund my clients deal. My company is registered and I’m able to fund deal across the globe.

4. Are your lenders Accredited Investors as defined by the SEC?

YES.

5. As the broker, do you pool funds from multiple investors to fund our loan?

I’m a licensed private lender and I fund all my deals with my personal finance.

6. Who pays your broker fee?

I pay the broke fee but there’s a security deposit fee for the borrower before the loan disbursements

7. As the broker, do you act as is our point-of-contact after the loan is funded?

You are contacting with me because I’m to fund your deal. That’s why it’s a private lending company.

8. As the broker, do we make payments out to you?

Before loan disbursements the borrower is to make a security deposit fee.

9. As the broker, which licenses do you hold and in which states?

my company’s broker hold license of an Estate agent's license in Las Vegas Nevada USA.