All Forum Posts by: John Cook
John Cook has started 1 posts and replied 4 times.
Post: Had anyone heard of Cogo Capital?
- Flipper/Rehabber
- New Mexico
- Posts 4
- Votes 0
Quote from @Kenneth T.:
I am just getting started in my real estate investing journey and I received an unsolicited message from Cogo Capital, a hard money lender focused on investors. I do not have many resources, but I am comfortable taking some risk and relying on my intelligence and research. However, before I engage with this company I wanted to ask the BP community if anyone had dealt with them or has any feedback on them. I appreciate it!
Good morning Kenneth, did you finally use this company? They reached out to me as well. Thank you
Post: I have questions about my private lender.
- Flipper/Rehabber
- New Mexico
- Posts 4
- Votes 0
Quote from @Patrick Roberts:
Quote from @John Cook:
My daughter wants to help me with my flips. So, I need some guidance. She wants to provide the financing for the purchase and rehab. She will have to get a loan, most likely it will be with her local bank. And when the deal closes I'll pay her a fee at closing. I want the deed in my name so how do we structure this? Thank you
Need more detail and clarity with what youre trying to accomplish. Are you borrowing from her, or is she a partner on the deal with you, or is it something else?
@Patrick Roberts I tried to add your name above and it didn't take, sorry. I need your input as well.
Post: I have questions about my private lender.
- Flipper/Rehabber
- New Mexico
- Posts 4
- Votes 0
Good morning guys, thanks for your replies. What she wants to do is provide the funds for the whole project. I'm a experienced flipper/rehabber with 15 successful flips under my belt. I also had my own construction company for 18 years that was very successful. I fell on hard times due to some personal reasons and lost everything I had. I didn't lose everything due to inexperience or bad workmanship.
Hell, I'll just tell the whole community what happen to me please don't judge me. I lost my mother, father and my pastor all within months of each other several years ago. I then got into the oilfield around the same time and lost almost a million dollars due to the oilfield slowing down. Unfortunately under all that pressure I made a stupid mistake and turned to drugs and I spiraled out of control and that led me to prison for four years. I've been out for a couple months now and I want to return back to what I know which is flipping homes. Problem is I need the funding to make it happen and she wants to help me. She wants to help with the money end of it and I'll do the complete rehab. And I'll pay her for using her money. I was thinking she could get a short term construction/rehab loan at the same bank I used when I was able to provide my own funding. They were really great to use. I'm 55 years old and have 40 years experience in the construction trade.
Please keep any negative thoughts to yourself. This took a lot for me to open up about this. But I want to be transparent about my past. I just need some help with funding to get myself going again. She's actually my stepdaughter not my biological daughter, not sure if that makes a difference with the laws.
I have connections with realtors and several others within the community that will bring me deals. Plus I know how to find deals i just need the money.
Thank you all for understanding and please don't be too hard on me. I learned a very valuable lesson.
@Corby Goadeundefined
Post: I have questions about my private lender.
- Flipper/Rehabber
- New Mexico
- Posts 4
- Votes 0
My daughter wants to help me with my flips. So, I need some guidance. She wants to provide the financing for the purchase and rehab. She will have to get a loan, most likely it will be with her local bank. And when the deal closes I'll pay her a fee at closing. I want the deed in my name so how do we structure this? Thank you