All Forum Posts by: Account Closed

I found their advertisement on Facebook and checked their website http://gombanc.com ... their name is MBanc, I have looked it up and there are a lot of MBanc’s out there so I focused on the one with the correct address, it’s 1141 Highland Ave c, Manhattan Beach, CA. They have very good ratings and reviews. I called them up, asking about all the informations, they said they only do mortgage loan, for Real Estate investing they do have 2 different programs which is 1. Fix and Flip Program: this program is for those investors who have experience. The requirement is 10% of purchase price and fixing cost combined. 2. Rehab program: for a person like myself, who has no experience, this program will only require 3.5% down payment from me. And the interest rate can be like 7% (not really sure about this number) (I don’t know why they call those fix and flip and rehab programs? I mean what is the difference? I asked and they said there is the difference)..... I have been looking for the lender that matches my needs and this thing (they claim they are a bank) sounds too good to be true, I mean if they are real and legit, this could be a really good opportunity for me. Has anybody heard of them? Has anybody worked with them? Any ideas? Any advice? Please share! Thanks a lot everyone

I found their advertisement on Facebook and checked their website http://gombanc.com ... their name is MBanc, I have looked it up and there are a lot of MBanc’s out there so I focused on the one with the correct address, it’s 1141 Highland Ave c, Manhattan Beach, CA. They have very good ratings and reviews. I called them up, asking about all the informations, they said they only do mortgage loan, for Real Estate investing they do have 2 different programs which is 1. Fix and Flip Program: this program is for those investors who have experience. The requirement is 10% of purchase price and fixing cost combined. 2. Rehab program: for a person like myself, who has no experience, this program will only require 3.5% down payment from me. And the interest rate can be like 7% (not really sure about this number) (I don’t know why they call those fix and flip and rehab programs? I mean what is the difference? I asked and they said there is the difference)..... I have been looking for the lender that matches my needs and this thing (they claim they are a bank) sounds too good to be true, I mean if they are real and legit, this could be a really good opportunity for me. Has anybody heard of them? Has anybody worked with them? Any ideas? Any advice? Please share! Thanks a lot everyone.

What does it mean by “off the market” If you please advice on how to I get connection with the wholesalers? I did call some one who has ad on Craigslist about “we buy ugly houses” but turned out they buy and hold.

Hello everyone I’m at the first step and very overwhelmed, this is my first time but I’m filled with passion. I had looked for a property myself but I did not find one that match my needs, I actually found one and realized it’s just scam. So that makes me contact one good realtor in the area and by chatting with him gives me a lot of knowledge. I decided to work with him and he sent me the list of houses that match my needs. Now I need advice on this. Because using agent I’ll need to pay them then is this a good idea to find deal through an agent? I mean what I really think is it doesn’t matter who makes money as long as I got a good deal then everybody is happy. What would you say? What is pros and cons of using realtor on fix and flip project. Looking forward to hear your advice Thanks a lot

Hello everyone, Because I am too interested and into this, I wanna jump into rehabbing without any capital on my own. I have been studying the process for a while and feel confident enough to start fix and flip. But first thing that holds me back is financial, I have been on the phone with the lenders who can lend mr 90% of purchase price means I have to come up with 10% down payment and I’m looking at somewhere between 20K - 25K. I received a phone from the broker guy from Sprout Financial, he was very professional and he dedicated his time explaining the details to me, but after I have read through the comments on BP about this kind of funding I guess I want to step backward because of my stupidity I thought 0% interest for 12 months is a great deal but I did not realize that it will hurt my credit badly. So at the first place when I thought I would use funding I received from Sprout Financial for down payment, that is going to change. Now I am thinking about personal loan, short term loan. Because I’ve never done this before, and in my lifetime I only have auto loan so I have no idea what it takes to get the loan especially when it’s over 20K I need advice if anybody please help guiding me. Should I go to the banks I’m banking with? for example WellsFargo / Chase / Bank of America? I do have auto loan with Capital One and never once late or missed any payment. Or I should look for another source? Please advice. Thanks a lot.

Hello everyone. I wanted to start my first flip and I’m seeking some lender as I can’t raise private money then the only option I seem to have right now is finding hard money lender. Now it’s a very basic question. What do you think about borrowing from them? I know the interest rate is high but I believe that not everyone use their own money or have an ability to raise private money so what do you do? Do it borrow from hard money lenders? Is it okay? What to avoid? Thank you very much.

Anybody who read this please help me out on this. I’m trying to get myself started but I’m so blind and I don’t have that much money to afford a coaching program that everybody is selling nowadays. I have been to some training events but they any teach me how to do rehabbing. Pleass anyone, any investors who have done this, send me an email if you would like to help a dreamer like myself, I am dying to do this. I just wanted to learn from you, see how you do it. 

hello everyone,

I just joined BiggerPokets because fix and flip has been the goal I really need to achieve. I am a freelance graphic designer and currently studying interior design. To me rehabbing is my passion. 

I wanted to become Real Estate Investor because of many reasons but the major reason is that it looks like something I’d really enjoy doing. 

I have been to some Real Estate Training Events and ended up going home without what I paid to learn. None of them really teach about how to fix and flip but offering very expensive coaching programs that I never can afford. 

I know that to become a real estate investor is not easy and it needs hard work. I have been reading and trying to educate myself. And I really want to dive into this more than anything. 

I have been struggling with lack of knowledge and the reason why I write this post because I need advice and I have read so many good stuff from BiggerPockets so I guessed it’s the best place to get answers from those who have experienced this. 

My few first questions right now is : 

what I need to know before jumping into real estate investment (rehabbing)? 

How to get started and where to get started from?

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Thank you very much, I’m looking forward to it.