All Forum Posts by: George Despotopoulos

Hi @Isza A., we recently rolled-out a Hard Money Loan program. Feel free to reach out for details. 

@Jo Rut I would recommend you google forms or ask other investors for what they use. In the end, you should definitely have an attorney review it. It should take 3-5 hours of their time and help you in the long run.

Andrew how's this first one going? 

Hey Dylan, try checking meet-ups and real estate investment groups in your area. There's also reddit and linked in! You may be able to find a partner or mentor through those mediums. 

A private lender company can be a great source of information and guidance too. Maybe not all, but if you speak to enough you may find some gems.  

@Jasmine Williams definitely do not be discouraged. I took the real estate exam during my undergraduate studies. I actually took a two semester course called Real Estate Law for 6 credits that they made us eligible to sit for the exam. I received an A each semester in the real estate course but to my surprise, and devastation, I failed on the real estate licensing exam on my first AND second attempt! I was on 4.0 semesters in college and thought I had done the work during the year and didn't need to prep further...I was wrong. Finally, I studied, and studied, and re-took it a 3rd time and passed with nearly a perfect score. 

I practiced as an agent for year and ended up going to law school after. Failing the licensing exam was a great wake-up call and definitely a humbling experience. It's not the easiest exam and stress does play a factor. I really learned that there is no substitute for hard-work and preparation, despite any natural talent. It helped me pass my bar exam on my first attempt. Keep your head-up, study and keep reviewing, and re-take it when you feel fully prepared. There are many successful professionals out there who have failed so many times, it's part of learning and improving.

LLP or LLC are great investment vehicles and recommended. I would contact an attorney to form the entity and draft a partnership agreement that dictate the terms between you and your partner. Always best to have it in writing and clear from the start to avoid confusion and headaches later on.

The answer to your question may vary depending on state statutes and on your lender's practices. I know if I'm the lender on the deal, I want all persons who will have an ownership interest to be on the note, mortgage, and deed. But this is only my opinion and may not be the case for each lender.

This answer is not a substitute for professional legal advice and does not create an attorney-client relationship, nor is it a solicitation to offer legal advice. Seek the advice of a licensed attorney in the appropriate jurisdiction before taking any action that may affect your rights.

Hey @Linda Sloan , I wanted to clarify, are you seeking investors to fund your flip? The return on investment varies depending on things like current market conditions, the purchase price, the amount financed, your credit score, and your experience. 

This is rather inappropriate. As an experienced investor, and frequent user of the website, I would have expected you to refrain from personal attack and insults. 

Take care and best of luck. 

@Jay Hinrichs that's both scary and disappointing to hear, but some liken it to the new-version of  Wild, Wild West! It's definitely unfortunate that they do not adhere to the rules, especially because it will only lead to issues for them and the borrower. We actually took the time to do extensive research and even so, we still go to outside counsel because we saw that same problem you identified. Too many lenders out there think they have free reign and is not as simple as it looks. I definitely agree with your list of ethics. 

Always happy to chat about regulatory/compliance topics/matters, great to find someone with the requisite knowledge.

@Michaela G.

Please note, we did not request your social security number to begin with nor would we request sensitive information at pre-qualification stage. Also, I would kindly ask you do not post statements of fact, or allude and infer the like in your comments, unless you are able to substantiate them and/or prove their validity. 

To add, service-providers, such as TransUnion and CredCo, that enable an individual or company to be able to pull background reports and credit reports require site inspections and in-person visits, which we have undergone at our offices here in New York. They also require background and credit reports of the principal of the company, myself, which were also done. Moreover, I am a licensed attorney in the state of New York.

There is nothing I can see that we've done that may cause issue here.

What I am dumbfounded by is that your first impression of a company that is attentive and reaches out to you promptly to address your pre-qualification request is immediately labeled as a scam, while no sensitive information about yourself, nor any sort of fees, were obtained, requested, or even mentioned in any fashion. 

I wholeheartedly agree with the notion that every individual should be prudent and ask questions of the company they will provide sensitive information to. But I do not agree with the manner in which you've undertaken such: you are questioning the legitimacy of a company by speaking to its founder on an internet forum and demanding for information about his company. You then state it's not good enough or dispute it what is proffered, without offering a suggestion of what is good-enough. This is rather circular and unreasonable.

Your comments have been both inflammatory and defamatory in nature. I do not feel this is the appropriate medium to be making said comments and would hope that you would refrain from doing so without the ability to evince the contrary. If you want to ask questions of us, that is more than acceptable, but to direct statements at us that may come off derogatory or disparaging is unfair.

These allegations are damaging to the reputation of a company that has always been open and communicative with potential borrowers. We offered numerous examples of ways to prove the legitimacy of our operation; if these have been found to be unsatisfactory to you, we would be happy to oblige and offer whatever else it is you feel is necessary to establish such good standing in your opinion. Please let me know what that is.