All Forum Posts by: Stephen Tong

I would seriuosly think twice before doing business on Facebook. Facebook is not a secured financial platform and NO ONE is vetted for legitimacy. There a tens of thousands of people scammed on Facebook and the media wont talk about it. Most of the time they are Phising scams to gain your personal information and they are really good. They sound legit and have good looking fake websites that disappear as soon as a scam has been played. Be warned.

Agreed, it sounded too good to be true. All of the Facebook experts along with the thousands of wholesalers its a hard place to navigate. I got lucky and found a duplex from a wholesaler that worked out for me.

0 Votes

San Francisco, California

Thanks for the feedback. A lot of shady people out there!

1 Vote

San Francisco, California

Im sure everyone in this forum has seen or been contacted by "Private Lenders" on Facebook. I was recently offered this...

Terms are flexibleJohnInterest Rate: 5.5% (Buy and Hold), 8.5% (Fix and Flip), Cashout/Refi (4.5%) Purchase 90%, rehab 100%, Origination Cost: 3pts, 10% Down Payment, Two (2) phase drawsJohnNO FICOClosing 7-10 business days, 1-30 years, Asset-based, Interest-only paymentJohn. And no prepayment penalty.!

Has anyone actually worked with any of the so called private lenders on Facebook that post on all the RE sites? Legit or scam?

Thanks,

Stephen

1 Vote

San Francisco, California

Awesome thanks Matt!

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That would be awesome thanks

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Awesome thanks Nicole!

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Hello All,

I am looking for a reliable contractor in the Sacramento area for a condo rehab. I appreciate any help!

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Hello All,

I am currently looking for hard money lenders in the Henderson/LV area of NV. I appreciate everyone's help!

Thanks,

Stephen!

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Henderson, Nevada

Thank you everyone for the responses!

0 Votes

San Francisco, California

Quote from @Scott E.:

There are a lot of ways to look at this scenario. But what I would look at is:

1. If you rent out your house, what do you estimate your total return to be (cash flow + principal pay down + appreciation)

2. If you sell, take that $190k, and redeploy the funds, will you be able to achieve a higher overall return with a different asset?

Thank you for the advice! The mortgage is $2600 and I could probably get $2800 in rent but that doesn't cash flow well. The appreciation and principle pay down would be great though. By redeploying the funds I would be able to pay down all of my debt as well as reinvest into a different market. Thank you for the input, I definitely have some decisions to make!

0 Votes

San Francisco, California

All Forum Posts by: Stephen Tong

Stephen Tong has started 4 posts and replied 11 times.

Post: Facebook "Private Lenders"

Post: Facebook "Private Lenders"

Post: Facebook "Private Lenders"

Post: Seeking Reliable Contractor in Sacramento

Post: Seeking Reliable Contractor in Sacramento

Post: Seeking Reliable Contractor in Sacramento

Post: Seeking Reliable Contractor in Sacramento

Post: Looking for a Hard Money Loan in NV

Post: Sell or Rent my primary residence?

Post: Sell or Rent my primary residence?