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Author Topic: Done with so called HML's, on to plan B!!  (Read 28416 times)

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #15 on: August 25, 2007, 12:41:49 am »
Need a tissue?
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline onsitenow

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Re: Done with so called HML's, on to plan B!!
« Reply #16 on: August 25, 2007, 12:57:24 pm »
I wouldn't be so proud about stating I have multiple defaulted loans, myself! That doesn't say much about you. (prefer not to call names)

However, I think we are still missing the point here... The HML Applied321 was working with did not perform as they stated they would (maybe a breach of contract in there somewhere, but I'm not sure) which caused him to lose his deal. This may or may not be the same situation with all of you, but it was his experience and he is asking for clarity. If you know of any reputable HML's that maybe we all can benefit from (and possibly change our outlook), please DO SHARE.     :beer

My personal experiences are such that just in precursory evaluations of HMLs they all misrepresented their criteria for borrowers. I thought true HMLs do not worry about credit or assets (meaning horrible credit and no Investment money at the worst), however, the few that I actually talked to and clarified their requirements, were asking for up to 35% liquid from the borrowers. If I had 35% of $700,000, I would take that money and go invest in the SouthEast or Mid-Atlantic Coast somewhere where that money could get me something without any partners, HMLs, or Banks. I would just do it myself!

I do agree that in todays market, there is humongous risk on the lender's part, especially after the events of the past month! I think GaryPettee said it best "If they put it in writing before you made the offer, I'd get an attorney...". If they post certain criteria, and you meet that criteria then they SHOULD do what they say they can do (not that they HAVE to though). I thought that is why they charge abnormally high fees for the use of the money in the first place. Where we get into the confusion of it all, with Applied's case, they made a committment to lend and he ACTED on that committment and lost the deal due to the HML backing out. What we all need to know is why they backed out. What was their definative reason. Then we can end the speculation and either go on with our lives or take action.

Bottom Line for me is, this is just one more coal on the fire. HMLs are not reputable to deal with and are just adding a new twist on "Bait and Switch". 

...my 2 cents.
-Gary

Offline mw

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Re: Done with so called HML's, on to plan B!!
« Reply #17 on: August 25, 2007, 09:23:28 pm »
Quote
I wouldn't be so proud about stating I have multiple defaulted loans, myself! That doesn't say much about you. (prefer not to call names)
Who said anything about being proud about having a loan in default?  What an ignorant statment.  A defaulted loan has nothing to do with the lender, but with the one who is defaulting.  I did my homework on the loans in default, but due to the stricter guidelines, the normal banks doing the refi's are either calling for seasoning now, or are delayed due to the sheer number of refi's happening.  Try to be a little more educated before you post such nonsense.

Offline mw

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Re: Done with so called HML's, on to plan B!!
« Reply #18 on: August 25, 2007, 09:26:09 pm »
Need a tissue?
Not me.  You are the one crying on here that you missed such a great deal...you need one?  Either it wasn't that great of a deal, or you have no clue what you are doing.  I'll stand by the lender on this one.

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #19 on: August 25, 2007, 11:23:21 pm »
You'll stand by the lender? lol, you moron.
He's now a lender under investigation!
(along with a bunch of other so called lenders on here)
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #20 on: August 26, 2007, 09:28:41 am »
Thank you onsitenow, awesome response.

Yes, the original (and it seems challenging ) question still remains.

On some forums, you are able to see show how many active members they have. That doesn't seem to be the case here so I'll just guess that it's fairly high, let's say a couple of thousand?
Of those, I am looking for ONE person to answer the challenge!

Here it is again for those who may have missed it:

Forget broker's, forget deals that "look good", forget ALL of that.
I'm sure a real HML lender would be happy for the free promotion so............

CAN ANYONE PROVIDE THE NAME OF AND TELL US ABOUT AN ACTUAL LENDER THEY HAVE USED? (and by that I mean)
BOUGHT A PROPERTY.
GOT THE REHAB DRAWS IN A TIMELY MANNER.
COMPLETED A FLIP.
PAID OFF THE LOAN.


PRETTY SIMPLE REQUEST RIGHT??

I'll check back later to read all the great HML testimonials.

Thank You! 


Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline Rich_in_CT

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Re: Done with so called HML's, on to plan B!!
« Reply #21 on: August 26, 2007, 11:47:36 am »
Well maybe you aren't getting many responses as your question is in direct violation of the forum rules.  For anyone that wants to answer please the the original poster know that there are HMLs out there that can handle his needs but please remember that referrals are not allowed here so I'd appreciate everyone thinking about that as they answer.

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Offline mw

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Re: Done with so called HML's, on to plan B!!
« Reply #22 on: August 26, 2007, 12:08:50 pm »
You'll stand by the lender? lol, you moron.
He's now a lender under investigation!
(along with a bunch of other so called lenders on here)
So why didn't you pull the deal on it if you have the money?  Serious HML don't want to work with ignorant newbies like yourself, who don't have the stones to pull a deal at any cost.

I'm a "so called" lender, and just by your lousy attitude wouldn't work with you.

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #23 on: August 26, 2007, 02:22:52 pm »
LOL, so a forum about HML's can't actually discuss particular HML's
(and you get threatened and told that you better not or else)

** No Advertising - do not post advertisements, solicitations, or offer your services

LOLOLOLOLOL, this site is one big AD, ARE YOU KIDDING!!!  lololol

OMG, too funny, THIS IS HILARIOUS


Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline Mdhaas

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Re: Done with so called HML's, on to plan B!!
« Reply #24 on: August 26, 2007, 03:20:57 pm »
Applied321......I do not believe anyone told you that you HAVE to post on this site.  If you don't like the rules then go somewhere else.   :rolleyes
If at first you don't succeed.....................skydiving is not for you

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #25 on: August 26, 2007, 04:33:02 pm »
Rules?
So it's OK for people to promote their services all over this site but it's not OK for me to ask a question?
There are hundreds of posts put up by people offering services but NONE from people offering testimonials of those services, hmm
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline Mdhaas

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Re: Done with so called HML's, on to plan B!!
« Reply #26 on: August 26, 2007, 05:18:44 pm »
Quote
On some forums, you are able to see show how many active members they have.
  Sometimes you have to look.  Try this link:  http://www.reiclub.com/forums/index.php?action=mlist

Apparently all of the 20,000 + (I dropped the number by 5000 as some are not always active.) other members understand the rules.  They really are not that difficult to comprehend.

I  thought that Rich in CT was pretty clear. You are asking someone to recommend a HML  
Quote
I'm sure a real HML lender would be happy for the free promotion so............

That is why it is a V-I-O-L-A-T-I-O-N of forum rules.  Drop the issue and move on. 

We look forward to your future contributions.

By the way if you would like to advertise on this site like the others that you spoke of...you can purchase advertising as well.

http://www.reiclub.com/adrates.php

It also describes this process in the forum rules as Rich in CT posted earlier.

We appreciate your interest in the site and look forward to your future contributions.
« Last Edit: August 26, 2007, 05:43:01 pm by Mdhaas »
If at first you don't succeed.....................skydiving is not for you

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #27 on: August 26, 2007, 05:47:20 pm »
OK OK OK
So maybe I shouldn't have said
"I'm sure a real HML lender would be happy for the free promotion"

I promise....... I will drop this now BUT (just for the record) NOT ONE person of the 20000 you mentioned has been able to say that they have successfully used a HML lender!!!

They could have used a format such as, Yes I went with XXX, have had 4 deals through XXX, all was great with XXX and I'll PM you the info. for XXX

I'm sure that if I got help on here and then used the services of XXX and was very happy, I'd be right back on here telling people how great they were!

But nope, not one and that tells me a whole lot. The question has well and truly been answered.

Thanks anyway.
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline byrddawg

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Re: Done with so called HML's, on to plan B!!
« Reply #28 on: August 26, 2007, 08:54:21 pm »
OK, at the risk of being lambasted for my lack of knowledge here goes:

I realize the discussion is closed, but I have a few, if disjointed thoughts:

1)  Applied321, with all due respect, I agree with MW...if you have the money, why didn't you pull the trigger?

2)  for any HML, why is it ok for someone ELSE to front ALL risk AND be unprotected?(if they run a credit check, don't you think they run other checks as well, such as asset checks etc...what do you think goes thru their mind when they see you have money but don't risk it yourself?

My thought is this...from the one reading I got, about greedy pigs being slaughtered(again with all due respect): You are coming across as a greedy pig. 
It seems to me you have not thought about all of your exit strategies.  We all want to make the big sale, walk away from a deal with $50000 in cash in our pockets, and IT CAN BE DONE...BUT, it isnt ALWAYS done.  Perhaps, just perhaps, if you had thought about holding the property, even just short term(2 years?) you may have been able to show that though process, show the numbers, show how you plan to acheive that, should your plan A fail.  No one wants to hear about a plan B where you run away.  Nobody.    I don't know much and I admit that willingly because i'm sure I'll be taught valuable lessons.   But if you are sitting on money, and you don't want to use it, then let a deal slip away, that just tells me you ONLY want to flip a property and not hold.  That is perfectly fine, but, there are many strategies with which to achieve your goals. 

A line from the movie Ronin, says it best for me.  (and I paraphrase).
One guy asks Robert DeNiro, what weapon he prefers.  He basically states they are all tools, used for the appropriate occasion. 

Offline applied321

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Re: Done with so called HML's, on to plan B!!
« Reply #29 on: August 27, 2007, 12:38:55 am »
Yet another one completely missed the point, OMG!
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

 




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