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Author Topic: ECONOHOMES  (Read 1814 times)

Offline L.Souza-GA

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ECONOHOMES
« on: August 29, 2011, 11:52:55 am »
Has anybody heard or dealt of this Company before?
If so, are they Good, Bad or Ugly..

Thank you
LSouza

Offline Gold River

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Re: ECONOHOMES
« Reply #1 on: August 29, 2011, 05:27:20 pm »
Hi,

     I went over and read thier website, there are a few things that bother me!

You can buy any property in the country with hard money for between 20 and 30% down!

As investors we occasionally buy from other investors but usually only when we have an end buyer to sell through to!

Since this company does not always have equitable title and will not have equitable title for upwards of 6 months, these properties without legal title can not be title insured at close of purchase escrow!

Having between 3 months and 12 months to refinance put's significant pressure to perform on buyer and could cause non-performance defaults!

Private money lenders would be better as you can purchase today 20 to 30% down and have a 3 to 5 year term before a balloon note becomes due! Normally under private money lending you pay a 30 year ammortized due in 3 to 5 years!

The first financing option is impossible for most people to perform and is not financially sound considering the additional need to pay insurance, property taxes and maintain the property!

This is not something I would jump into!


                       GR

 




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