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#157063 - 07/20/07 04:31 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Loan Diva]
Kep Member Registered: 02/15/07 Posts: 263	What ever happened to this guy? Do I need to bring him some socks and cigarettes?
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#157079 - 07/20/07 05:39 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Kep]
Jeffo Veteran Member Registered: 12/14/06 Posts: 873 Loc: Eugene, Oregon	That is the frustrating thing about somebody like that... they vanish! Anybody get his real email address? -jeff _________________________ (541) 285-5492
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#157119 - 07/20/07 08:33 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Eclipsehood]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	What possible (good) reason could there be for someone not being able to buy more than 5 houses at a time in their own name? Mortgage issues? If he's making that much money, he should be able to buy cash, right? The money sounds too good to be true. And remember, that if God-forbid something happens to him, you are on the hook for the mortgage until the property sells. If you have good credit, keep it that way by protecting it. It sounds like a scam. And just because you have an "agreement" for him to pay the mortgage doesn't mean that he'll pay it. And it won't matter to the mortgage company, because it's your signature on the line. Don't do it! _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157120 - 07/20/07 08:36 PM Re: Stepping stone or way to get screwed? Need Expert [Re: Eclipsehood]
real agent Member Registered: 03/25/07 Posts: 223 Loc: North America
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#157122 - 07/20/07 08:43 PM Re: Stepping stone or way to get screwed? Need Expert [Re: Eclipsehood]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	Originally Posted By: Eclipsehood Honestly no I cant afford the loan on my income thats why we found a lender that is soley basing this off my credit...However if they do state that im making an income that I could afford the loan what could happen to me? Its not like ill get in trouble, cause I dont know if they put a income down.. as far as I know they didnt....Its not like ill get any jail time for not knowing they lied about my income in order to get a loan....If they are lieing and I found out they are making my income up should I not continue with this deal? When you get a mortgage, you sign lots of documents, including an application that says that all the information provided is TRUE. So yeah, if lies are found, you could get in big trouble, including jail time for fraud. _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157128 - 07/20/07 08:48 PM Re: Stepping stone or way to get screwed? Need Expert [Re: Eclipsehood]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	Originally Posted By: Eclipsehood he is paying for all up front cost, and thats why he is getting paid 50% at the end..Like I said hes really not into this for the money he actualyl really wants to teach me the business cause we are going to be future partners with investing in not just houses but restaurant properties cause im a chef, and other investing ideas....he wants to do no money down loans...I actually just called the bank a few hours ago to confirm that my income is not stated by the loan officer behind my back..They confirmed that all they wanted in order to get my loan done is a place of work, what I do, and a utility bill which I do have cause I rent..They said that it is a loan that is based off income however it is never documented or checked no w2 forms need to be supplied, no tax records ect... so all they really need is a place of work..So I said ok thank you very much, thats all the info I needed... Okay, I hate to be responding to this multiple times but, "he's not doing it for the money?" PUHLEEASE! Dude, ALL real estate investors invest to make money, it's not for fun or 'teaching' purposes. _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157131 - 07/20/07 08:50 PM Re: Stepping stone or way to get screwed? Need Expert [Re: RaquelMangual]
Loan Diva Veteran Member Registered: 12/17/06 Posts: 648 Loc: SoCal	Naw this is a social service type of investor . . . _________________________ The Loan Diva
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#157138 - 07/20/07 08:58 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Eclipsehood]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	Originally Posted By: Eclipsehood Im not worried about that...Im worried because all you guys are saying what im doing is mortgage fruad, but again everything that im doing from what banks and lawyers are teling me is legit...however you guys who been in the business for a very long time some of you guys are saying its mortgage fraud, and im young I dont know exactly what it is, but from what I read im not doing any of that stuff, yet you all say that I am This guy is USING YOU to make money. By the way, is this guy even going to report the money he's making as income? How exactly does he get his cut, you write him a check after closing? He's getting all the breaks, and you're getting zero. _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157145 - 07/20/07 09:05 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Kep]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	Originally Posted By: Kep Eclipse, I don't know why people are still trying to help you since you have an excuse for every bit of advice that has been given to you. I think it is about time we change the topic and give you some very good advice since you are now comitting mortgage fraud. I will start the advice you will need very much. I am only offering this advice because I care. HOW TO SURVIVE PRISON. LMAO, that was funny _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157148 - 07/20/07 09:08 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Loan Diva]
RaquelMangual Member Registered: 03/18/07 Posts: 378 Loc: Philadelphia, PA, USA	Originally Posted By: Loan Diva Naw this is a social service type of investor . . . LOL _________________________ Philadelphia Real Estate Blog Yo Hablo Español Want to make extra money on each transaction? Then watch this video.
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#157156 - 07/20/07 09:14 PM Re: Stepping stone or way to get screwed? Need Exp [Re: RaquelMangual]
Loan Diva Veteran Member Registered: 12/17/06 Posts: 648 Loc: SoCal	You know, the ones who sincerely & truly just want to help the rookies . . . _________________________ The Loan Diva
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#157185 - 07/20/07 10:13 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Loan Diva]
Mr. Foreclosure Major Contributor Registered: 09/01/06 Posts: 2834 Loc: upstate New York	Experience is a very unforgiving teacher. I suspect Eclipsehood is headed for a lesson he will never forget!
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#157188 - 07/20/07 10:24 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Mr. Foreclosure]
Kep Member Registered: 02/15/07 Posts: 263	I didn't mean to get this into a debate again. I was just curious if he became a "punk" since we last heard from him.
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#157200 - 07/20/07 11:04 PM Re: Stepping stone or way to get screwed? Need Exp [Re: Kep]
Secret_Agent Member Registered: 02/06/06 Posts: 382 Loc: Albuquerque NM	Maybe that is why we haven't heard from him. _________________________ Albuquerque Real Estate
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