Talk about loan sharking at its finest!! I never use money of any kind to buy houses. It’s just not in my wheel house. I have bought and sold (via assignment of contract or double closings) more than 400 houses, and have never needed to use anyone’s money. I gave it a whirl this ONE time, and now I know why I never use anyone’s money. People are really fucked up. If they THINK they can take advantage of you, they will. Not this flamingo.
But maybe I’m totally overreacting. Like I said, I dont usually borrow people’s money, so I dont know what kind of terms are available out there these days. What i do know is that this guy acted like he was some kind of “one and only” millionaire and that I needed his money. He was WRONG. That’s never the case with wholesalers.
Anyway, watch this video and tell me if you think this was loan sharking, or if I’m just being a bitch.
[video_lightbox_youtube video_id=4wL4lycEmEk width=640 height=480 anchor=”http://propertymob.com/wp-content/uploads/2013/07/loan-sharking.png”]
Update: I have since received an email from the loan shark who has some thoughts in my “creative solution” that I made with the seller. Here is what he had to say:
Is he upset because I didn’t go through with the loan! Or what’s going in here? Did he incinuate that he was gonna steal my deal? What the hell? I guess I need to record an affidavit and memorandum tomorrow……
I’ve never seen such a thing. Now I understand why I don’t like to deal with this bullshit.
If you’re considering getting a hard money loan, be sure to ask for loan docs before u get stifled at the closing table. There could be a better solution.
I had to send him reply…..here it is.