There are pros and cons for this lender. PROS -guaranteed to lend up to 100 percent of reno expenses and 90% of purchase cost, given the mix of both don't exceed 65 percent of ARV -Anticipate you to purchase lender title insurance at closing, and non-owner occupied hazard insurance. These two items appear to be industry standard costs. CONS -Aren't transparent will ALL costs of doing business with them. Within my procedure, for example, there was no mention of hazard and name insurance. Capturing all creditor costs become critical when evaluating your net profit margin. I have an extremely thorough profit margin calculator which helps me determine whether there is or not a property worth pursuing. I shared this with the lender, and never once did they indicate that I had to bring these extra expenses. -Require a estimate from a state, bail licensed contractor, insurance. But you can elect to do the job yourself or sub out it, and do not have to use this contractor. This condition affects a timely closure for a money deal. Many builders are reserved weeks out and cannot produce an estimate. Furthermore, I ended up having a better grasp on funding and cost savings suppliers/measures. At the day's close, it was a time suck. I've spoken with other shareholders who were able to publish their own reno estimate. -Require a home appraisal to confirm your comps. This appraisal depends upon the reno estimate, so advancement value can be accounted for by them. Again, this slows down a closing for a cash deal. Investors have provided realtor comps which are confirmed by the lender. What makes the evaluation process worse, is you MUST use an appraiser connected with Appraisal Nation. And should you need that appraisal sooner than 14 days, they bill you an expedite fee. My evaluation cost was $650+ to obtain an evaluation in the subsequent 7 days. This is substantially higher than the $300-$400 standard pace. -Takes 21-24 times to get money. Each of of the points cause drag what needs to be a streamlined process that is cash-closing. Timing is critical, not merely to conquer the competition at an offer, but to follow through to the money supply advantages, namely two weeks to close vs more or a month. Since the seller didn't wish to wait beyond 18 business days, I lost my deal.
Plenty of deals've closed but they include last minute changes/surprises and headaches. For a period, CogoCapital offered once in underwriting/lender committee these conditions were deviated from although the best terms which attracted attention, which generally resulted in clients being required to attract thousands of dollars more to the table than anticipated. This occasionally resulted in deals falling through or customers needing to find capital spouses where they weren't needed. There have been developments in the education programs offered which means education plans which were previously purchased and offered prices, have a value that is lower because new programs come out. The advantages we paid for don't have the exact same value as they've been rolled up into a different strategy. This also gives the impression that so as to keep the advantages that we paid for, one has to continue to upgrade an instruction plan. More consistency would be greatly appreciated. I've found a lender that fronts construction cost. In case you have that will be fantastic. I've found it bring thousands hard for clients to show that the book amount for those payments, 10% contingency for construction and float the lure and wait to get reimbursed. Not everybody has. In terms of advertising, they're great but I've have problems with their small business development consultants (salesmen) calling my leads. Individuals that actively worked together with me were contacted after simply doing a general question from my landing page or getting a proof of funds . Also a couple of my customers were approached and marketed on brokering packages which induced them to move to nothing and rivals from customers had been done to protect my attention in prices. I got cut completely out.
OVERALL It was a Wonderful Experience!At length straight. GOD 1st, family company. Which spoke to me, bc if you utilize the gifts that HE places inside one to help/educate/inspire/encourage others HIS BLESSINGS WILL Chase down you! With our skills, we must be reconditioned for a clean vessel for all those talents to function thru. This w/e I seen a great deal of that thru Mike, and your presenters Steve. Very informative and inspiring. Rev Harper,exclaimed that GOD IS WHO we need HIM to be when we want HIM THERE, but HE wants us to Honor and Respect HIM that HE IS. Eyes haven't seen and once we open our hearts, minds and spirits to HIM nor ears heard, WHAT GOD has in store for people that are Called and who LOVE HIM. Ya want be predicted! THEN the Very Best Supporting Staff Award should go to: Val, Jodi, Todd. Capacity to coordinate not only the objective of direction and also the convention, and GOD Bless Jodi for the heart also attended to the questions, needs and logistics of their attendees. Great Job! Great Demo, a lot of material to cover, really Steve continuously burnt outside his headset batteries! LOL! What a Guy! Mike,came on the practical, with plenty of information. Good insider information. (Oops! Can I say that?) Slides were good, I wish we had more time on them, but I envision, that was the purpose to lead people. Thank you for the invitation. I anticipate the April event, AND Investing quality time with Lee: A Day at the Auctions! That is GOTTA be one Strong EVENT! They're ALL vehicles used to GOD'S GLORY.
Certainly the experience I have ever had. I had three loan officers that are different, and none knew exactly what was going on until the last one. They kept stopping. By its end , the one LO who was decent couldn't compensate for the others. It was too late. Absolute fiasco. I should not have closed the bargain and the fact that with a loan the relationship would be ongoing. Since I had an obligation to the seller, but I did. Making this choice cost me thousands. Unbelievable junk fees! I refi'd out right away, but not until I got to spend a lot of money on something that I got no advantage from. I want to say that I'm a renovator and a real estate agent with years of expertise. This seemed like a fantastic idea to get a sec, setting a relationship with a lender for rehabs that would cost more but have none of the red tape. It had all of the red tape. They phoned me and asked me what they could do in order to make my company back, when they saw I refinanced. I ignored the call. I wasn't uncommunicative whatsoever during the procedure, so they knew my misgivings. Even if they had reimbursed all the money I wasted closing this loan, then I wouldn't ever return nor urge. AVOID!
We Began the Procedure for Cogo in July and Shut in September.The process was long, frustrating, tears, and lots of paperwork for our 1st thing. 1st off I'd strongly suggest to not use a broker and also to go straight throughout the company themselves. A good deal of what happened was emails that are missing or miscommunication. The process was long, they had. I sent a lot of the emails out with documents 3-4 times. There were instances when they stated it wasn't received by them. That's where you're to be trusting your broker. We wish we were told that out of the very start of the loan process , we should gotten septic assess, water checked besides the evaluation. We were stressed out a lot from trying to get it all done. It was mad. The greatest thing for us was not having the ability to talk to the underwriter. We would go into voice mail to get her, when we called. However, in the end we have the loan,. Everybody pulled together and we've got our first FLIP. We are very excited and plan on using COGO again! A special thank you. She had been outstanding! Thank you NINA!
CogoCapital has been a pivotal part of the development of our organization, Concept 1 Properties, LLC. We have surpassed our expected growth plan in just this past year alone and are looking forward to achieving the exact same success as we move through the years and also this. My wife, Chandra, and that I could not be more happy with help and the advice that has been provided to us from the Cogo Capital team members. We made a vow to treat our partnership and have done. We look forward to our organization future as choosing the licensed realtor examination in addition to we plan to input into the brokering training program. On top of this, we'll continue to provide the wonderful families in our area with quality homes. My suggestion on improvements would be to let some percentage of their rehab budget to be published in the final to your rehabbers. This will allow flexibility for those who have several deals. It aids in keeping the process moving quickly and easily . Thank you COGO! Ronald & Chandra Gibson, Jr..
I signed up using Cogo with a former worker who advised me that I would be paying a background check charge of $197. Fine. I did that. was assigned a loan officer. Initially this loan officer seamed Ok. Young and inexperienced you might tell. But the problem with him. Just he was really difficult to reach. A home was brought by me to him. After my deal fell thru. I hustled to get another property. These real estate deals fairly quickly. And that I left so many message seeking to reach him. It was ridiculous. I spoke to the director who's way was worse then acid reflux. He didn't need to refund my"background/credit" check fee. And he. I guarantee you I've not had such a bad experience in doing business with someone. I would clear away from a HMLs that fees upfront fees that are spammy and who do not make themselves available to lend money to you. You think?
They're impossible to use. After running in circles and jumping through hoops for more than a month they simply keep coming surprises. My money to close went through this process from over $ 5,000 to over $12,000. The first hop was since they took the appraisers price to repair worth over mine and also the last time it jumped was because they did not expect her numbers so that they pulled an random number out of the atmosphere but then said they could not finance the gap and that I had to have $7000 more in money. Do not trust themthey then pull out the rug from underneath you and milk for charges!
We made a decision to chase the new 30 year program to get our rental property through Cogo as soon as we heard about it. We had completed a 12 month refi/rehab which was shortly to be up. Boy are we glad we did! Feel a great privilege. All Cogo individuals were good with their help, particularly MIKE EVANS! Could not ask for a loan man that is better to see through us. He hit the ball out of the park! And Jaclyn Olsen supplied expertise and the direction to keep this project on track. I strongly recommend this and Cogo's other loan offerings to any who need Money loans.
Really love working here! I get to help people everyday create a way of life! They get more time to spend with there family, although no longer working for wages getting by, no longer pay to pay! I've seen people turn there lives around after working our apps. The ones that learn from our firm and listen and put in the effort, create deals and make as much capital. We get more of what we want by helping others get more of everything they want. Change your life give us a call.
Way to go Mike Evans! You got us started and helped us finish with being the receiver of the 30 Year Loan with COGO! Jaclyn Olsen was burning some midnight oil to assist us also. We are admired! And there is a story. The property that secures this loan, is the very first house - a HUD repo fixer upper - I bought as a joint venture in 2003 with what I heard from Lee's"Fortune in Foreclosure" material. I left my JV partner a Million Buck$. Now. rinse and repeat!
My expertise with cogocapital.com was quite agreeable. Their response time has been fantastic throughout all of my property deals. I appreciate how smooth the deals were able to be eased as in when I got my paperwork in, they were able to act as fast as I had in order to help keep the process going fast. I would recommend their service to anybody that's currently looking for fast financing for their property deals.
We enjoy the concept of Cogo business plan the way they instruct and pay back there pupils. Stephen did a fantastic job of instruction. A few of the tales he told were more like Conspiracy theory and some of the truth that that he said like the people who attended the Jekyll island meeting in 1910 he only got one title correct ( Paul Warburg ). Over all he did a nice job. Thank you
I didn't know exactly what to anticipate. But once I have settled in I discovered it to be quite informative. Passing wealth and financial literacy to the next generation this subject matter is not educated in the public college system. The instructor was excellent and the networking was fantastic! Look forward to working together with the organization later on.
That was amazing. The staff did an outstanding job, The advice was very helpful and informative for me as a beginner. I particularly enjoyed the worship service contained within this program and to be able to walk away with a instruction has motivated me to push with confidence to secure prosperity for myself and the 3 generations. Thank you Lee and your staff.
This really is an wonderful Group which can help you when you think you can not be eligible, they go beyond what any other group can do for you, I have never experienced this kind of assistance and venture to a company that stands behind you when you work together, thank you very much. Hank H
Sent cost breakdown to value. Terribly slow. Sent cost projections 3 days. Everything changed and wanted twice down what had been agreed to. Compelled me to find evaluation and they did not use it in order to get crap fees. Bizarre to not be true. Defined predatory lending.
Hard work comes. In this case, dealing with COGO has been a breeze because of loan Officer's like Robert Homewood and T Chiono. Cogo capital removed by closing on my loan all doubts. "WHEN BANKS SAY NO COGO SAYS YES. I HAPPY TO HAVE BEEN A MEMBER OF THE COGO
If you like your deals falling through deals taking forever to get funded, being lied to, talked down to, and trying to be sold a second rate training program that you don't need then Cogo Capital is for you. For everyone else, that respects themselves look.
I attended a seminar recently for COGO Capital and has been very impressed. They provide asset based financing for fix and flips regardless of charge. Tuition reimbursement for lots of the education programs they have available. Outstanding!
After paying over $4k in charges, being very transparent, doing everything requested and sending documents much beyond and above, we were denied final minute and known their lawyer for and followup inquiries. Still no explanation as to why.
I suppose to provide cogo capital the 5 stars since this company is working in the best interest of the investors (brand new investors). First of all, this provider educates the students to turn into a fantastic turn trash to cash.
The people within this app are. They're quite up front about everything they speak to you like you are family and offer you. They are full. Thank you Lee Arnold and staff in us and God for being a beacon of light in this world.
As soon as I came to the training I has looking for cash. However, what I discovered was many methods of using real estate as a tool. Also a great service and training team which I want to construct the business I need.
Experts: low loan values Permit Excellent deals to be purchased, Rate of underwriting Disadvantages: a Lot of reserve surprises, and most importantly draws are Extremely long to refund after Acceptance (15+ days)
Excellent training and excellent support makes a combination. I learned so many unique methods of making money! I can not wait to dig into more information to begin producing and investing multiple streams of income.
I find it easy to acquire fix and reverse loans for myself and my customers with Cogo. Questions are answered they really need to make the loans, and they do all they can to make the loan process painless.
With attention to detail, Cogo's compact process receives the deals . You'll find yourself confidently coming back again and again for all of your financing needs! Evie Hirschmann Philadelphia, PA
Thank you for working with me personally. I receive my bargains funded with Cogo and I look forward to our next trade. You guys are knowledgeable and professional and I'm invited to plan larger.
Very Happy with the process and communications. This is going to be the first of several. After deals with local lender/partners the numbers don't lie. Term ARV loans give me the best ROI!
Thank you Gary and all of the speakers to the educational and awesome experience. Thank you Cogo with this opportunity. I would suggest that for anyone who wish to change their lifestyles.
Attending the funding tour course is the Real Estate system there is and impossible to not succeed from all the training. Speaker Steven + the rest of the team are AMAZING!
Cogo capital is the best business there is! Giving me the funds that I need in the time they are needed by me. Above and beyond the trade is smooth and fast!
Very poor experience, I had been told if I am not gong ahead with the loan estimate 25, the application fee will be refunded. Definitely not using them.
Disreputable company. Poor communicators. Projected any bank as a hard money lender but required more paperwork and was not slower than themselves.
I have heard more this weekend I have been trying to find out REI, not just in REI knowledge but self mindset and awareness. I'm so glad I came!
Definitely needed the principles that were mindshift. Would recommend anyone to attend the Funding bus excursion and change your life.
Fantastic program. I wish I'd discovered about this business. Great organization. I wish he had more properties.
HORRIBLE.I had two deals fall through dealing with this company. Nothing is achieved in a timely manner.
It was fantastic working with CoGo again. This is my loan and I am happy to have CoGo helping my company grows.
There not reluctant with coaching Faith based business when you turn down, to provide an opportunity.
I have been to many property courses than I ever have learned from any class 21, but this is more!
About making decisions for my future 16, I've enjoyed my time learning and feeling serenity.
I heard a lot and my thinking has changed . Thanks Lee Arnold and The Orlando Funding Tour!
Very presentations Regarding Approaches and the systems to maximize earnings
It's been an amazing experience, ant wait into the tomorrow which includes freedom!
Professional using tons and tons of info that I doubt is available anywhere else.
Gary and crew were awesome! Love that cogo Capital is partnered together.
Simplicity Great communication. Will be doing another closing in 1 week
The best RE training experience I've ever had. Head changing, life.
As a full-service Private Money lender, we do most of the leg-work for you, while you build up your real estate portfolio and cash-flow all your deals. Whether it's for wholesale, rehab, or buy and hold for long-term cash investment deals, Cogo Capital® delivers fast and easy access to Private Money. We're an equity-based lender which means we care more about the property's merits, and don't focus on bad credit, recent foreclosures, or bankruptcy.