A aviation & planes forum. AviationBanter

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Go Back   Home » AviationBanter forum » rec.aviation newsgroups » Home Built
Site Map Home Register Authors List Search Today's Posts Mark Forums Read Web Partners

Wingy is all grown up!



 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
  #35  
Old April 4th 06, 12:38 AM posted to rec.aviation.homebuilt
external usenet poster
 
Posts: n/a
Default Wingy is all grown up!

You would go to him because you're working as a dealer, valet,
dancer/stripper, etc and 75% of your income is in tips which you don't
100% report to the IRS. So, your income tax return "says" you only make
$25,000 a year and you want to buy a $250,000 house. No bank will loan
you that much money given your reported income.

But, Wingy will at around 14% to 15%.... you pay him for a couple years
and now have a record of timely payments to show a banks financial
officer. You've shown you can make the payments and the bank is now
happy to loan you the money you need to pay off Wingy's loan and get a
new loan at normal rates.

Wingy is laughing all the way to the bank since the worst thing you can
do to him is pay off his loan. If you default on the loan, he gets the
house for 70% of it's value. He'll have to pay roughly 10% of the value
in lawyer fees but it's still a win/win situation for Wingy.

Wingy is making his money from people that are cheating the government
so it's probably not so bad that he's "cheating" them with his loan
rates. They end up with a house and he ends up with the money. Las
Vegas was made for Wingy... lots of people trying to get rich off of
other poor souls/suckers... Definately a target rich environment for
anyone willing to take advantage of the situation.


John

Richard Riley wrote:


Here's what I don't understand. Wingie is promising his investors 12%.
Lenders are climbing over each other to re-fi stuff in the mid 6%
range. If I want to borrow money against real estate, under the
conditions Wingie has on his website (70% loan to value, no rural, no
construction loans, no rehab, etc) why would I go to him and pay 12%+?

 




Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Was this Wingy? Jerry Springer Home Built 2 November 29th 05 04:56 PM


All times are GMT +1. The time now is 05:18 PM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.
Copyright ©2004-2025 AviationBanter.
The comments are property of their posters.