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%+?