I am a new lender in the PMC community and just joined the premium membership.
Is there anyone in the community that can give me feedback for Greg Reid.
Thank you
Asking for feedback for Greg Reid
I am a new lender in the PMC community and just joined the premium membership.
Is there anyone in the community that can give me feedback for Greg Reid.
Thank you
I currently have a loan out to Greg. While working with Greg was great, I will say that working with the company he uses to manage the deal was a real pain in the neck and honestly is what has kept me from investing with him again. Also, I may have missed it in the disclosures, but the company he uses to manage everything takes a cut out of your earnings. So while he does pay 15%, you don’t get the full 15% because you are paying the company he uses.
You are correct. The payment company slices 1% off the payment for servicing. That was news to all of us who invested with him. His 15% return is a 14% return. Not a knock on Greg, as he is a great guy and truly believes ion this project. Servicing the loans is not his focus, so he farmed out the service and we as the lenders are paying the fee 🙁 On that note, I just reached out to him to tell him I will take one of his second positions (to go along with my first) as 14% is still a great return.
Thank you for the feedback.
More important, thank you for the faith and joining me along this journey.
Yes, everything is true – our offering comes with a third party processing service.
Not only did I pay them (out of pocket) a high upfront fee, they also retain a 1 percent fee from each lender.
We did this not only to ensure the documents, notes, and filings were 100 transparent but – also California compliant.
As stated, being my first deal, we were aiming for everything to be correct and ensure all parties were protected.
Thank You for your continued support, and know that we are going to make this an incredible success story!