How To Convince Private Lenders To Loan On Your Deals In This Market
August 12, 2010 by Mike Moulton
Filed under General, Private Money, Weekly Tips
Welcome to AskMike, the weekly real estate investor video tips and tricks series on the latest strategies that working in today’s economy. This week Rick wrote in from Texas and asked us what are the best ways to approach and convince private lenders to loan us money to fund our real estate deals in this market? There is so much negativity in the media and everyone is not spending or lending now. Well Rick, now is actually the perfect time. Checkout the video below as to why and what you need to do to approach these guys…
Be sure to leave your comments below this video. Also, if you missed last weeks’ AskMike video on How To Market Houses On A Tight Budget then be sure to click that text as a link to view it.
Also, if you are interested in raising private money to fund your real estate deals checkout the Ultimate Private Money Solution website.
Got a question for Cortney and Mike? Submit it HERE.
Take care and happy investing, thanks for watching!
Mike
Renegotiating Private Money With Better Terms
July 22, 2010 by cortney.jones
Filed under General, Private Money
With current 5 year CD rates at 2.94%, and dropping, one of the things we’ve been doing is replacing a lot of our private lenders that are at 10, 12 and 15% interest rates with MUCH lower rates. Just think about how much money you, as the real estate investor and holder of the property, could save if you replaced all your 12% money with let’s just say 7%. That’s a 5% savings each year and on just a $100k home that is a $5,000 savings. So, how exactly do you go about it? Read more
How to Get Your Share of $9 Trillion in Private Money
May 12, 2009 by cortney.jones
Filed under Private Money
Not surprisingly, the downturn in our economy; the current recession, dropping real estate prices; along with stocks being bearish for quite some time, there has been a lot of money pushed to the sidelines. According to E-Trade, at the end of 2008, cash in money markets and bank accounts had reached nearly $9 trillion or 74% of the value of all publicly traded stocks in the U.S.! That was the highest such ratio since 1990.
So, what does this mean for you in your real estate business?
Your Private Lending Presentation Should Hit Key Points
May 4, 2009 by cortney.jones
Filed under Private Money
I recently met a young investor who was asking me a good deal of questions about the presentation we use when meeting with potential private lenders. We got to talking about the entire process, what I say, when I say it, how I find potential lenders, the approach we use, the whole thing. I was sharing some nuggets with him when he told me about his presentation. You won’t believe what he said.
Do You Have the Cash Available for this Opportunity?
May 3, 2009 by cortney.jones
Filed under Private Money
This little posting was in our Realtor newsletter this week. This spells incredibly opportunity for those of you doing short sales, but only if you have the funds available to take advantage of these deals. Read on. . .
Many Homeowners are “Underwater”
*** BEGIN QUOTE ***
According to a report by First American CoreLogic, at least 7.5 million American homeowners are “underwater borrowers,” meaning they owe more on their mortgages than their homes are currently worth.
This is called negative equity, and the report shows an additional 2.1 million people are on the brink of falling into it. Their homes are worth less than 5 percent more than the mortgages they’re paying on them.
The report’s 7.5 million estimate is a conservative number. Some organizations, including Moody’s Economy.com, estimate that as many as 12 million borrowers may be underwater.
…Nevada is home to the highest number of underwater borrowers, with 48 percent of homeowners having negative equity. Michigan follows with 39 percent.
New York is faring best at 4.4 percent.
*** END QUOTE ***
[SOURCES: Real Estate Research Center; CNNMoney.com]
Be sure to have your private lenders cash ready to finance these deals. We have lined up several lenders with large amounts of cash to close on short sale opportunities quickly. We only need the cash a short time and by having the funds readily available we’re able to “make hay while the sun shines!”
NOW is the time to profit from this market. Don’t sit on the sidelines whining about how great it used to be. Take this opportunity to increase your wealth tenfold.
Happy Funding!
Cortney Jones
