Tim sent me an email today explaining a good deal he had just lined up. The sellers are 4 months behind on payments, it’s a decent loan (30 yr. fixed @ 6.5%), and there is about $50,000 in equity that the sellers are willing to walk away from. Tim explained “subject to” to them and they are fine with it they just want to get out. So, Tim shoots me over the specifics and asks me if I would do the deal. Based on the details that I saw I told him Read more
I’ve been asked the question recently, “Would you personally guarantee a loan from a private lender?” This is an interesting question. I’ve heard the argument for both sides of this answer and like many good questions I see validity in both sides. When you come into the creative real estate world if you’re following some of the better trainers (Ron LeGrand, Lou Brown, Richard Roop) then you’re taught to NEVER personally guarantee anything. I get this and it is good advice. Besides it’s too easy to buy houses without having to personally guarantee loans. But here is something to consider, Read more
As a real estate investing coach that specializes in helping my clients learn how to find ALL the private money they will EVER need. The number 1 question that I get is, “Where do I find rich people? “Interestingly enough the answer to that question is the #1 mistake investors make when trying to find private money.
Hmmmm. Times what they are right now it is HUGE to be stay on top of what your competition is paying. Who is my competition you ask? Yes it is other investors in your area that may be using private money, but I find that my biggest competition is a bank cd. Almost everyone that I talk to that has a chunk of money, or are getting ready to get a chunk of money, their first reaction is to put it into a bank cd. How do I know this? Read more
Ok, not to point out the obvious to all you investors out there but now is the time to build and promote your private money programs for real estate. The banks funds are locked in most cases and until there is some sort of approved bail out, there is less money circulating in the market. But here is the greatest part of all… Read more