Hard Money and the Economy

Hard Money and the Economy

There have been some wondering about hard money lenders during our current economy. Will they change? Will they stop lending?

There are basically two different types of hard money lenders: conventional and private.

Conventional hard money is usually tied directly to banks. In fact banks may have brokers brokering their money under the terms hard money. These types of companies will most likely be effected. They may stop lending all together. These are often the hard money lenders found on the internet.

Private hard money lenders are similar to your next door neighbor who has a lot of money. There money will not stop lending unless the bank they have their money in crashes and they lose everything. Private hard money are flourishing right now. Look for these type of lenders and you will be fine.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


How do I find HM lenders?

I read Dean's book once and I went through his Think a little different course but didn't take any action yet. What is the best way to find hard money lenders? That is really the only thing that holds me back right now that I didn't find a way to finance the foreclosures that I found and the distressed properties that i looked at. I am very handy and fix and flip is what i would be good at.

Thx,

Manfred


HM LENDERS

Have you tried putting an ad on craigslist? Also try a google search and see what you get.

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building assets

Has anyone heard of doing presentations to attract private investors? Someone sent me some info how to set up it up. Please give me any feedback on this.


Finding Hard Money

ManfredCA wrote:
I read Dean's book once and I went through his Think a little different course but didn't take any action yet. What is the best way to find hard money lenders? That is really the only thing that holds me back right now that I didn't find a way to finance the foreclosures that I found and the distressed properties that i looked at. I am very handy and fix and flip is what i would be good at.

Thx,

Manfred

My favorite way of finding hard money lenders is going to the foreclosure auctions. People that invest at the auctions have to have cash in most states. Either they use their own cash or someone elses. If they use their own money will they lend to me? If they use someone elses money who do they work with? If I can get a business card from the investor at the auction I can look their name up at the courthouse and find out who is lending them money - this is if they are not willing to tell you who they use.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Hard Money Information

http://www.deangraziosi.com/node/4080

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


I've heard about lenders for double closings but...

What about funding for long term. Does anyone know how to get alternative funding for hold-and-rent properties? With my credit I'll NEVER qualify at a bank.

Stephen


BostonDolfan

Try to get a credit partner, which could be a family member or someone (accountant, physician, ect...) who is interested in REI as well. You find the deals, they provide the credit and you split the profits! Many people network for partners on REI networking sites as well as sites like craigslist.

Hope that provides some insight.

Jennifer

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"The greatest mistake you can make in life is to continually be afraid you will make one."
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Finding Funding in HML's

I just wanted to comment on the post earlier for "Finding HML's", Another GREAT Place to find HML's is REIC(Real Estate Investment Clubs)ex. "DIG" Meetings, You can actually talk with them in person, because they have stands that they set up at the meetings. I always found it better to talk with companys or speakers in person, then say, on the internet. If you haven't been to a REI Meeting yet, then, GO! NOW! They are well worth your time....Believe Me, SULLY

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YOUR HERO, SULLY


With Sully

The REI club is the way to go. There are so many contacts to make, it is so worth the time. Time very well spent.....Jan


REI Clubs

Jan Malek wrote:
The REI club is the way to go. There are so many contacts to make, it is so worth the time. Time very well spent.....Jan

I believe this can be one of the greatest ways to get started in real estate investing in addition to finding hard money lenders.

The people that go to these meeting understand how you CAN do real estate and do not tell you how you cannot do real estate. You will feel energized when you get done with these type of meetings.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Thanks Dianne

Thanks for the back up Dianne on REI clubs. Here is one for you. I walked into my REI club meeting 2 weeks ago and one member who is a real estate magazine marketing director threw 20 pre foreclosures on the table (Lis Pendens) and said here guys go at it. Talk about a feeding frenzy!! I got 2 of them. I am working with a DG partner right now on a pretty nice piece of equity. But it is all because of my REI club and DG. pre foreclosure is new to me but we will learn....Jan


How about that.

WOW. I have not had that experience, that is great.

I have found my favorite realtor and the investment clubs, a great hard money lender I have used and people are getting rid of property all the time.

I like Jjensen get jazzed being around other people like me. They are the people I really enjoy (other than my wife - she would get me if I did not put this - and my kids).

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Hard Money and POF

If a property is a preforeclosure through a listing agent, and I want to make an offer then assign it, do I still need a hard money lender or do I need a proof of funds letter, or both? Also can I even do an assignment, or do I need to do a double closing. I am very confused, I thought all of this funding approval was only for bank-owned properties, like REO's?

I read Sissy's post on Coastal Funding. It sounds like they charge you per transaction, but do they also charge you extra for each POF letter? I was on a RE webinar the other night where a guy, Cameron Dunlap has a Transactional Fundng program called One Day Dough, where you pay a certain amount that you get back when you fund your first deal with him, and he gives you unlimited POF letters and charges you 3 points. As a bonus you receive the Iflip database to track your RE business (bird dogs, buyers list, properties, etc.) It sounds very reasonable for what you get. Is anyone familiar with him? I don't know what I would do without this forum helping me.


Proof of Funds

It is a great idea to get a proof of funds from a hard money lender. This will give your offer a lot of strenght. Proof of funds show that you can purchase cash - whether purchase or not us up to you. This proof of funds can help you win purchases.

If a hard money lender charges for a proof of funds I do suggest finding another lender. There are plenty of them out that will give you a proof of funds for free. Paying upfront to get money back is a bad idea. What if you don't like the financing? A lot of times I have found good financing then found better financing before the deal goes through. Don't pay to get information.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Taking Notes

Where are these meetings usually held at and when i go to check the investors name at the court house what dept. and is there a fee for that.

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Sareena's Empire


The aution meeting are

The aution meeting are usually held at the county courthouse. The information to when and where is often posted at the recorders office and/or in a public newspaper depending on your state statutes.

Checking the courthouse would be at the recorders / clerks / deeds office - whatever it is called in your area.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Thank u so much

Thank u so much

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Sareena's Empire


hard money lenders

Hard money can be a good gap stop measure if other financing is not currently available. Think of hm lenders in a relatively short time frame, under 1 year. The points are the biggest expense and they can be 5-6 points or more. these are front costs and so can be a factor in calculating your expense of getting into a property.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


True...

I agree with joertle. You should consider the points when getting into a loan IF you are using a lender that will be charging points upfront. Lenders can attach the points to the end of the loan. In this case the lender would give you a loan for say $100,000 but the loan documents would say that you owe them $105,000.

Also, 5-6 points are relatively high. True, you will find many lenders that will do 5-6 points; you can also find many that do 2-3 points.

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Proof of Funds

While giving offers on properties I found that my static proof of funds that had just one amount of funding did not work as well as having specific proof of funds for each property with a price listed at exactly what I am offering.

The problem was calling a hard money lender each time and trying to get them to give me a specific proof of funds.

An option I have recently run into:

I went to www.coastal-funding.com and got a proof of funds emailed to myself. You can either just get a new proof each time emailed from the website or what I did was add this to a word document then put in areas for the amount and the address.

Now I can have a specific proof of funds easily and effortlessly.

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Great info........

Thanks guys so much for all of the valuable knowledge.

I am looking at using hard money lenders to aid me with REOs. It is good to know that proof of funds is provided FREE from many lenders.

Randy


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