Use Private Financing

I have no problem with private lenders. If you have any, I would be glad to give them a try. Let me know.

Steve

Private financing versus conventional mortgage
It was good for me to note: That Investors that succeed most use private money.... I first have got to ask myself where on earth would some one such as myself find this resource (this golden nugget) to tap into. Well,well I
certainly, unquestioanably want to succeed. I am a newbie willing to learn and aspire too, eventually new uncharted hieghts, This little piece of information all of in itself to me is a priceless (gem).
Obtaining financing from a private lender is unquestionably benificial to
RE investors ,I could be wrong ,but possibly a good source to find these
private money sources might be from well seasoned realtor,mortgage broker,
Hard money lenders, Is this some thing that I can apply to my creative
stratigie, having no portfolio to show? Would these private money lenders
still base their decision on the true value of this home? I have alot to learn,Howevere let me say just ,this

THANKS FOR WHAT YOU DO
C FULLER COACH

come from ANYONE who has money or wants to invest their self directed IRAs to earn interest. And, the good thing, you can set the terms and you don't need good credit at all. Private money is the way to go! Hands down!

do you get it at i could sure use some right now, thanks dale

market your company and what it does. Tell everyone you know that you are in the RE business and have deals and would like an opportunity to present what your company is about and teach them unique ways to invest their money. , but be very careful. Research SEC laws and find out information. Its never oke to say 'I'm looking for an investor'... big SEC no no!

Information is power, if you use it! Happy investing!

It is CERTAIN you will succeed!

The new FEDERAL LAW allegedly being voted on this month (June 2010) is allegedly modeled on the NH law....

HR 4173 as part of the Wall Street Reform and Consumer Protection Act (similar to the consumer "protection" act in NH)

Unfortunately, friends, the use of private money (loans not from direct family members for your primary residence) to secure residential real property (real estate) in the state of NH is already illegal per 397A as induced by HB610.

http://gencourt.state.nh.us/rsa/html/XXXV/397-A/397-A-mrg.htm

http://www.gencourt.state.nh.us/legislation/2009/HB0610.html

http://www.nationalreia.com/events/day-on-the-hill/

I am currently looking at workarounds.... I may have a solution, but am awaiting legal counsel....

Will keep you posted...

Cheers,
-chris
--
Chrism
Engineer
Temple, NH

Any new news on the PML situation? How is this even possible that a law could be passed, telling people who they can and cannot lend their own money too, and for what purpose? Bank loans are nearly impossible to get for most people. Isn't criminalizing private money loans just going to be the end of RE financing, leaving anybody that doesn't have a pile of (their own) cash to be a renter forever?

-e

What we do here is invest in property for the purpose of either renting it, reselling it or leasing to own.

The majority of people here are not here for the purpose of acquiring a personal residence. I am certain you are already aware of this.

Quoting laws as you have opens up a can of worms that does not need to be opened. The only private money in the marketplace that applies to what we do is hard money, also known as private equity funds.

Very few people will use private money to purchase a personal residence. It is too costly.

I can tell you that when you see a advertisement from a mortgage company that says they make their own lending decisions, you are looking at a company that uses private money to lend out.

No one is ever going to be able to dictate to anyone, the type of funds they use and where they obtain it at. We as people have freedome of choice, it's in the constitution.

"No one is ever going to be able to dictate to anyone, the type of funds they use and where they obtain it at. We as people have the freedom of choice, it's in the Constitution."

H3LL yeah! thats what I meant to say.

-e

Cfuller
-e
jimmy

WELL PUT....thanx for your input!

The safe Act is a new federally passed law. There is a webinar on it Thursday to help people understand further its implications. Because I'm without my business computer, I can't even post the link (I am so bummed! Hard drive failure!!!) Its through Alan Cowgill's group. If I can peak at my computer in safemode I'll update with the link.

Jimmy, Private money is actually not hard money. Totally different! Hard money loans usually require several points in closing and charge very high rates. Private money is where you go directly to individuals with money to invest, often times you set your own rates and terms with your private lender. Its the bomb! You can find out more at my site at www.InvestmentsBackedByRealEstate.com. I have a free report that's pretty indepth about it.

Best to all,

Thanks for sharing the info

Some one actually knows what hard money really is!!!

The next thing you know you will be telling people what a hard money lender requires to qualify you for their hard money!! (I know you already know) Real world stuff!

Way to go!
Michael Mangham
MD Home Acquisitions LLC

Ok think outside the box for a minute and you will get your answer !

The one thing that I am good at is reading contracts understanding them and make a very good decision based on how they are wrote. But in some cases, I will find a small typo ( screw up on the lawyers part ) that once signed, you can ( and I do ) use it to your benefit.
Now I have been reading all day on this bill. I have not seen a business partnership between you and your PML. So far, I am only seeing parts about Mortgage companies ( Banks ) and from what I am seeing is you can only deal with Mortgage companies if its your primary residence.
Now I am not great on reading State Bills and sometimes I will jump over certain parts of the bill to read the part about the part of the part I am referring to.Thats how Bills are wrote its to confuse the hell out of you and lawyers.

Loop holes ( that I think I am seeing. Who knows I might be right )
If you look into the definitions you will see what I am talking about.

This says nothing about PMLs HML hedge funds or offshore accounts.

You are an Investor of real property. not paper Unless you plan on having John Doe do a quit claim and you assume his loan. I am not sure what kind of investor you are but this section can hurt you. You would have to get a license.If you planned on having your clients give you a quit claim.

I did searches for Private money lenders , Hard Money Lenders , Hedge funds and so on. I found nothing.

In my personal belief. ( What ever you do Talk with your lawyer before making a decision on which path to take. But these would be key points to discuss. )

This law makes no personal reference to anything we do here in the house that Dean built. Most of us don't use conventional thinking. We do think outside the box.

i live in the louisville kentcuky area, and im looking for a private money or hard money lender. if anyone is interested please let me know, i am a seasoned investor.
thanks

Its good to see another from Louisville on here.

Here's the link I couldn't get to you earlier about what the SAFE Act is and how it affects private lenders. Alan Cowngill is hosting it. I don't personally use any of his programs, but this is the first webinar I saw about it. Hopefullly it eliminates some confusion:

https://www2.gotomeeting.com/register/697712306

I got my files backed up and my computer is temporarily working!!! (Hopefully not just temporary!)