Posted by Dan B. on March 11, 1999 at 08:30:35:
Good advice, thanks!
NH Private Mortgage Brokers - Tell me it ain’t so!!! - Posted by Dan B.
Posted by Dan B. on March 11, 1999 at 07:22:28:
I’m a beginning rehab investor who is about ready to get out into the field. I’ve heard some disturbing news about finding affordable PMB’s here in New Hampshire. While I fully intend to get out there & do the searching for myself, I am concerned to hear of this news from reputable REIs who have looked themselves. The only deals they are finding are PMB’s who are asking 30% down, or something like 10 points with 18% interest! The folks who told me this related that the brokers seem a little gunshy because of some bad business here in NH in the 80’s (don’t know if that is true or not). My question is, if the PMB is covered by the equity in the fixer-upper, why don’t they want to deal? Does anyone have any info that would prove my friends wrong? Better yet, are there any NH PMB’s out there who would like to make some money working with this responsible rehabber?!?!
TIA,
Dan
Re: NH Private Mortgage Brokers - Tell me it ain’t so!!! - Posted by SCook85
Posted by SCook85 on March 11, 1999 at 08:09:40:
You’ve discovered it!!!
Private Mortgage Brokers, and Lenders don’t work in your area. They work everywhere except for where you live.
Stop listening to everyone else. When people ask me for sources I never give my best people. I always give them names but not the ones that I use.
Here is an assignment for you. Open up your yellow pages and start calling all of the title companies and settlement attorneys. When you call a title company ask to speak with the resident attorney.
Question #1) Ask them if they deal with investors?
Question #2) If they say yes, say great I’m an investor and wanted to talk to you about working with me, would you be interested? Most will say “yes”
Question #3) If I come to you with a great deal, do you know where I can get the money? (if they pause and act puzzled, hint toward a private money lender).
Not all of them will say yes but it only takes one. Try it. If you are in a small area your task will be easier because the attorneys in your town will know all of them.
The reason I use this method is because the attorneys prepare all the documents for these private lenders. They deal with them on a regular basis. They know who they are. Good luck!
SCook85