Private funds - Posted by Laure

Posted by lAURE on March 18, 1999 at 07:32:32:

There are by Ron LeGrand. I looked on this site, but didn’t see them. I’ll bet you can get them through J.P., the site administrator.

Laure :slight_smile:

Private funds - Posted by Laure

Posted by Laure on March 18, 1999 at 03:42:42:

I purchases LeGrand’s tapes on Private Lenders. Pretty awesome. I have only made it through 1.5 tapes and this bank repo come on the market. I am the fifth Investor to see it on the first day. 39,900 asking, 69,000 after rehab of 8,000. Other investor’s offers of 31, and 33 are refused. So, ballsy me offers 34k, all cash, close in 15 days. (does he have a course on negotiating? LOL)

Sweating asking the bank for a second loan in less than a week, I started calling acquaintenances today and asking them to invest with me. I got one “nibble” and one “Really interested, let’s talk tomorrow” out of only two calls !! I am confident the “hard bite” is going to come on line with the deal. How STINKING EXCITING !!! It really felt good. This gal has been wanting to own rentals, but afraid of her lack of knowledge in the business. This is the best ! She can make really good returns on her money, and I do all the work. It’s a good feeling to be able to bring someone online to the business and not worry that they are in over their head. What a WIN-WIN deal !

If you haven’t gotten the tapes, GET THEM !

Laure :slight_smile:

Re: Private funds - Posted by Jaime Raskulinecz

Posted by Jaime Raskulinecz on March 18, 1999 at 10:40:47:

Does he go into any detail about structuring this if you are going to buy and hold?

Way 2 GO, GIRL! - Posted by raelynn mitchell

Posted by raelynn mitchell on March 18, 1999 at 09:24:12:

I Blew through the course in 2 days…right after coming back from the convention. Mind-blowing stuff!


Re: Private funds - Posted by Dan B.

Posted by Dan B. on March 18, 1999 at 07:01:21:

Can you provide info on the tapes (where to purchase, how much $, etc?) Thanks!

Yes and No… - Posted by raelynn mitchell

Posted by raelynn mitchell on March 18, 1999 at 20:10:28:

I say yes because Ron Legrand’s theme of all his material is, have an exit strategy the day before you take title, or you don’t take title. Know your way out the back door before you go through the front.

Private funding is not a good idea in this manner, because he’s suggesting offering the people 15% (or higher). For longer term funding, it might be good to hold the property for 6 months or so at that rate, then refinance for a lower interest rate (or some other game plan to get that payment lower and possibly pull some cash out).

Just my 2 cents.


Re: Private funds - Posted by Laure

Posted by Laure on March 18, 1999 at 07:44:05:

Basically, you offer 15% return to a private person. They get a mortgage and a note with the house as security. Don’t go over 65% LTV.

My scenario. Rehab for 34k. Needs 8k. retail 65k. I am borrowing 42k at 15% interest. I will try to sell for cash. Interest payments only per month are about 530.00 If I can’t sell it outright for cash, I will L/O it or contract for deed for 1 year. Their payment is 650.00/month, 10% interest. The 10% interest on the 65k is about(no calculator right now) 530.00 per month. I get 4-5k Option/ down, then in a year (or sooner), They refinance and pay the mortgage off and I collect the cracker, cookie, moola, cashola, I got the bucks in the bank. hehehe If they pay off early, I am giving my lender a 2 month bonus to insure they want to work with me again.

If you have any deals under your belt, and have been talking to friends anyway, this is a shoe in !

Laure :slight_smile: