Posted by Carmen_FL on November 06, 2000 at 10:25:54:
First, please turn off your caps lock when you type! It’s very difficult to read, and it’s the equivalent of “yelling” in net-speak.
As for private investors, or “hard money” lenders, you may be able to find them by:
Looking in your newspaper under the “money to lend” section. There’s usually a few there, who say they will loan on property.
Look in the newspaper under “real estate wanted” and call the people who advertise “we buy homes”. Find out what they’re looking for, you may be able to flip some properties to them. If they are willing to speak to you further, ask them about investor groups in the area and who they use for hard money.
Go to an investor meeting in your city/town (look on this site, there’s a listing of meetings). There will most likely be a few hard-money folks hanging around there trying to drum up business.
http://www.creonline.com/clubs/clubs-ok.htm will give you clubs in Tulsa and Oklahoma City. Even if you are not in these cities, call them and ask about clubs where you are - someone will most likely know.
Run your own ad saying “15% return guaranteed, secured by 1st mortgage on real estate” or some such thing. Then the people with money will call you. Be careful here, because you can’t mingle different people’s funds. LeGrand has a course specifically dealing with this.
Try doing a search here for hard money. I recall seeing some URLs for hard money sites on the web. You may find a few there (I haven’t tried it)
COULD SOMEONE PLEASE TELL ME WHY ARE PRIVATE INVESTORS SO HARD TO FIND. I’VE SPOKE AND EMAILED SEVERAL MORTGAGE BROKERS AND ASKED THEM IF THEY REPRESENTED PRIVATE INVESTORS WHO WOULD LOAN UP TO 50% LTV ON HOMES, AND THEY EITHER HAD NO IDEA WHAT I WAS TALKING ABOUT OR SAID THEY DID BUT WANTED TO CHECK MY CREDIT ETC… AND I HAVE THE CARLTON SHEETS COURSE AND HE SAYS THAT YOU CAN GO TO A PRIVATE INVESTOR AND IT DOSEN’T MATTER IF YOU FILED BANCRUPTCY YESTERDAY, WHAT MATTERS IS THE VALUE OF THE HOME. I KNOW THE TERMS ARE HARD 14%-15% BUT I HAVE AWFUL CREDIT AND THIS IS WHAT I NEED TO GET STARTED, DOES ANYONE HAVE ANY SUGGESTIONS?
THANK YOU,
FARRAH
I am so sorry that I wrote in all caps I already appoligized once please stop replying back with “STOP WRITING IN CAPS” i have said that I am sorry and I will say it again, I did not know that it ment yelling in computer talk. So I love to hear your advice just not your bad remarks about how I wrote my question. Again I am sorry and I will not write in caps again.
PLEASE TAKE OFF THE ALL CAPS, ITS TOO HARD TO READ!!! LOOK IN THE PHONE BOOK, CALL THE SMALL COMPANIES, NOT LARGE MORTGAGE COMPANIES. ALSO CHECK WITH YOUR TITLE COMPANY CLOSERS, THEY MAY KNOW WHO SOME ARE IN YOUR AREA.
I am a hard money lender and the reason we’re hard to find is really simple. We have large sums of personal money and every wanna be investor is looking to borrow. I personnaly have loaned over $3 million dollars in the last 2 weeks, but I only loan to seasoned LO’s and investors. Private investors usually try to be low profile but stick together and therefore unless they’ve done business with a source or you have been referred, it may take some time to track us down. I am only 28 and try to take another approach to this. I personally try to be as “seen” as possible. This allows me to cherry pick the deals that come across my desk. The best possible way to track us down is to to go the courthouse and pull mortgages that have an individuals name, call them, and you’ll find us.
Posted by Tim V. on November 06, 2000 at 11:26:29:
Farrah,
I too had trouble finding private money. Asking around only seemed to bring hemming and hawing. I didn’t want to run an ad before I had something concrete to show whoever called. When I did it was for a 60% LTV with a VTB for the rest. My ad was as follows:
1st Mortgage funds wanted. 60% LTV. My number.
It was simple and straight forward. I now have 4 sources for privated funds off that one ad run for 2 weeks. They are out there! Don’t think otherwise- trust me!
Good luck!
Tim V.