Posted by aaron on June 03, 2006 at 22:52:25:
anything…the property was not inclosed…just the details on the #'s which I thought that was all that matters…bottom line is you have to watch your back!!!
question for investors using private lenders - Posted by aaron
Posted by aaron on May 30, 2006 at 22:18:21:
I was offered some hard cash for future projects that I will run into. The private lender liked my current findings and would like to do business with me…one thing he asked today in a email which I thought was a red flag…he asked for the propety address, owner name and phone #. I have not used him yet but is that common for a private lender to have that info before a the investor has the deal locked (under contract)? Any info would be great.
Regards,
Aaron
Re: question for investors using private lenders - Posted by Mike
Posted by Mike on June 02, 2006 at 15:34:00:
Here is a suggestion for all of you out there in this business. I have been doing this for about 5 years and have not needed to post a note yet. I developed investors while looking for notes.
I market strictly to professionals, Attorneys in particular. They have contact with the note holders and they have money to invest.
To answer your questions, yes it is a red flag!! There is absolutely no reason what so ever to give the name and address of the note holder until a bid has been accepted.
That is proprietary information. It represents your time and effort in preforming the duedilance and information gathering, in short it is your income.
Live well and be prosperous.
Mike
Re: question for investors using private lenders - Posted by dealmaker
Posted by dealmaker on June 02, 2006 at 06:55:49:
I WOULD NOT provide that information on any ppty until you have it under contract. Why is he asking that NOW if he’s going to finance FUTURE projects? Or do you have another one that you’re working now?
BTW, were you looking for financing, or did he approach you out of the blue?
dealmaker
Re: question for investors using private lenders - Posted by Bob Smith
Posted by Bob Smith on June 02, 2006 at 16:50:00:
How are attorneys as referral sources, compared to CPAs, CFAs, and stockbrokers?
Also, how are they as investors? The stereotype is that they’re lousy investors because they tend to (a) be horribly risk-averse and (b) be over-controlling know-it-alls.
Re: question for investors using private lenders - Posted by Aaron
Posted by Aaron on June 02, 2006 at 07:37:52:
I had talked to him a few weeks ago about some deals I was looking at. He was interested but it didnt work out (property sold out from under me). I had another property I was working on and he wanted all the info which I thought was not right. Thanks for the response.
Re: question for investors using private lenders - Posted by Mike
Posted by Mike on June 02, 2006 at 21:16:55:
I have found them not only to be good referral sources but as investors they are some of the easiest I have ever worked with.
Like any investor should they do insist on having all the i’s dotted and t’s crossed.
If you offer poorly put together package I am sure they can be difficult.
My experience with attorneys has been nothing but positive.
Mike
Re: question for investors using private lenders - Posted by Christopher Lippincot
Posted by Christopher Lippincot on June 03, 2006 at 20:24:43:
Are we talking about a 1003, Title etc?