Posted by JoeNJ on March 20, 2001 at 13:27:58:
Terry Lape! - Posted by Terry (Houston)
Posted by Terry (Houston) on March 19, 2001 at 22:30:07:
Terry would you email me at the email address above?
Here what I’m interested in… - Posted by steph in tex
Posted by steph in tex on March 21, 2001 at 06:35:30:
I’m interested in the dialog that took place.
I want to know if Terry pulled up in the limo?
How long have you known the Banker?
I’m not interested in your personal BP, but just the juicy little details of how this all cam together.
Did you mirror? What OTHER skills did you have the opportunity to use? Was it fun? or did it make you a little shaky?
This facinates me. I’m still working on my credit line.
It’s driving me crazy not to have one!
If you can share the details, PLEASE do!
Steph in tex
Re: Terry Lape! - Posted by Ed Garcia
Posted by Ed Garcia on March 20, 2001 at 20:05:42:
Most entrepreneurs or investors, are not familiar as to how to write a business plan.
As a result, they try to find someone to write it for them. There is much business for the person who can write good business plans. Unfortunately, much of the benefit of a business plan is lost if you have somebody else write it for you. Sitting down and pounding out the plan, section by section, forces you to do considerable thinking and evaluation of your plans… Without expectation, entrepreneurs who have written their own business plans, report that they were forced to rethink many aspects of their venture when it became apparent to them that they were some serious flaws in their thinking. The parts did not fit together properly.
Your plan is not a blueprint which you follow step-by-step in creating your empire. Instead, consider it a road map from where you are now, to where you want to go. There will be detours and lots of bad roads, but you will still find you plan helpful even if you are continually changing it as new information and new experiences are encountered.
A Business Plan is extremely important for 3 reasons.
(1) For you the Investor, it allows you the investor an opportunity to lay out a game plan from beginning to end. In that game plan you can evaluate yourself and your plan. If you done your job right, you can put all the pieces of how you operate together like a puzzle. Such as choosing your title company, appraiser, contractor, tell how you plan to invest in real-estate, your experience level, how you plan to buy, market place, how you plan to market or sell them, What your plans are if they don’t sell, etc.
(2) For you to obtain other Backers (Investors), now you can show them a solid buyable plan, rather than give them some verbal mambo jumbo with holes in it. The Backer will feel more confident in you and your venture, because you have mapped it out for them.
(3) For a Working Credit Line from a Bank. This line is just like having an Investor. It’s designed to allow you to buy property making cash offers to get a better price, cheaper cost for the money, faster closes, get more deals, can season your deal, etc.
Terry, these are just a few reason for a Business Plan. Yes if your intentions are to just do a deal here or there, you don’t need one. If you plan to be a real-estate investor or entrepreneur, it’s PARAMOUNT, for growth and getting the real money from banks as well as romancing Investors (Backers). A good Business Plan adds CREDIBILITY to you and your real-estate venture.
Magic Wand? Or is it? - Posted by Terry Vaughan
Posted by Terry Vaughan on March 20, 2001 at 15:30:05:
Remember that when Ed and I do this workshop, during the mentoring phase, we tailor the tools to each person and their particular situation. A plan for one may not be right for another.
Just thought you might want to know this before you think Terry Lape is holding the “magic wand” that makes a bank spread money over your body.
There’s is a lot more to it! Many of the items necessary to do the job may mean you have to do some homework first and know what to say and what not to say to the banker. You also have to know what type of bank to talk to. Etc, ect, ect.
This is a learning process, and the application of the lessons learned, not just submitting the magic “business plan”.
HEY HEY! - Posted by Terry (Houston)
Posted by Terry (Houston) on March 20, 2001 at 10:53:58:
I don’t WANT the plan. I just want to pick the brain of the man who wrote it! ;}
I guess I was a little obvious huh???
Ok plan B. Go to convention with an agenda, Meet Terry Lape. Look for Steph to have him cornered somewhere and go and introduce myself…
Terry Lape! Me too. - Posted by steph in tex
Posted by steph in tex on March 20, 2001 at 07:01:51:
I don’t agree with the limo… - Posted by Ben (NJ)
Posted by Ben (NJ) on March 22, 2001 at 07:00:01:
Hi Steph, as far as pulling up in a limo, with all due respect to Terry, every banker I know lives to hear one word, the word is “conservative”. Be sure to “pepper” any conversation with that word. On that note, IMHO ,it may be hard to justify taking a limo to the bank and having a chauffeur idling outside at $200 an hour while at the same time trying to demonstrate your conservative business practices. By the way, what is “mirroring”?
Thanks Ben and David - Posted by Terry (Houston)
Posted by Terry (Houston) on March 21, 2001 at 13:03:15:
Steph here is a good link Jin Rayner posted on the finance site.
In my experience… - Posted by Ben (NJ)
Posted by Ben (NJ) on March 21, 2001 at 11:09:55:
I have been dealing with banks for the past three years
and currently have a very large credit line which I am working on increasing as we speak. I have not yet attended Terry and Ed’s workshops but I can tell you the number one card I use against the bank is ANOTHER bank. Every fee they bring up and every clause I don’t like, I discreetly intimate that “Gee, Bank National never asked for that, you guys aren’t really all that competitive”. After I’ve pushed them to the wall, my final blow is usually phrased like, “OK, I’m going to be honest with you, I have two other proposals sitting on my desk from other lenders, some terms are more favorable than yours, some less. If you guys can do a little better on the rate, (or the terms or fees, whatever)I am prepared to tell Bank National AND Bank United to take a hike. What do you say?” Of course I DO have other alternatives lined up just in case they balk, so I am not bluffing, merely shopping around.
Re: Not Terry, but… - Posted by DavidV
Posted by DavidV on March 21, 2001 at 09:20:03:
I just went in Monday about a Credit Line and Terry’s little negotiating tricks actually made it funny. Talked to him for only a minute before i went in so all he knew was that i was looking for a credit line. When i got there he says hi and “so how much credit you looking to get” right off the bat. I said …oh 8 or 10 million will do to start" (both had a good laugh blah…blah) Then as Terry suggested i shut up and just walked around the room looking at all his stuff on the wall. He was kind of a young guy and i could tell it was making him nervous. He asked me a couple of questions and all i said was “yep”. This was my 2nd bank by the way so my nervous edge was off and i decided to have a little fun. You would be surprised how LONG 1 minute seems doing this. Then i sat across from him and and mirrored him. I literally had to bite my lip, it was hilarious. On the first one i had copied before and after photos but the pics don’t come across well at all this way…original photos might help. They all want financial statements. I brought HUD-1’s from a couple of deals also. I kinda get the feeling that they realy want as much info as possible that you know what you’re doing. Didn’t know the guy before i went in. End result…250k line, 1 above prime and 1 point (3/4 point if i keep my business checking there). Also loans 80% ARV amortized 15 years. I can only do 1 deal at a time right now until i do a couple and they get comfortable with me. Good Luck.
Re: Here what I’m interested in… - Posted by Ed Garcia
Posted by Ed Garcia on March 21, 2001 at 08:59:28:
Of all people who should have had a credit line, it should have been you. You’ve done all of the right things but didn’t follow through. I know that you had a lot of irons in the fire and I understand. Stacy your mentoring period is over with me, but what do you think? Do you think I would still help you? I think you know the answer to that question; I’m a phone call away???
Re: Terry Lape! - Posted by Terry (Houston)
Posted by Terry (Houston) on March 20, 2001 at 20:25:10:
Thank you Ed,
Those are some of the questions I had. I still have others and may bend your ear as I hope to bend Terry’s ear at the convention.
I do want to clarify if yall read my original post it was asking for Terry to email me. This was under the premise to ask questions. I did not ask to have HIS plan SENT to me. I do not want to get that personal.
But I do have some questions on the methodoligy of the steps he took. My intention is to pound it out step by step and hey I need all the help I can get. Have someone do it for me?? NO WAY! This is mine to do.
Now I am not above asking questions or clarification of those that have done it well. And now that I have your address … HMMMMMMMMM
Thank you again for taking the time to get a few steps ahead of my questions. I like that. Helps me when I am not sure if I am asking the right ones.
Re: I don’t agree with the limo… - Posted by Terry (Houston)
Posted by Terry (Houston) on March 22, 2001 at 08:25:41:
Doing what they do! How they sit, their mannerism, talk. Do they “SEE” as in I SEE what you are talking about. Then they are a visual person. Paint them a picture in their mind of what you want.
I HEAR what you are talking about means they are auditory.
When they fold their arm etc…
The list goes on and on…
Re: What the…HOW DID THAT HAPPEN!!! - Posted by Stacy (AZ)
Posted by Stacy (AZ) on March 21, 2001 at 10:59:09:
Ed how’d you do that?! I was typing a post to David regarding his line of credit, and when I posted it, you’re reply to me came up on my screen!? Now my post is gone! That’s the strangest thing I’ve ever seen…are you a psychic hacker? LOL
Ed, you are correct that I had too many irons in the fire over the past year. And, as you’ll recall, I had all my notes and materials from your “Lenders Workshop” stolen from a house I was rehabbing. But, when the student is ready, the teacher appears. And I guess you just appeared (in a very eerie way).
Yes, I’ll jump at the chance to work with you now that the timing is right, and I appreciate the fact that you are offering help even though the mentoring period is long expired.
Remember I asked about a replacement set of the workshop materials several months ago? I never received them. Could you send me a copy?
I’ll be calling soon.
How About Me? - Posted by Rob
Posted by Rob on March 20, 2001 at 11:02:46:
I like one too. Ctabc@hotmail.com
and the point is?.. - Posted by Ben (NJ)
Posted by Ben (NJ) on March 22, 2001 at 12:07:07:
I’m confused. So mimicking the banker is supposed to
give me some kind of negotiating edge? Sorry, sounds like nonsense to me.
Me too please. - Posted by Wayne
Posted by Wayne on March 20, 2001 at 12:15:54:
Re: and the point is?.. - Posted by Alan in Houston
Posted by Alan in Houston on March 22, 2001 at 23:22:57:
Ben, this is an old salesman trick. If the banker (seller, buyer) leans forward you lean forward. If they lean back you lean back. You do this with subtleness.
People will become comfortable with you. When I sold cars we were taught this by all the major automakers in their salesman schools. It really works!
Just my $.02 worth