And so it goes, the HML decided not to fund my next contract. As I said in my last post he likes the "warm and fuzzy" of knowing that the person he lends to will be able to get re-financed out of his hard money loan if the house doesn't sell. If someone can get financed by a regular bank why in the he!! would they need a hard money guy??!?! But I digress... So Shae has really got me thinking about private money. I don't think I will be able to go as far as I want only using local banks. Don't get me wrong they are great and I will most likely always use them but they change their policies/procedures so damn often that I am constantly having to run around trying to find another lender. I know, it's the way it goes for a lot of investors it's just annoying!! So I signed up at www.privatemoneyblueprint.com and have been trying to watch their free videos. I was hoping they had a download so I could listen to it on the way to work but I couldn't find one anywhere. So I tried watching a video last night at home and it (my computer) is so slow! It has to load up 45 seconds worth of video every minute or so. Uuurrrggh. I was trying to see how they structure their loans. I might just buy their system, I don't know. I need to do something though! I want to thank Shae again for bringing this to my attention!!
In the meantime I sent 1 of my buyers an email saying I was on the lookout for people who want to invest their money in real estate. He is in the mortgage industry and may know someone. Hey, it's a start.... I also sent an email to another one of my buyers who I KNOW has a lot of cashola about this new HUD property. He invests in this specific county and may be interested? I sent the email only to him in hopes he would at least want to take a look. If he wants the house my funding should not be an issue. If he doesn't want the house I am going to approach him about investing in ME!
Finally my realtor is supposedly getting a lender to get a HUD pre-approval written up for me. This will get the contract solidified BUT I will still need to find the money over the next month or so.
That's it for now. Hopefully some good news will be a comin' soon!