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!
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3 comments:
Hey Eileen,
Hope 2010 is going great for ya!
I noticed you mentioned Private Money Blueprint and you were having problems loading the videos...
... so I wanted to touch base with you to make sure you're taken care of.
Anyhow, with most computers... our free videos at www.privatemoneyblueprint.com/vip load pretty darn quickly. It only takes about 8 seconds to load the whole video on all of our office computers (even my 6 year old dell) on a broadband connection.
But, for a few people... they have loaded slowly.
Anyhow, shoot me an email at support [at] privatemoneyblueprint [dot] com and I can help you out a bit more... and Patrick and I would be more than happy to answer "private money getting" questions for ya anytime.
If you join PMBP... awesome! We'd love to have you. But, if PMBP isn't right for you... no biggie at all... we're still here for ya.
So, as far as the videos loading slowly... my guess is its possibly the internet connection because most viewers are able to see them great.
But, we are working on a way to stream them better.... hopefully we'll have them converted by March.
Thanks!
- Trevor
Trevor Mauch
Private Money Blueprint
http://www.privatemoneyblueprint.com
Hey Eileen,
You should try again with the videos...maybe it was a just a quirky thing and your machine needed to reboot.
Talking to your buyer about being a private money lender is a great idea!
As far as loan structuring, you can do it however you and the lender want to do it... completely based on the deal and the need. I assume you're referring to terms...length of loan, interest, when interest is paid, etc. Hopefully you can get to the videos because there's tons of great content there. Patrick & Trevor also provide a free presentation template you can use (which I've customized and used for presentations with potential lenders).
I'm no expert with this...Patrick & Trevor are the experts, but if you have questions you know how to reach me!
WOW! Thanks so much guys! Trevor, I'm fairly confident it is my computer connection and not your videos. We live out in the sticks and I have satellite internet. Satellite is pretty much just a step up from dial up... It is very frustrating especially since so much content is in video form now. I also tried to get it on my phone (which is faster than my computer - ha, ha) but my phone does not support adobe. Urgh. I'll get there... I just need to be patient!!
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