February 11, 2007
Best way to attract private lenders?
Paul,
What is the best way to attract private lenders to fund my deals very
quickly?
The best way to approach private lenders is to spell out what is possible
with your ability to find real estate transactions. What I mean is you look
for foreclosed properties, vacant properties, properties that need lots of
work, properties that you can CONTROL until you are able to fund the deal.
But what you do not want to do is to have to look for money when you have
the deal. You want to look for the deal when you have the money.
But lets say that you have never done a deal and you want to have money.
Remember in the foreclosure business it is about numbers. My suggestion
would be that you begin to approach people with money and start
conversations. These conversations should revolve around business,
investments, and then real estate. Tell these potential investors that you
own a company that produces investment returns by buying under valued
properties secured by 1st deeds of trust.
Then leave it at that. What your doing is fishing for investors and the
bait is the unknown investment yield.
I would also tell you to never suggest a rate of return. You would be
dabbling in securities issues at that point and you do not every want to
promise any rate of return.
Good Luck,
Paul Wells
Posted by greggdavis at 7:09 PM | Comments (0)
March 26, 2006
Getting a loan with Govt. Assistance
HI Paul, I want to know if I quailify for gov't assistance in purchasing my first property I'm on currently recieving social security disability and not working a job.
Finding Govt. loans to help you buy homes is possible but there will many many variables involved and probably many hoops to jump through. Depending on your income to debt ratio and your credit score will probably have a lot to do with your ability to qualify for programs. There are many different Govt programs to meet different criteria and it is up to you to ferret them out.
Posted by paulwells at 8:20 PM | Comments (0)