In This Real Estate Market Private Money is King
In This Real Estate Market, Private Money is King
With all the turmoil with banks, mortgage companies, and the poor economy, it’s become tougher and tougher for investors to get financing on investor properties.
If you have excellent credit, they want you to put a chunk of money down, between 10-20%; nobody wants to put that kind of money into a deal, EVEN IF YOU HAD IT! If you have less than perfect credit, forget getting even those terms. This is the world we live in right now with banks and mortgage companies.
What’s the answer? FORGET THE BANKS! Find private lenders. Who are private lenders? They are regular folks who have money in bank cd’s, money market accounts, IRA’S, as well as other investment vehicles, earning very low rates of return.
You think someone who just lost 50% of the value of
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their IRA because of the stock market is looking for a new vehicle to invest in? You bet your bippy they are! These “regular” folks are looking for good rates of return, and financing real estate deals can provide that for them.
Here’s what I say to folks who I think might have investment capital. I call it my “elevator commercial”. Do you or someone you know have any investment capital that’s not making 10% or more safely?”
You will not believe the reaction you will get by asking this question! I have had people “eavesdropping” on my conversion interrupt and ask for more information. People with money invested are always looking for a way to increase the return on their investment. When you offer a 10% return to someone making 2% in a cd OR, even worse, lost 50% of the value of their IRA in one week, it gets a reaction. You just have to ask.
If you would let the world know you have this incredible investment opportunity, you would be surprised at the number of people who will want to know more. The problem is most investors won’t open their mouths and approach potential investors about this and in turn lose out on the incredible benefits of finding your own “private bank”.
I encourage you to step of your “comfort zone” and use you elevator commercial nest time you get a chance. Who knows, you could be standing next to your bank!
Next, I’ll be discussing where you find private lenders. Until then, I call you blessed!
Billy O’Neal
In This Real Estate Market, Private Money is King / Author: Billy
Occupation: Real Estate Investing Coach
Billy O’Neal is a Real Estate Investing Coach with a passion for helping others reach their potential. Billy’s latest venture, Sell2Day.com is a Real Estate Investor Network that maximizes marketing and creates new streams of income for investors. For more info go to http://www.sell2dayaffiliates.com Get the #1 Real Estate Investing Home Study System today at: http://www.RighteouslyRich.com
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