OfflineI have read an read and read all the post about financing and credit and money and all I can say is this. I have not been to a bank for financing in almost 4 months. I posted an ad on Craigslist looking for equity partners and/or investors that wanted to pool their funds and put it into some great deals. Now granted, I am working on commercial properties and multi family properties with this new found cash flow -I am still working it.
I simply ran my ad and waited on a response. Everyday for 3 weeks I ran it and now I have an Investment Group Partnership with 11 others and I never put one cent of my money in to the deal. How can I do that you say. Simple - I do all the work finding the properties, comping them, researching the info and everything thing else and that substitutes for my monetary contribution. I now have a house fund of right at 123K cash to invest and its growing monthly, because we all agree to contribute to it on a regular basis.
I tired of banks - COUNTRYWIDE in particular - so I just asked. You know it says if you ask you shall receive, well once again I had nothing to loose so I asked.
Now here is one of my ads.
__________________________________________
PRIVATE MONEY AND INVESTORS NEEDED FOR REAL ESTATE PARTNERSHIP!
Have you always wanted to invest in real estate but did not have the know how? Are you a real estate investor that wantes to do bigger and better deals? Are you just regular old Joe Blow with a few bucks you can afford to invest? Then we need to talk.
I am a seasoned real estate investor and due to the foreclosure crisis and our country's financial state, banks are getting harder and harder to work with so why bother. If you are seroiusly interested in putting you money where the profit is then call me. Please be prepared to disclose what you will be bringing to the table and any other pertinent information you deem necessary for admittance into this select group.
When completely filled, we will be doing some great and very profitable deals. Minimum investment 10K. Call 661-XXX-XXXX for more info.
___________________________________________
It worked for me - will it work for you? I don't know but all I can say is JUST DO IT!
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
It's amazing how many people want to follow someone with confidence and a winning attitude at this time in history! While everyone else is crying and fearful, we are leading and people need someone to follow!
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus
I appreciate that. I try to be confident in everything I do but I am finding that in todays real estate market you almost have to be a BEAR to get your point accross - everyone has recession mania.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
This is interseting Anita. When you open an account who's name is it in and who has the ability to write the checks and approve the property purchase's? Very creative!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Hi Anita,
I just recently listened to this guy who talked all about finding private money. It was really interesting, ( he had a course on how to do it )he had my attention until he brought out the $900+ price tag. I think i'll try your version. thanks.
For verily I say unto you, That whosoever shall say unto this mountain, Be thou removed, and be thou cast into the sea; and shall not doubt in his heart, but shall believe that those things which he saith shall come to pass; he shall have whatsoever he saith. -Mark 11:23-
-Now who are you to say it can't be done?-
Anita,
I hate to be negative on the private money, but just be careful. Asking for Private Money through the internet could be violating a law through the SEC. Check out Reg D. I've already contacted the general counsel of the SEC in my State regarding this. There are rules you need to follow to solicit for private money. There is one big guru about private money that got in trouble with this because he solicited through the internet without following the SEC guidelines. I forgot who he was. I just read something about it a few weeks ago. If I were you, check with your attorney.
Butch
Financing is often what makes or breaks a deal. When a good deal comes along, if you can be in a position to take advantage of it by having Equity line which is a loan taken out against an existing equity position in a property. This can give you some flexibility in transaction, tax deferral, eliminate loan costs, and get rid of real estate commissions.