OfflineWell, I have started making a little bit of money. I was blessed to meet 3 people with money who wanted to make some more money. I was then blessed to meet someone who knew how to put deals together! What a match! Basically, it's Private Lending. But I recently developed a 50/50 equity partnership with one of the lenders. I found us a house, we bought it and now we're starting the rehab! Hope to net about $60k profit! And to boot, my son has a contracting company and is excited to be our GC. It's helping him build his business as well!
On top of that, each of them wants to do equity deals with me! In the not too distant future, I will do my own buy/fix/flip and hold using their money.
I have 5 total private lenders I'm working with on various types of deals in our area.
Needless to say, I'm very happy to be learning how to make money for all of us! Thank you Dean G! The future looks brighter....I continue to search out new lenders and new strategies using creative financing to create more deals.
I give all the Glory to God!
Linda
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"...be; not greedy for money....but eager to serve"
1 Peter 5:2
I am also looking at getting some privete money lenders too, but can't get to it. What are some of the strategies you used to get 5 investors on your side? Thank you and keep up the good the work.
PLEDGE ALLIGENCE TO THE SWAG
I knew you would do it!! WHY?? You were taking action, evaluating properties and making offers that's why. Getting out in the real world!!
Congratulations,
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Congratulation! Private money is the way to go. After several deals using hard money I discovered that though hard money may in deed be private, private money is not neccessarily hard. Most people think hard money and private money are the same thing and what I have found is that is not quite true. Now don't get me wrong using hard money got me into the game using none of my own money but the points and interest can be daunting. Now I'm finding private money for as little as 7% interest and no points. Keep up the good work!
Tony
How blessed you are .Networking is a key component.
Its great to be able to work with and help family make money as well.
Continued success.
Man does it feel good to finally have some control. I can see things unfolding before my eyes...it's gonna be a great next 12 months!!
Hope you are well.
Thanks for your vote of confidence.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
it's been amazing to me how may different ways you can work with OPM!
Best of luck.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
It's truly is a blessing!
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Linda, how did you handle the paper work for the equity partnership agreement? Did you have an attorney draw it up or did the lenders already have some paper work?
We actually created a partnership LLC. Our attorney did everything. In this partnership, I find the properties, she funds, we split profits! In my wildest dreams, I never thought I'd be doing anything like this.
Take care.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2