Northridge Note Buyer

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The most commonly conceived mode of real estate financing is conventional. This typically means a 30 year mortgage acquired through a mortgage broker or institutional lender. This subject is mainly important for your buyers, or for you if you also work as a loan officer. There’s really no good reason you should use conventional financing yourself, with all of the tricks you should know. The exception might be if you are a portfolio investor and are refinancing your properties, or if you are purchasing commercial properties. Generally, the best way to take out conventional financing is any way but in your own name. Qualification is based on the borrower’s income, assets, and credit profile, and requires a personal guarantee of repayment. There are much better positions you could be in as an investor. The alternative financing methods might be referred to as nonconventional. These would include the methods of raising cash traditionally used by investors, generally known as hard money and private money. Hard money is typically intended for the acquisition of rehab properties. It has a high interest rate, a low loan to value ratio, and usually a short term balloon note of six months or a year. Private money just means money borrowed from a private individual, and can come from a person’s savings or retirement fund, according to whatever terms you negotiate. Qualifying for these types of financing doesn’t necessarily involve your credit profile or financial status, but rather the terms and quality of the deal and your relationship with the lender. To acquire them you will have to present a deal to the lender that they will feel safe investing in. There is a third category of financing, which might be called creative financing and which consists of other types that don’t fit into the previous two categories. One example is subject to financing, which is just the lingo for taking over the existing payments when you take control of a property. You will acquire the property by deed and bring and keep the mortgage payments current, but the loan will stay in the name of the original borrower. This is basically the safest form of financing ever invented. A second type of creative financing is seller financing, where the seller of the property carries back a mortgage. This may only be used to partially fund the transaction, perhaps as a second mortgage, or the seller may carry everything but the down payment. And finally, some investors now teach about how to obtain and use business lines of credit for real estate investing purposes. Capital in the form of business lines of credit and business loans is readily available to all new businesses with effective leadership. Don’t consider this article exhaustive, because new techniques of financing are always waiting to be invented. This is an area of real estate where cleverness and creativity can unlock many doors. Omar Johnson is a successful real estate investor and author of the home study course “Secrets To Making Big Money In Real Estate With Little Cash and No Credit” For more info visit http://www.gettingrichinrealestate.com Private Money Lenders – How To Find and Market To Private Money Lenders By Trevor Mauch As I’ve said before, every business on the planet is in the business of MARKETING. Yes, that includes you. First and foremost you are a marketer, second you are an investor. You must know how to get leads in order to even have a chance to put your investment knowledge into action. So, to get private money lenders for your real estate investing business you must find the people who have money. Who Has Money? * Your Family and Friends - Do you have family members who have money that they are earning between 0-5% on? I’m sure you do. Do you think they would want to double the rate of return on their money? I bet they would. So, why not bring the opportunity of becoming a private lender for your real estate business to your family members first, so you can help your family become more wealthy in the process? Many people hate to ask family members for money… this is a common thing; however, why would you feel uncomfortable helping your family members make more money? You shouldn’t. The first property I bought (and still own) was bought with 100% private money. A 95% first mortgage (seller carried), and a 5% second which was borrowed from my father. My father is earning 6% on his money rather than 3%, the property cash flows and has gone up in value… if for some reason I screw up and don’t pay my dad (not going to happen), he is in 2nd position on a property with over $100k in equity. It is a no lose for him… and great upside for me. * Other Real Estate Investors and Businessmen - Other successful real estate investors have money… and often like to lend out their money to other investors. These are often great private money investors to have on your side because as you’re starting out, they can help you analyze deals… and teach you a ton as you grow as an investor. Also, successful businessmen are great because they know the security that real estate can hold, and know that when the loan is structured correctly they are protected with very little downside. Talk to other investors and business people that you know and let them know what you do, and that you can provide them real estate secured returns of 9-12% (or whatever you are willing to pay) when they become a private money lender for your company. If there are holes in your presentation or your business model, they’ll likely point them out, which will help you to make your business stronger over time. * People Nearing or in Retirement - Think about it… who has a bunch of money just sitting around? Well, people either in or nearing retirement (people 10-15 years away from retirement, up to people who are already retired). Even better, the stock market today sucks and I’ve personally seen many people move their money from the volatile stock market and place the funds in “more secure” investments like CD’s, gold, etc. It’s your job to find these people and present them another option to lend money to your company for a much better annual return (usually private money lenders are paid between 8-12%). Show them that you know what the heck you are doing, that the risk is relatively low with the strict buying guidelines your company employs, and that you are looking for long term relationships with lenders who want the same. These people can move their under performing investments (401k, IRA, etc.) into your short term private money loans. It’s a win-win. Again, you as the investor need to be honest with the private money lender, and you need to make responsible decisions on the properties that you invest in. That’s just a short list of people who you should be going after to recruit as private money lenders for your real estate investing business. Marketing to these people can be everything from simply handing them your business card that has a blurb saying you are looking for private money lenders who want to earn 10% secured by real estate, and to call XXX-XXX-XXXX or visit www.yoursite.com for more information … to sending out mailers to a list of retirees… to teaming up with a financial planner, to putting on free seminars about the opportunity, etc. ***FYI, I am not an attorney, and don’t claim to be. I am just throwing out ways you may be able to market to potential private money lenders, to my knowledge they are legal, but advise your attorney before you use any of them.*** Here are a few ways you can get in touch with potential private money lenders: * Ask sellers of the properties you buy if they’d be interested in becoming a lender for your company * Talk to family about the opportunity and ensure to structure the deal so they virtually can’t lose, and that the risk is on you (unless you want to lose a family member if a deal goes south) * Ask other investors at real estate investing clubs in your area * Put up a website and get it optimized in the search engines (we’re creating a training session on this) * Network at events (chamber of commerce, etc.) and let people know what you do, and how they can be involved * Send out postcards to a list of people with over $500,000 net worth (you can buy lists from companies who can break it down by net worth and other factors) Really, there are endless ways to recruit potential private money lenders; however, in my experience… the best ways are to network, let people in your area know what you do, create a website which educates potential lenders, and get referrals from happy investors. Hey, my name is Trevor Mauch and I’m the founder of The REI Brain (www.thereibrain.com)and a real estate investor since the age of 21. Right now, my focus in real estate investing is multi-family income properties and I have plans on moving more into the commercial real estate investment world in 2008 and beyond. Grab your free real estate investing newsletter for more honest, unbiased, and actionable REI information. Real Estate Insider Secrets to Find Private Money to Flip Short Sales and REOS By Julian Lee In different areas of the country, real estate entrepreneurs are having difficulty getting funding for their deals. Some private money lenders have gone out of business and the funds that were easily available are no longer around. As a matter of fact the private funds lenders who actually still have cash available now require a down payment to use their private cash. You have to put up more of your money plus credit and still have to pay up to fourteen percent plus other holding costs to flip houses . This process has stopped a lot of investors from doing deals. There’ a great strategy out there that some investors have adopted because of the shortage of private funding. They have found companies on the internet that enable them to use private funding to do double closings. The strategy I’m referring to is using private funding to flip short sales and foreclosures. Even though the market is suffering there are still A credit buyers out there that are looking for deals. They are intelligent to know that it’ a buyers market and so they are securing houses with equity that’s twenty percent or more beneath market value. By using private funds you can pick up these properties less than the average buyer because you’re using cash. So even though your end buyer with normal financing may be able to pick up a property that’s twenty percent below the market you can come in and get it for about 40, 50 and in some areas 60 percent below market value as a cash buyer. You can then flip that home to your end buyer in a double closing transaction enablingyou to make 10 to 50% profit spreads with Short Sales and bank owned properties. The double close is structured as an A to B then C to D transaction. The bank is the A seller; you the investor are the B buyer. This covers your transaction buying the property from the bank. The C to D process now makes you the investor C seller and your end buyer purchasing the property from you becomes D. This deal is structured so that if your end buyers financing doesn’t come through you are not stuck with the property. This protects you and the private money lender. When you search the internet look for companies that provide private money with no up front costs. Most of these companies are charging up to four percent before they fund you the private cash for deals. This can become very costly and eat into your profits. Things to look for are companies that allow you to use their private funds and charge you about two percent plus a usual $500 processing fee with closing costs that is taken out of your profits at closing. This will let you to work multiple deals at once. Once you’ve found your transactional funding source you can now start making deals to flip short sales. Here is an example of how a short sale flip or foreclosure flip with private funds using the double closing strategy will work: $100,000 Retail Value of Property $50,000 Bank Accepts Your Short Sale Or REO Offer $80,000 You Resale to End Buyer at this Price $30,000 Profit at Closing $1500 Your Cost of Funds (2% Plus $500) Julian Lee is an experienced Real Estate Investor and Internet Marketer in South Florida who actively flips properties and leverages the power of the internet to close more deals. To find out more about locating sources of private money to short sales, please visit http://PrivateFundsForDeals.com and register for a free trial. private money