Real Estate Investors List
real estate Investors: the 11 Top Ways to Find Private Lenders
I a sure you are aware the mortgage market in this country has collapsed. I do not mean “it is slow” or “down slightly”, I mean it has COLLAPSED. It is almost impossible for a home owner to get a mortgage and down right impossible for real estate investors to get traditional mortgages.
The solution for the next couple of years will be private lenders. But how does a real estate investor find private lenders. Well, finding a private lender is not nearly as difficult as people think. Here are the top 11 ways to find potential lenders for your real estate investing business.
1. Elevator Speech: Prepare a “60 second” elevator speech and network with everyone you know including friends, family and business associates. Spread the word you are looking for investors.
2. real estate investment Clubs: Join your local REI group and network and spread the word you are a real estate investor and looking for private lenders to invest in your deals.
3. Join professional networking groups: You can join networking groups like BNI and be sure to join and deliver your “60 second” elevator speech at opportunity.
4. Postcards: You can purchase lists of high net worth individuals and send a postcard inviting them to call you to get free information form you or attend an informational seminar about your real estate investing business and private lending.
5. Letters: Send letters to a high net worth list as above or send it to people that have already called or emailed you from your postcards.
6. Small Local Newspaper Ads: You can place ads in small newspapers offering the reader to attend an educational seminar or request a free report.
7. Flyers: Post flyers at senior centers and areas where high net worth people attend and traffic.
8. Speeches and Presentations: Offer to give a 30 to 60 minute educational presentation about real estate investing and private lender.
9. Senior Center Newsletters or Newspapers: Advertising in senior center newsletters, newspapers or even bulletin boards can be a productive way to get potential lenders. Again, be sure to offer free information or invite people to a seminar and provided good information.
10. Law Journals: Most counties and large cities have weekly or monthly journals for the local lawyers. You may want to consider advertising in your county’s journal offering to help the attorney with high net worth clients and possible better returns than they are currently getting on CD’s or money markets.
11. Internet: You can spread the word through social networking sites like Twitter or Facebook. However, I strongly urge you to simple offer to provided educational information and do NOT make an offer to borrow money through internet sources. Advertising directly through the internet will attract attention form your state SEC department and I assure you that this is not the attention you want to attract.
12. Bonus Tip: Talk, Talk and More Talk: Talk to everyone and spread the word about what you do and what services you provided.
About the Author
I invite you to learn more about Private Money Lending and get my new FREE 20-page ebook titled “Discover the Secrets of How to Fund Your Real Estate Deals with Private Lenders!” by clicking here http://realestatewealthtoday.com/FREE-eBook.html .
Mike Lautensack is a full-time real estate entrepreneur and creator of the Private Lending Presentation Kit. To learn more about this kit go to Private Lending Presentation Kit.
I want to invest in real estate in nyc but the fear is strong.?
REAL ESTATE INVESTORS…could you tell me the “order of sequence in doing a real estate deal, so that i can make a mental picture of the first thing, the second thing, etc.i think the first thing after research is calling the seller as well as going to visit the property which means you have to talk to the seller face-to-face, this step makes me uncomfortable, i think subconsciously the person may figure out im new and have NO money to buy their home YIKES but i understand if the deal is good enough you can obtain financing for it…..if i can talk this much in writing why should i be afraid of this, HUH! anyway thanks for listing the steps so that i know that no one part of the deal will hurt.
Hi,
The first thing you would want to do is find out how motivated the seller is before you start going to visit the house. By asking him a couple of questions like; What will you do if you don’t sell the house ? Are you negotiable in the price ? How long have you been selling the house ? Why are they selling the house ?
For example: If he says that he needs to sell because his wife left him, you know he can’t afford the house on his own or just doesn’t want the house. Or maybe he is moving because of his job etc…
After you determine this then you have to determine the value of the home by contacting a real estate agent and asking them to give you comparables to this property in the same vicitnity or you can call an appraiser and ask for drive by appraisal which will cost you from $75 and up to maybe $100.
After you determine the value then you want to figure out how much you will offer and and how much will you sell the house for. You always make the money going into the deal and knowing your exit strategy ie: How will you sell and for how much ?
For example: You find a house that is selling for $500,000 and the value is $500,000 then you know that in order for you to make money you would have to subtract your costs for making the deal ie: closing costs, inspections, appraisals, clean-up of property, painting, yard work, marketing, carrying costs ( mortgage payments ) or any other costs that you think will be necessary to sell the house once you get it. Let’s say you will spend $10,000 to do all this then you subtract this from the selling price then figure out how much you want to make in profits which you should start at approximately $30,000 for profits minimum. Then your offer should be approximately maximum $460,000 and I would offer less because of market conditions. I would offer $420,000 and let the seller counter offer or if he says heck No then ask; What is the best he can do on the price ? and don’t say a word because the first to speak looses, Guaranteed !!!
If he says $440,000 then you know you have a deal and it is up to you to determine if this is good enough for you.
Make sure that when you do the contract on the house that stipulate in the additional conditions or and addendum saying that; ” This contract is subject to a satisfactory appaisal and inspection by a Buyers Appraiser and Inspector at the Buyers sole discretion “. This clause is so if their is something terribly wrong with the property you can get out of the contract and walk away without being liable. ( Very Important )
After the offer is accepted then you sign the contract and start marketing your property immediately even if it needs some fixing up, you can always tell the buyer that that he can select all the materials he needs 3 days before closing and take them to home depot and put it on your credit card and give them the materials to do their fixing up. Then after closing in three days pay off your credit card with your profits and everybody is happy. At the end of the year deducted on your taxes because repairs on the home are deductible as long as you do it before closing because you had ownership.
This is one way to sell the house quickly without having to fix it up. Obviously there are 100’s of other creative ways but I would have to write 20 pages here. There are many ways to buy and sell houses as an investor and I would be happy to answer any other questions you will encounter.
There is No Doubt that this is the best time to become an investor because the market is flooded with houses and prices are coming down every day. The hardest part is to sell a house unless you have some resources or very creative ways of selling your home. Always remember to get rid of the clutters and anything you don’t want buyers to see when selling. Remember first impression is the lasting impression just be frugal and be creative.
Always be honest about what you are doing in your investing. People will like you and give you referral business because of this and be yourself.
I hope this gives you a little insight into the Investors World. There is a lot more to cover but don’t let that deter you, the best learning method is getting out there and doing it and it always helps to have a coach or mentor.
I’m in Jersey so if you ever have any questions let me know and maybe when I’m in NYC we could chat a little and share some pointers.
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