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november 2016

Private lenders are the key to building Wealth

3 Deals and $500K of Debt in 5 Days


October was sloooowwww. Yeah, that bad kind of slow when I try to remember what my mentor told me, "Enjoy the slow times." Hard to enjoy not closing a bunch of deals though. I did get to spend a lot of time with my daughter so it was fun. Then November hit. It hit like a tsunami! I always refer to this business like the tides; high tide and low tide. Same goes for the bank account; some days there's lots of money - high tide, and other days not so much - low tide. Well, November was a good high tide when it comes to doing deals and real low tide for my bank account balance when it comes to investing money on houses.


This why you need a strong network of private lenders. I'm talking about the kind of lenders who call you back when they are on vacation and discover they missed a call from you. The kind that call you up randomly and announce, "I've got $1.5M sitting around doing nothing. Don't you have any deals?"


One of my buddies came out to visit with me here in Riverside. We went to lunch at the Mission Inn, one of my favorite places to take people and enjoy a great meal in the courtyard. While we were sitting there I received a phone call. The night before I had made an offer to a seller and he called me to accept my offer. Man, this lunch was turning out great! A few minutes later one of my private lenders called to see if I had any deals he could fund. Coincidence? I think not. More like constantly telling the universe what I want and the universe responding. I got my offer accepted on that house for $201,000. My private lender funded $200,000. How's that for an almost no money down deal!?


Please share with those you think may benefit and leave any comments down below.