Real Estate Investors Association of Greater Cincinnati

 This topic is near and dear to my heart. When I started my RE career, I heard about the necessity of finding private lenders. In fact, I even found two. But then I stopped. For four years I PROCRASTINATED. I didn't get it!!! For four years I continued to go to banks and jump through their hoops. I also had used hard money lenders but found them VERY expensive.

It wasn't until I quit my J.O.B. and found that banks wouldn't loan me money that I realized that I needed to bring private lenders into my life quickly.

When I took that step, everything changed for the better.

What are some of the advantages of using private money for your real estate investments? Well, if you haven't decided whether or not to use private money, I decided to lay it on the line here for everyone to see.

• You can get money fast & you can buy at a discount
• No credit check & doesn't show up on your credit report
• Unlimited funds
• Control because you set the rules
• Help your friends, family & associate. Meet a great group of people
Read More...

This topic is near and dear to my heart. When I started my RE career, I heard about the necessity of finding private lenders. In fact, I even found two. But then I stopped. For four years I PROCRASTINATED. I didn't get it!!! For four years I continued to go to banks and jump through their hoops. I also had used hard money lenders but found them VERY expensive.

It wasn't until I quit my J.O.B. and found that banks wouldn't loan me money that I realized that I needed to bring private lenders into my life quickly.

When I took that step, everything changed for the better.

What are some of the advantages of using private money for your real estate investments? Well, if you haven't decided whether or not to use private money, I decided to lay it on the line here for everyone to see.

• You can get money fast & you can buy at a discount.
• No credit check & doesn't show up on your credit report.
• Unlimited funds
• Control because you set the rules.
• Help your friends, family & associate. Meet a great group of people. Read More...

Getting money from private lenders is surprisingly easy, once you understand how to find and talk to them, but there’s another very important aspect of private money that touches on legal issues that you need to know about. Let’s go over a few of the basics of how to handle private money right, once you get it:

1. Touching the Money.
2. Co-mingling funds.
3. When do the payments start and end?

1. Touching the Money

Sometimes when people hear the kind of interest I pay, they get so excited about loaning me money that they want to hand me a big check right on the spot. This is not the correct or legal way to handle the situation.

I know that some of you are so eager to launch this new phase of growing your business that you really want to grab that first check, but don’t do it.

Here is why: you have promised the lender that the money is secured by real estate. So, legally, you shouldn’t be in possession of unsecured money. Until there’s a deed ready to secure it against, don’t hold it, don’t put it in your bank account—don’t touch it at all. <
Read More...

      I always get a lot of questions about how to handle the private money, so I'd like to go over a few of the basics. 

1. Touching the Money.
2. Co-mingling funds.
3. When do the payments start and end?

1. Touching the Money

      Sometimes when people hear the kind of interest, I pay they will get so excited about loaning me money that they want to hand me a big check right on the spot. This is not the way to handle the situation. I want them to send the check to my closing attorney or title company just before the closing. 

      I know that some of you are so eager to launch this new phase of growing your business that you really want to grab that first check but don't do it.  

Read More...