All Forum Posts by: Bernie Germani

Karen, thank you very much and you are correct in general; however it's a bit sensitive information so I need the PML to contact me directly, and we can speak about it in person, rather that putting it here. I might come back though, and at least post the ARV, once I determine that.

I'm not looking for any hard money lenders at all I'm looking for private individuals that have a self directed IRA they want to use, people with liquidity, or small-medium size venture capitalist companies that invest into real estate. ( We had 2 previously who did this for us, so they are out there.)

I'm currently searching for a private money lender in Los Angeles/ Orange County to fund the purchase, for a beautiful home in Balboa Island Newport Beach. We currently have 7 projects going on and, recently put this home under contract. This project will make the right person a nice return on your money, so this week we have been interviewing Private Money lenders, and will continue to do so through May 22, 2015. We have a proven track record all verified, we can even meet at one of our projects so you can see the quality of work that is being done. If you're interested or know someone interested please pm me or shoot me an email.

Mark, we meet all your qualifications, have done 28 flips to date and 7 more working on currently, so Inwould qualify if I were in CO.

Angela, you would be surprised at the people who sell at a steep discount for instance probates that are full authority no court confirmation needed, and the families just want to sell the property to pay off creditors, and then divide the money amongst the heirs. Divorce sales are great we just picked up one at 60% of ARV. Other examples are fire damaged homes, code violations, recently inherited properties when they live out of state. We do not buy anything on the MLS( but 2) in the last 18 months( at least for us their is no true desired motivation to get the price we need to be able to make a profit after all expenses) to sell that property to us. We do our own marketing and All our properties come from true motivated sellers who just want to rid themselves of the property. Probates have been 1 of our best leads.

Jim,

• Congratulations on your 8 successful transactions here in So Cal. What we like to do is provide our PML the contractors scope of work/ pricing, and provide them with a change order in the event we need other materials. I do weekly videos and send to them on updates of the project, and I also invite them to come visit the project 1st hand so they can see where their money is being used. We created a credibility package, a short video on the basics of PML and how it would benefit them. We go to a lot of meetings where self directed IRA's are being discussed, and introduce to our-self to these people who want to invest into real estate. Get on Kaaren Hall's list to find her events, or even Belinda Savage. Keep us posted on your success...

Hi Carrie

Welcome to BP you will love it the more time you spend on the site.

I'm also from So Cal, in the Long Beach area. I look forward to catching up with you around the boards.

I found some great Private money lenders from Listsource, because you can target them specifically based off of your criteria. There is 2 PM lenders I have used for over 2 years now. I sent postcards to them, met them, they looked at a few of our projects, we built a business relationship, and the rest is history. I highly recommend this option, and the leads are very inexpensive like .08 per lead.

I have used Private money for the last 3 years for all our fix and flips in So. Cal. Private money has allowed us to grow to 7 current projects, and it's interesting how  other private money lenders are asking if they can participate with us, because we have been searching for more PM since our goal is 60 flips this year all with PM.

Nina,

Welcome to BP you will find this site very useful in helping you get started with your investing career.

I'm in Long Beach so I'm very close to you as my partner lives in Norwalk near the college. Please feel free to add me to your contact as we purchase wholesalers properties throughout LA/ Orange County.

Also Nina, Matt didn't share but he is a hard money lender, as I wanted you to know that.

Canetha,

When I started I did 11 wholesale transactions in my own name, so it's not needed at this very moment. I like John S. comment above. I eventually set up a trust through the IRS ( which is free by the way, and no state fees either at least in California) and S corps will be a great tool as your business grows.

I have never doubled closed( actually once) on a REO, but the spread was over 50k.

I have done it at the beginning if we knew the seller, we have done it once we found our end buyer, and we have even done it at the end when they are getting documents signed and notarized.