All Forum Posts by: Jeff Cichocki

Here's the website to the biggest loan servicer of private loans in the US...

Https://trustfci.com

There are others if you Google it. 

But, these guys know how to deal with your wrap situation. 

Good luck! 

@Mike Nelson, if he's selling to an investor, lower the price to compensate. If he's selling to a homeowner, do the repairs. Most buyers will walk if it's not done for them. They think it'll cost them a ton of money and hassle if they get stuck with it. Sellers who take care of their buyers fair better at closing. Plus, if he fixes it himself, he gets to control the cost himself. While most Realtors demand that a licensed contractor do all the work, that's negotiable. Not everything needs a license. Some things can be handled either by himself, a friend or a handyman. Things like the electrical panel should be done by a licensed electrician. Doors are easily replaced by a handyman. Control who does the work and he will control the cost. 

Hope that helps... 

@John Solotarow - There has been some great advice on this one. While no one else seems to have said it this directly, I would suggest that you also explore a Solo 401k as the vehicle that you move your funds into when you retire. There are some significant advantages if it turns out to be the right vehicle for your situation. There is a great book that was written by 3 experts (Dorsi Kuni, Dyches Bodiford & John Hyre) on this topic. I don't get anything for this referal, but if you're interested, you can get a copy of the book here...

https://assets101.com/shop/solo-401k/

It's a great book. I highly recommend adding it to your collection.

Good luck!

No traditional lender will do this deal. Unfortunately traditional lenders are driven by Income & Credit scores. If her credit is shot, traditional financing is out.

Her best option is to find a private person to lend her the cash or to do some sort of seller carry back of the amount she's short. Getting the seller to participate in this way is extremely difficult if there is a realtor involved. Without trying to offend the realtors in the group, my experience tells me that very few understand how to creatively solve a problem and pitch it to their client properly. Unfortunately, few are trained in creative financing or true negotiation. While the realtor (and lots of others as well) will disagree with me on this, when the deal needs to be done creatively, a face to face meeting with the seller is the best way to do it. If you can't get the seller to play ball this way, then you will need to find a private lender (friend/family member) who will put up the cash.

Hope this helps!

When you are looking for money, understand that nothing is more important that the return OF the money. It is not the return on the money.

I can only speak for myself as a lender... But to me there are really 2 massively important things in a deal to look at.

1. Is it really a good deal? How did you get your numbers? How accurate are your estimates? Etc. if it's not a good deal, nothing else matters.

2. Are you capable of doing the deal? Do you have the skills and leadership required to run & manage the project to completion in a timely fashion. If you're not... Do you have a mentor/coach/partner (one that will be on sight with you - not some national guru who can't see what you see). Do they have the capability to get you through the project?

If the answer to either or both of the above questions is no, then nothing else matters. You can have a perfect credit score, gobs of cash in the bank, a great job, etc. None of it matters if it's not a good deal and you can't get it across the finish line. I know this is text, so please don't interpret this as harsh. It's not meant to be. It's just to point out what the most important aspect of the deal and you are. If you can solve those two things, the money is easy.

The reason that these two questions are the most important to me is that I've never had an investor (new or seasoned) think to themselves that they were going to lose money in the deal. Good lenders think about losing money. You have to relieve that concern. Show us how we'll be paid back if things go wrong.

There are lots of hard money & private lenders out there. Show them how and why this is a good deal, why they will make money with you and how you'll take care of them and it's not usually a problem.

I only lend in Wisconsin or I'd offer to help. But, I hope at least my insight helps you get what you need easier.

Good luck!

Try Hard Money Bankers. I'm not affiliated with them, but they are friends of mine. I'm pretty sure they do.

Good luck!

I can only speak for myself... But to me there are really 2 massively important things in a deal to look at.

1. Is it really a good deal? How did you get your numbers? How accurate are your estimates? Etc. if it's not a good deal, nothing else matters.

2. Are you capable of doing the deal? Do you have the skills and leadership required to run & manage the project to completion in a timely fashion. If you're not... Do you have a mentor/coach/partner (one that will be on sight with you - not some national guru who can't see what you see). Do they have the capability to get you through the project?

If the answer to either or both of the above questions is no, then nothing else matters. You can have a perfect credit score, gobs of cash in the bank, a great job, etc. None of it matters if it's not a good deal and you can't get it across the finish line. I know this is text, so please don't interpret this as harsh. It's not meant to be. It's just to point out what the most important aspect of the deal and you are. If you can solve those two things, the money is easy.

The reason that these two questions are the most important to me is that I've never had an investor (new or seasoned) think to themselves that they were going to lose money in the deal. Good lenders think about losing money. You have to relieve that concern. Show us how we'll be paid back if things go wrong.

There are lots of hard money & private lenders out there. Show them how and why this is a good deal, why they will make money with you and how you'll take care of them and it's not usually a problem. Not all lenders are the same. Some suck to work with. Others are good. There are good & bad stories about HML's and PL's. Make sure you check them out as much as they will check you out. I'm working with someone right now who is getting screwed over by a PL. Not usually the case, but My terms, rates and flexibility are better than the PL they are working with (I'm also an investor too so I get it from both sides).

I only lend in Wisconsin or I'd offer to help. But, I hope at least my insight helps you get what you need easier.

I can only speak for myself... But to me there are really 2 massively important things in a deal to look at.

1. Is it really a good deal? How did you get your numbers? How accurate are your estimates? Etc. if it's not a good deal, nothing else matters.

2. Are you capable of doing the deal? Do you have the skills and leadership required to run & manage the project to completion in a timely fashion. If you're not... Do you have a mentor/coach/partner (one that will be on sight with you - not some national guru who can't see what you see). Do they have the capability to get you through the project?

If the answer to either or both of the above questions is no, then nothing else matters. You can have a perfect credit score, gobs of cash in the bank, a great job, etc. None of it matters if it's not a good deal and you can't get it across the finish line. I know this is text, so please don't interpret this as harsh. It's not meant to be. It's just to point out what the most important aspect of the deal and you are. If you can solve those two things, the money is easy.

The reason that these two questions are the most important to me is that I've never had an investor (new or seasoned) think to themselves that they were going to lose money in the deal. Good lenders think about losing money. You have to relieve that concern. Show us how we'll be paid back if things go wrong.

There are lots of hard money & private lenders out there. Show them how and why this is a good deal, why they will make money with you and how you'll take care of them and it's not usually a problem.

I only lend in Wisconsin or I'd offer to help. But, I hope at least my insight helps you get what you need easier.

@Jean Gillon, you can find out more about the WiscoREIA by going to WiscoREIA.com.

I look forward to seeing you there.

@Jean Gillon, I usually attend both the WiscoREIA and the Appleton REIA. If there's another meeting you're thinking of, you'll need to let me know. I may attend it as well.

Hope to meet you soon.