All Forum Posts by: Kelly Beck

Thanks for your response @Jeff S. I agree with what you shared about being myself and I would be....when I would get to the opportunity to sit down with a potential lender. It wouldn't feel natural for it to be contrived. (Side note, we had a great lending partner but he's involved in a pretty large investment right now, so we are looking for new partners).

What I'm meaning is...when an investor is putting out there that they're looking for lenders, how are they connecting with potential partners (maybe using storytelling) to get to that one-on-one meeting stage?

After listening to one of Brandon Turner's interviews with Colin Boyd, I don't think we're targeting the right people...most of our friends/family/community members who are in our circles are Christians and while that's good that they are concerned with their financials, Colin said that (in a nut-shell) they may not be the best people to target as potential lenders. 

We keep hearing from everyone "how risky" what we're doing is...investing in real estate...and no one is even open to having a conversation about the securities we put in place, how money in the market isn't protected at all and about how we're helping people in the meantime.

Does that make sense? 

I think we need to begin going to REIA groups, or connecting locally with business relationship management consultants at our local bank. Any other suggestions?

I recently read about using storytelling to build rapport with potential private money lenders instead of focusing on the numbers. Honestly, this way of raising Private money seems so much more natural than the way I’ve been taught. 

Does anyone know a good book, resource, blog, etc. to learn more about how to do this?

We’ve been investors for a few years with experience in sub to’s, owner financing and flips, but we’re now focused on slow flipping and being the bank, which calls for longer term private money loans. We have some great stories to share about the people we’ve helped, but this is not the typical type of investing people are looking for.

We’d appreciate any resources someone could point us to. Thanks!

Did you end up using First Savings? And what is there LTV? We're looking for one that does 90%. Thanks!

Anyone invest in the Meridian area? We're looking to branch out there for low-cost owner financing properties (offering financing for those renting). I understand there is crime there, just like many low-cost areas, but I reached out to a rehabber about taking some photos of properties for us and he told me to look in other areas because of the high crime rate and that "it just keeps getting worse." 

Is it really that bad there? Anyone with actual familiarity of the area is appreciated. Thanks!

Lots of good thought there, thanks!

 Is the wiring instant and is there a charge? Right now we're using a local credit union and every time I need to do a wire transfer I have to go into the branch location. Thanks!

How would I determine if a county/state was landlord or tenant-friendly? Or what jurisdiction would I be looking under, ie. state, county, township? I want to make sure the eviction process would favor the property owner and be quick for land contract/contract-owner transactions and not be looked upon as a foreclosure. I have no idea how to go about determining this.

Thanks!