All Forum Posts by: Michael Hickmott

Jamane Y.

This is your answer based on my experience.  NEVER, EVER PAY ANYONE BEFORE YOU SEE THE MONEY. If anyone asks for money up front it is a scam! Also be very careful about purchasing "investor lists". I have found that they are ALL brokers. I never found one that used their own money. I never was able to make even one deal using a list I had paid for, most of them had heavy accents, and they would call you from a different phone number than the number on the list. Since I was never able to find even one "legit" private lender, I was never able to raise a cent, so my experience is that paid lists are a complete waste of time and money. If anyone out there actually has a list with real people out their using their own money let me know. I won't hold my breath.

And so do I!  Also if you must use a bank, NEVER go back to a bank that turned you down when you were just starting out. "Karma"

It is best if possible to not involve your personal credit, use an LLC. Don't go to a big bank, ie Bank of America, Regions etc. All they will do is frustrate you and block you from doing anything, always use a community bank or a credit union that services their own loans. If they want you to have a personal guarantee on the loan, then make sure it doesn't show up on your credit report (administrative guarantee-not registered). The banks can't have it both ways, although they will try, do not let them tie up your personal credit if it is a loan to an LLC (commercial loan) which they will tie up, don't let them try to cross guarantee the loan with other property, do every deal as if it stands alone and if they won't negotiate then walk away and try someone else. I have a business associate that has purchased and sold over 250 properties and has never used a bank. (he hates banks)