All Forum Posts by: Corey Dutton

If I were you, I would take that $200K and consider doing private money loans for an annual interest rate. This gives you a first lien on the real estate and you get a check every month passively, rather than doing all of the hard work yourself on the real estate investing side. But in Utah, if you lend on residential real estate you have to be licensed as a mortgage company. (this requirement applies to all residential real estate). But you can lend your money under a licensed mortgage company. Since we are a licensed private money brokerage, many private real estate lenders work with us to find good lending opportunities on real estate deals. Reach out to me anytime on that topic. The other thing you could do to make your own money go further, is to couple it with a private money loan on a purchase, but with you as the borrower of the loan. Your private money loan covers the bulk of the purchase price and then your own money could cover the down payment and any repairs. And you can get a private money loan for 12-24 months timeframe, until you get an exit on your deal, whether as a flip, or as a refinance if you decide to hold it as a rental long term. Using Private money loans to purchase investment properties allows you to make your own money go further, across more deals simultaneously. 

Well, there are two really good ideas for you. Best of luck.

Looking forward to it!

Who is hosting the event? I am going to share it on a few investor groups.

I think the problem really is the "too good to be true" phenomena in real estate financing. Everyone wants to believe that you can use "Other People's Money" and a lot of the schools and education programs push this so they can sell their curriculum, "Oh you don't need any money to invest in real estate, you just use OPM." It's just blowing smoke and in reality, unless you are a seasoned real estate investor with a track record, no private money lender is just going to throw money at you. If you are a newbie, a private lender like myself wants to see some "skin in the game," even if it's your grandma's money or a partner's money. So many new real estate investors contact companies like this because they drank the kool-aid that so many of these education companies and real estate schools have sold them and they really believe in the 100% financing scams. Even $3,000 is money you've got to come up with to get the 100% financing. Many newbies will borrow that $3,000 from someone and then lose it in the process of trying to get 100% financing. I think these real estate schools and seminars need to STOP selling this dream to newbies that they don't need any money to invest. You certainly do need money to invest in real estate, and anyone that says you don't lives in a different kind of reality than I do! "Find a good deal and the money is the easy part." Only if you have a track record and have experience. No one is throwing money at newbies unless they are naive and inexperienced themselves. As a private lender, newbies come to me with their dreams and yes I can lend them 100% of purchase price but they still need to bring in money for loan fees and repairs. Not to mention making the payments until the house sells. Or if I lend them 90% of purchase price and 90% of repairs, they still need to come up with 10% of purchase and 10% of repairs!! There's no free ride. I think the reason that companies like Do Hard Money stay in business is because so many newbies believe in something that is too good to be true, e.g. I don't need any money to invest in real estate. YES YOU DO. Period. Again, unless you have a good track record in real estate investing no one is going to be throwing money at you. 

Looking forward to it, thanks for posting!

I would agree with Jaiden Olsen. Multifamily properties tend to be overpriced, e.g. present and even projected income is not in line with asking prices for properties. Many of the deals I've looked at to fund as a private money lender don't pencil with regard to price versus cashflow. Your best bet is to get one agent working for you in each county that you want to invest in to start sending you deals. The problem with the real estate clubs and such is that these guys are only giving you the deals that aren't good enough for them, essentially their crappy or so-so deals they are peddling to you. Be wary of that for sure. Reach out to me anytime with questions. But realtors are going to be your best bet in my opinion. Network with as many realtors as possible!

Totally agree with Cason and Ned. One resource is FB groups, e.g. to search for real estate groups on FB with the keywords:  'wholesaling utah' or 'wholesalers utah.' Good places to network and learn from others in Utah. 

Welcome. Prices are so high in St. George right now it's hard to find properties to flip where you can actually make money. Let me know if you need help on the debt partner side, if you do end up finding a deal, we really understand the various markets inside the St. George market!

I think you all should do an educational piece on how to avoid lending scams. Many of the newbies are getting taken by these scams daily. 

I'm hoping that we will see this market turn into a buyer's market soon. Sales in all counties are down from last year, some areas are seeing double digit sales volume decreases. But the California migration this spring and summer will probably continue to prop the market up. I don't see it going any higher though!