All Forum Posts by: Phil Shearcroft

I have been a Real Estate investor for many years and I am interested in the idea of becoming a lender. Beyond my personal cash available to lend out I have wealthy investors who love the idea, but this is where my experience waivers. My experience with being a lender is limited to lease options and CFD's in the Midwest markets. Can anyone suggest a good place to start in order to properly build a business on private lending. Books, contacts, mentors, resources. Any help would be amazing and if you feel you are an expert in the industry I would very much appreciate you chiming in.

-Phillip Shearcroft 

@Luther Wilson III it’s been a smooth transaction. Looking forward to our next coming up!

@Roy Cleeves absolutely! Send away!

@Ashley Knodel there’s lots on BP just not a lot that are active in the forums. I’m from Vancouver and invest all over the Mid West USA as well British Columbia and Alberta.

@Michelle Reid I’ve been BRRRRing out Properties in KC with less than 20%. The market is hot but even if it cools it’s still a great market to be in. Feel free to message me if you’re looking at KC and want some referrals.

Good luck!

@Bj Walker you need to learn as much as you can about RE investing before you dive in but don’t go stale and unmotivated. Learn enough so you can make an educated decision to purchase an asset. Then do it! In my experience I have always had business partners. Some more experienced...some less but in any case aligning yourself with smart and motivated individuals is a huge element to success. Aim to align yourself with someone more experienced so you can learn and be mentored.

Make sure they have some skin in the game but you can learn so much by aligning yourself with other like minded professionals. Do a lot of research on an area and if you like it find someone who is an expert in that area. Qualify them. Get some references on them. If your gut tells you it’s a good fit go for it.

Turnkey companies in my opinion are just as risky as buying an asset and renovating yourself and if you do it right you can have that original $30k back in no time...then do it again! If you’re interested in Missouri or Ohio hit me up and I can give you some solid referrals.

Good luck!

@Katie Miller I’ve almost completed one of the biggest goals I had set for 2020 but here the goals that I have set out for myself.

1.) Double my purchasing from the prior year “the stack”

2.) Raise $250k from accredited investors (almost completed!!!)

3.) Be a MENTEE for anything but would prefer mindset. Does anyone wanna mentor me??

4.) Be a MENTOR for 1 RE beginner.

Great answers on this string!

@Andrew Postell thank you! I will certainly give that a shot. Appreciate the advice.

@Christopher Winkler Yes those numbers are from an actual deal. The appraisal on the home was conducted fairly recent but the CFD was put in place years ago. I guess after hearing the previous comments there is already a sale on the property so pledging the property as an asset would be impossible. Makes sense. By Face Value I am referring to the unpaid balance on the CFD. This is the actual amount that I would purchase off the current investor who holds the CFD. I didn't understand the premise behind it but now I understand. I guess the biggest downfall is that the CFD can be paid off at any point so the interest that I can collect cannot be guaranteed in its full lifetime. I guess the tenant buyer defaults then yes I could benefit from the appreciated value but thats not my type of game. I want tenant buyers to go through with the sale and get into home ownership.

Hey BP, 

I have an opportunity to get financing in my personal name for lower priced homes but need the initial purchase to be in my personal name. There is nothing stopping me after the fact from transferring it into my LLC, but has anyone done this and regretted it later? My initial concern is tax implications and how it affects my overall financial snapshot. Can anyone offer their experience with this? I am talking with my CPA but just from an investor standpoint is it worth it?

Thanks for your insight!