All Forum Posts by: David D.

When you "double app" (line up more than one lender) each lender can see the other on your credit report, they all see the other's inquiry. Once they realize you may go with somebody else they slow down even more.

I don't know any easy solution.

I’m considering getting rid of my desktop computer and using a laptop exclusively. Laptops are fast, cheap, mobile and can be hooked up to a big monitor when available. I think desktops are becoming a thing of the past. And it got me thinking, a laptop has a much higher probability of getting lost or stolen, thus all my buyer/seller/borrower/investor etc data, not to mention my own data, will be more vulnerable. I have a lot of other peoples stuff, SSN, driver’s license copy, corporate P&L, operating agreements etc, etc.

What are you guys doing about protecting your computer data, if anything?

Do you use a SSL (secure socket layer, you know that https thing) on your websites and email providers? Do you use any kind of hard disk encryption? Do you backup, if so do you use the online backup service?

Thanks, Dave

Will they accept the offer subject to buyer producing HML's bank statement within three days of acceptance, or must HML's bank statement go with every offer submitted? If it needs to be with every offer that could be a lot of bank statements needlessly flying around, some flippers make a lot of offers. I'm not sure HML's and private money sources are going to like that much.

So who IS good to bank with?

Uncle Mo: Based on the number of letters I've gotten it would make sense that I'm in some kind of database. Thanks for the link.

I must have gotten 20 of these letters from different “Premier†real estate investment companies in the past few months…all with the exact same wording, only the names are different. I even called one of these guys, he seemed pretty clueless. About half of the companies are not registered with the secretary of state even thought they use Inc or LLC in there names.

I am just curious, do you recognize the guru that promotes this stuff? He must be very successful, I’d like to meet the guy some day and congratulate him on his successfully guru business.

*******************************************************************
Dear Harry,

My name is Paul and I am with XYZ Inc. in the Los Angeles, California area. We are the Premier Real Estate Investment Company in the Los Angeles County Market and I recently noticed that you provided a private mortgage for the property located at:

1234 Anywhere, Los Angeles, CA

As an investor, I am always looking to add to my pool of private money lenders and in exchange I can typically offer a very handsome return on your money versus simply parking it in a bank, financial institution or brokerage.

Providing private mortgages to real estate investors like myself is an incredible way to make a handsome return while taking advantage of the unprecedented foreclosure market we are in, without ever having to deal with tenants, change light bulbs or replace toilets.

I would like to discuss inviting you into my pool of private lenders via a short phone call. If you would like more information, or would like to meet to discuss the opportunity, please feel free to contact me (123) 123-1234. To receive a valuable report for private investors please visit www.i want toinvestyourmoneyinsomethingiveneverdonebefore.com.

Sincerely,
Paul
XYZ Inc.
President
paulR@i want toinvestyourmoneyinsomethingiveneverdonebefore.com

*******************************************************************

too bad these (defaulted) bonds aren't secured by government owned real estate .... the people might finally get back control of their state.

I guess I'm trying to understand what hard money lenders are providing as proof of funds. Does a POF letter from a HML do the trick? Does the HML letter need a copy of a bank statement (that seems to me to be a little more than most HML's would be willing to do)?

I get it that sellers and agents might view anything but a bank statement as inadequate.

Whose bank statement? The seller generally wants to see a bank statement from the entity named in the purchase offer. Do you as buyer have the money, thus a bank statement, but borrow to leverage your busniness? What about the guy that doesn't have the cash and wants to make a cash offer?

Don't you guys have to show proof of funds with a cash offer, whether you switch to financing or not? How do you accomplish this?