Deals From Hard Money Lender’s
This is Terry Hale. I want to talk to base real quick
And tell you about this call that I just had five minutes ago.
I was driving down the street, got my headset right here.
I was talking with this guy, turns out he’s a hard money lender.
Now I’ve been teaching this stuff for a long time and
I’ve been telling people that you need to speak with
Hard money lenders. Hard money lenders are people
That are super motivated. They get it.
They’re in the business of loaning money.
They’re not in the business of owning real estate,
Just like a bank. No difference, some hard money lender
That’s sitting in some state somewhere and they loan money
To somebody on a commercial real estate deal.
And a high interest maybe points on the front end,
Points on the back end. And then, at the end of the day
The people default they don’t want the property back.
They’re not property managers. They’re not going to sit there
And want to fly out and and sit on the property or
Deal with hiring management and find a manager
In that particular area. A lot of times these projects
Are even out of their wheelhouse, especially with self storage.
It’s out of most people’s wheelhouse. They don’t even get it.
They don’t even understand how you operate and
Run a self storage facility. Okay, now here it is. Here it is.
A couple different places that you can find these
Hard money lenders one is https://scotsmanguide.com/
That’s S-C-O-T-S-M-A-N-G-U-I-D-E dot com
https://scotsmanguide.com/ There’s a little matrix on there.
When you go to that matrix that will give you a state specific,
It’ll give you property specific. It will give you price points specific.
These hard money lenders loan in these particular areas,
Maybe where you’re interested in picking up a storage facility
Or multifamily. You can contact these people
On a simple pitch, “I reposition property.”
I look for property that’s underperforming,
Property that doesn’t qualify for bank financing.
Would you send me what you guys have in receivership
That you’ve got back, that you don’t want to manage,
That you don’t want to own, that you want to sell?
What do you have for sale? And then at that point,
Ask them to carry the paper. They’re in the business of loaning,
Of course, they’re going to do seller financing for you.
And most hard money is all non-recourse,
Which means there’s no personal guarantee.
So a lot of times, you can factor in any additional offset
For deferred maintenance or any additional repair costs,
And they’ll give you money to move forward and get it done.
One of my clients, Kevin, he bought a multi family for 315,000.
They gave him $60,000 cash back at closing, it had to be.
The proceeds had to be spent solely on the project
Or any part thereof. And he put that money
Into marketing collections. He did deferred maintenance,
And that thing’s kicking off over $4,000 a month cash flow.
Where are you at? Are you making 4000 a month?
How about 40,000 a month? You know, sky’s the limit.
You can do this business. It all comes down to the size
Of the deal that you’re going to be doing.
Locating hard money lenders is not a difficult task.
That’s a great tip go to http://scotsmanguide.com/
Look up the matrix. Check it out. Let me know your thoughts.
Go ahead and click the link below.
To learn more or better yet, go to my website
And I look forward to having you my next success story.
Take care. Have a fabulous day.
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