Finding hard money lenders isn't really a mystery. At least it isn't a hard mystery to solve. You just need to get out there and take the right steps toward uncovering them.
There are many different ways their investors, attorneys, accountants, insurance agents, etc., who are generally to locate hard money lenders or private lenders. When talking with other professionals, I tend to refer to my lenders as "private lenders" simply because not everyone is familiar with the term "hard money lender."
I have found most of my lenders by asking for referrals from o willing to help me because I do what I can to help them. Some of my favorite people to ask are settlement/closing attorneys. They usually prepare the loan documents for hard money lenders and most attorneys will be able to give you at least one name. In fact, on a number of occasions the attorney whom I asked for a referral was a hard money lender themselves.
Accountants are also a good source for hard money lenders since they have clients who are sitting on a lot of cash and need to do something with it. In some cases, they even have clients who already hold paper. Such people are great to approach about lending money since they already understand the business of lending. They have either taken back paper upon selling a property or they have lent their own funds to someone.
Real estate paper is a very secure investment, and people who understand the business of lending don't mind doing real estate loans, especially when the LTV is low and the interest rate is high. If someone trusts their accountant enough to let them handle their finances, then a referral from an accountant should carry a lot of clout.
Another method of finding hard money lenders is to write down the addresses of homes undergoing renovation. With few exceptions, if I go to the courthouse with ten addresses to uncover the lender involved in each of these renovation projects, you will find that a private lender is funding at least one of them. Contact the lenders that you discover and get to know them, especially if they have already lent money on a home in an area where you want to invest.
Insurance agents who sell hazard insurance policies (particularly those that specialize with investment properties) have to put a "loss payee" on all of the policies where a lender is involved. The loss payee is the lender, so the insurance agent can tell who are private lenders and which ones are not. An active agent could probably go through their records and come up with dozens of names of people who have lent money privately on policies they have written.
Mortgage brokers can also be a good source for locating hard money lenders, particularly those that work with investors on a routine basis. I personally feel that any mortgage broker that deals with investors should have a hard money lender in their bag. If they don't, I wouldn't consider them a good mortgage broker. You may have to pay the mortgage broker a fee for the referral, but it is worth it if it means getting a deal done.
Increasing your chances of finding a hard money lender has to do with the circles that you run in, the people whom you ask, and the number of people you ask. Chances are if you are asking the cashier at your local convenience store if they know of any hard money lenders, the answer you get is going to be, "Huh?".
If you ask an attorney or title company who works with a number of investors in your area, it is much more likely that you will find someone who will be able to provide you with the names of several lenders. If you don't get anywhere the first time, don't stop asking people until you find one.
Tuesday, September 25, 2007
Monday, September 24, 2007
Webinars - Flipping Foreclosures on the Internet
Webinars - Flipping Foreclosures on the Internet with Mike Collins
Tuesday, September 25 @ 9 p.m. ET/6 p.m.
Build a booming online real estate business with thousands of foreclosure and rehab deals! Find out how to flip foreclosures on the Internet for serious profits with Mike Collins — Mike will reveal how to become the "middle man" in hundreds of real estate deals. That means you never actually own properties, but receive big commissions when you find the right investors for them! Find amazing foreclosure deals on the Internet — up to 50% off! Create a money-making real estate business that achieves HUGE profits Build a cost-effective and cutting-edge lead generation machine Generate amazing leads with search engines such Google, Yahoo! and MSN Typically, wholesaling properties means that you never actually own them. The wholesaler may be the "middle-man" between the homeowners and the investors. Put simply, the wholesaler finds good deals on properties and then finds investors to buy the properties from the homeowners and receives a fee or percentage for securing the deals. Rehabbing properties means buying homes that are in need of repairs at discounted prices. Repaired or "rehabbed" properties are either sold for a significant profit or used as a rental property. And Mike will tell you about the benefits of both during this exciting real estate training session.
Tuesday, September 25 @ 9 p.m. ET/6 p.m. PT Mike Collins has more than 20 years in the real estate investing business. He has found hundreds of single-family homes and flipped them for serious profits, resulting in the best-selling program, "Wholesaling Houses for a Living." Read more More recently, Mike has turned his attention to the Internet. Over the last four years, in fact, he has created lead systems that have resulted in the purchase of countless homes for his own personal benefit. His new passion for Internet lead generation resulted in the founding of RehabList.com, RehabHardMoney.com and YouSell.com. This combination has resulted in the generation of hundreds of thousands of leads for wholesalers, rehabbers and hard money lenders.
How to register Registration is simple. Reserve a space now before it is filled — seats are limited! Click the banner then go to webinars to register
Tuesday, September 25 @ 9 p.m. ET/6 p.m.
Build a booming online real estate business with thousands of foreclosure and rehab deals! Find out how to flip foreclosures on the Internet for serious profits with Mike Collins — Mike will reveal how to become the "middle man" in hundreds of real estate deals. That means you never actually own properties, but receive big commissions when you find the right investors for them! Find amazing foreclosure deals on the Internet — up to 50% off! Create a money-making real estate business that achieves HUGE profits Build a cost-effective and cutting-edge lead generation machine Generate amazing leads with search engines such Google, Yahoo! and MSN Typically, wholesaling properties means that you never actually own them. The wholesaler may be the "middle-man" between the homeowners and the investors. Put simply, the wholesaler finds good deals on properties and then finds investors to buy the properties from the homeowners and receives a fee or percentage for securing the deals. Rehabbing properties means buying homes that are in need of repairs at discounted prices. Repaired or "rehabbed" properties are either sold for a significant profit or used as a rental property. And Mike will tell you about the benefits of both during this exciting real estate training session.
Tuesday, September 25 @ 9 p.m. ET/6 p.m. PT Mike Collins has more than 20 years in the real estate investing business. He has found hundreds of single-family homes and flipped them for serious profits, resulting in the best-selling program, "Wholesaling Houses for a Living." Read more More recently, Mike has turned his attention to the Internet. Over the last four years, in fact, he has created lead systems that have resulted in the purchase of countless homes for his own personal benefit. His new passion for Internet lead generation resulted in the founding of RehabList.com, RehabHardMoney.com and YouSell.com. This combination has resulted in the generation of hundreds of thousands of leads for wholesalers, rehabbers and hard money lenders.
How to register Registration is simple. Reserve a space now before it is filled — seats are limited! Click the banner then go to webinars to register
Learn how to Flip and Rehab
Learn how to Flip and Rehab from Armando Montelongo from the hit A&E show , Flip This House.
Internet millionaire Armando Montelongo of armandomontelongo.comlaunched a new site called Armando Montelongo.com.
This site is catered to one market,entrepreneurial people and business opportunity seekers.
"The site is there for all types of people who want tomeet with other who have some of the same business interests. It caters to any type of opportunity, investment clubs, franchises, Network opportunities, Day traders, you name it and the site caters to it.
With so many filters on the internet, even legitimate subscriberemail is getting blocked, which unfortunately rendering newsletters somewhat ineffective leaving opportunity seekersno valid or cost effective way to find or communicate with each other.
ArmandoMontelongo.com is very different in that it allows people to communicate in real time audio and video conferencingin a secure environment.
People can join free knowing that others on the site will enjoyhearing about their opportunities.
You can visit the site at http://thenoteservice.armandomontelongo.com
Internet millionaire Armando Montelongo of armandomontelongo.comlaunched a new site called Armando Montelongo.com.
This site is catered to one market,entrepreneurial people and business opportunity seekers.
"The site is there for all types of people who want tomeet with other who have some of the same business interests. It caters to any type of opportunity, investment clubs, franchises, Network opportunities, Day traders, you name it and the site caters to it.
With so many filters on the internet, even legitimate subscriberemail is getting blocked, which unfortunately rendering newsletters somewhat ineffective leaving opportunity seekersno valid or cost effective way to find or communicate with each other.
ArmandoMontelongo.com is very different in that it allows people to communicate in real time audio and video conferencingin a secure environment.
People can join free knowing that others on the site will enjoyhearing about their opportunities.
You can visit the site at http://thenoteservice.armandomontelongo.com
Thursday, September 20, 2007
Free Connecticut Foreclosure Auctions
Free Connecticut Foreclosure Auctions is serving New Haven County with listings of upcoming home and land foreclosure auctions.
In all foreclosure auctions, a notice must be published locally. Although your county clerk's office is a great real estate resource in identifying foreclosures, it can be very time consuming and not worth the headaches when this information is readily available here. Foreclosure Times.com offers the largest real estate database of foreclosure homes in the country, including Bank REO, Pre-Foreclosure, Government Foreclosures including the Federal Deposit Insurance Corporation (FDIC), HUD, Government Services Agency (GSA), and even the Internal Revenue Service plus bankruptcy and by owner properties.
BIDDING AT AN AUCTION:
If you think you want to purchase a foreclosure property, you must check the title, get a true value for the property if it is sold on the open market, and allow for sales costs, fix up cost etc., when deciding to bid.
If you win at auction, you do not become the owner of the property. You get a "Certificate of Purchase." This certificate entitles you to receive interest money, at the rate of the first mortgage. However, a Certificate of Purchase is subject to redemption by the owner or by junior creditors.
AFTER THE FORECLOSURE SALE
Once a Certificate of Purchase has been issued, you must then present cash or certified funds in the exact amount of your property bid. The Public Trustee will then obtain a redemption amount. If an owner wants to keep their property, they must pay the redemption amount in cash or certified funds to the Public Trustee. The present owner still owns the property until their redemption period ends. That period is normally 75 days (or six months for agricultural property), during which time they can pay off the Certificate of Purchase amount, plus interest and fees. In this case, no Public Trustee's Deed is issued.
During the owner's redemption period, any junior lienors, or creditors, with a recorded interest in the property can also file their "Notice of Intent to Redeem." The junior lienors who file these Intents have specific time periods (after the end of the owner's redemption period) in which they're allowed to redeem if the owner does not.
If no one redeems and all the redemption periods expire, the Certificate of Purchase holder (potentially you) can be issued a confirming Public Trustee's Deed. In this case, the title vests free and clear of all liens and encumbrances junior to the foreclosed lien except omitted parties, or parties that were not notified of the foreclosure but who have an interest in the property.
And the property belongs to you!
- BUYING FORECLOSURES
- HOW TO PURCHASE AT A FORECLOSURE SALE
- FIND PROPERTIES THAT WILL BE SOLD AT AUCTION:
In all foreclosure auctions, a notice must be published locally. Although your county clerk's office is a great real estate resource in identifying foreclosures, it can be very time consuming and not worth the headaches when this information is readily available here. Foreclosure Times.com offers the largest real estate database of foreclosure homes in the country, including Bank REO, Pre-Foreclosure, Government Foreclosures including the Federal Deposit Insurance Corporation (FDIC), HUD, Government Services Agency (GSA), and even the Internal Revenue Service plus bankruptcy and by owner properties.
BIDDING AT AN AUCTION:
If you think you want to purchase a foreclosure property, you must check the title, get a true value for the property if it is sold on the open market, and allow for sales costs, fix up cost etc., when deciding to bid.
If you win at auction, you do not become the owner of the property. You get a "Certificate of Purchase." This certificate entitles you to receive interest money, at the rate of the first mortgage. However, a Certificate of Purchase is subject to redemption by the owner or by junior creditors.
AFTER THE FORECLOSURE SALE
Once a Certificate of Purchase has been issued, you must then present cash or certified funds in the exact amount of your property bid. The Public Trustee will then obtain a redemption amount. If an owner wants to keep their property, they must pay the redemption amount in cash or certified funds to the Public Trustee. The present owner still owns the property until their redemption period ends. That period is normally 75 days (or six months for agricultural property), during which time they can pay off the Certificate of Purchase amount, plus interest and fees. In this case, no Public Trustee's Deed is issued.
During the owner's redemption period, any junior lienors, or creditors, with a recorded interest in the property can also file their "Notice of Intent to Redeem." The junior lienors who file these Intents have specific time periods (after the end of the owner's redemption period) in which they're allowed to redeem if the owner does not.
If no one redeems and all the redemption periods expire, the Certificate of Purchase holder (potentially you) can be issued a confirming Public Trustee's Deed. In this case, the title vests free and clear of all liens and encumbrances junior to the foreclosed lien except omitted parties, or parties that were not notified of the foreclosure but who have an interest in the property.
And the property belongs to you!
Monday, September 17, 2007
Free Lis Pendens Listings West Haven
We are offering free lis pendens listings for West Haven, CT.
Come check us out at http://www.thenoteservice.com
60 Swampscott
$185,010 Assessed Value
8/15/07 Date of Lis Pendens
33 4th Ave.
$144,830 Assessed Value
8/7/07 Date of Lis Pendens
23 Warner Ave.
$137,270 Assessed Value
8/13/07 Date of Lis Pendens
Come check us out at http://www.thenoteservice.com
60 Swampscott
$185,010 Assessed Value
8/15/07 Date of Lis Pendens
33 4th Ave.
$144,830 Assessed Value
8/7/07 Date of Lis Pendens
23 Warner Ave.
$137,270 Assessed Value
8/13/07 Date of Lis Pendens
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