Posted by Mike Reilly on September 17, 2000 at 22:39:07:
Hi Ed,
Congratulations on the new forum.
You mentioned your workshop. Do you have a schedule yet for the next workshop?
Thanks, Mike Reilly
Show Me The Money!!! - Posted by D. Rene
Posted by D. Rene on September 16, 2000 at 11:54:31:
Hi. I am a Real Estate Investor in Fl.
I’ve used Hard Money Lenders (13-18%, that type of thing), Mortgage corp.s, Lawyers, et al to fund my deals…
Now… where is the real money?
The 100K lines of credit necessary to do this business effectively while minimizing cost.
Re: Show Me The Money!!! - Posted by Ed Garcia
Posted by Ed Garcia on September 17, 2000 at 13:38:29:
D. Rene,
I really like the title of your post, SHOW ME THE MONEY. That’s exactly how I felt when I first got involved with CREOnline. First of all I’d like to say Hard Money is not my idea of showing you the money. The reason? Is because it’s too expensive. I do Hard Money Loans in California and one of my intentions is to develop a Hard Money network across the country, right here on this forum. J.P and Terry have given me cartblanche with this forum and I intend to make you folks the beneficiary.
I’m going to seek out Hard Money Lenders as well as Brokers who want to participate with us. Were aware of the fact that brokers have been soliciting this forum for years. It’s not going to be as easy as it sounds. In order for a broker to participate with us, they have to be licensed in the state that they do business, and have to have been in business for at least 5 years. I’m not saying that a broker or lender who has been in business less than 5 years is a fly by night; it’s just that we want brokers with a track record and who are established.
D. Rene, when you mention 100K credit line, this is what I teach investors to do in my workshop. Many investors interpret and define these lines differently and have different criteria or underwriting guidelines. I can’t tell you how surprised I was, to find out when talking to different investors across the country about their credit lines, how differently each line has been written or established.
D. Rene, to have a working credit line is the way to go for the serious Real-estate investor. Hopefully, we can help those of us who do this full time, to develop a relationship with their local bank in order to obtain such a line.
To be able to learn and understand the different types of financing and lenders that are available, in my opinion, is a must.
This forum has been established for the benefit of these types of discussions.
Ed Garcia
Re: Show Me The Money!!! - Posted by Tim Velthuizen
Posted by Tim Velthuizen on September 19, 2000 at 22:50:05:
ED,
A cross country network sounds good! A suggestion: how about across and up? Like, say, Ontario, Canada? Finding good lenders in my area is like finding gold in a coal mine.
Glad to see this forum. I will be visiting.
Tim V.
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