Use This Private Lending Resource To Build Credibility AND Delegate Work
I did an interview recently with Private Money Blueprint member, Michael Mackay… and he shared an awesome private lending resource.
This resource helps Michael build massive credibility with his private lenders… AND handles a lot of the work after closing a private money deal (for example – payments to lenders, filing 1099s, and more).
Check out the video below to learn more (it’s less than 3 minutes long)…
Toss your questions, thoughts, whatever the heck is on your mind in the comment area… and let me know how I can help you.
Happy Investing!
– Patrick
P.S. – This is just one of the tips Michael shared in the in-depth interview we did together (the full interview is 73 min). He shared how to legally compensate financial planners for referring private lenders, a creative strategy to get long term private money, how he’s avoided setting up a Reg D fund, and much more.
If you want access to the entire interview, it’s included in our Private Money Monthly (PMM) program over in the member’s area. Click here for details on a special offer to join PMM.
9 Comments
Leave a Comment
Free Trial
My question when you go call the Banks or other lenders to secure purchases of thier non performing notes what depts do you ask for?
Thanks,AL
Hey Al,
I’ve only done a couple note deals myself. One of them was a note holder who called us off our “we buy houses” marketing. The other one was a short sale I was negotiating (through the loss mitigation dept)… and they said my offer wouldn’t work for a short sale but would work for a note sale. I already had the deed signed over… so then I bought the note and the deal was done.
– Patrick
Hey Patrick,
I wish I had known you were coming to Michigan. I’m in Traverse City, Mi. Maybe we could have hooked up.
Rudy
P.S. Michael Mackay’s info is great!!
Hey Rudy,
Darn… wish you had known. it was a great event.
If you haven’t been going to Wendy Patton’s REI group meetings, you should definitely check it out. She’s got a lot of high-level members.
Glad you enjoyed Michael’s interview!
– Patrick
Dude, thats awesome I have been using a local company here in denver for that but they are note quite as “setup” as Evergreen is. Thanks for sharing that info!
Hey Alex, you’re welcome man 🙂
– Patrick
Patrick,
I attended the Michigan Real Estate Investors meeting you spoke at and met you just before the event began (the hard money lender), it was a pleasure and suggest that anyone in this business find their local real estate investors group and take time join. Although you did mention that everyone who may consider becoming a private lender or who may want to borrow from a private lender to seek out the advice of an attorney, let me empart some advice of my own.
As I mentioned when we met, our company, Metro Mortgage Investments is a Michigan licensed Lender/Broker, we are strictly a private hard money lender for real estate investors who purchase and rehab houses in the Metro Detroit area and I’ve been in private hard money lending for 25 years. As you know, every state is different when it comes to licensed activity, I suggest everyone check out their states requirements on the NMLS (Nationwide Mortgage Licensing System) site for licensed activity relating to lending.
What I noticed at the local meeting is several unlicensed lenders announcing to the attendees that they are private lenders and are looking for borrowers in need of money, a violation of an unlicensed lender in Michigan. Also, once an unlicensed individual or entity has created more than 10 loans in a calendar year they are in violation, same with servicing 10 loans in agregate. Several people I spoke with knew nothing about these laws and admitted they have probably been in violation for quite some time.
We as licensed lenders have spent the time, money and a continuing effort as to state and federal licensing requirements. I’m sure you can understand our concern when our industry has unlicensed lenders unaware or possibly just “flying under the radar” of the regulators and that’s our competition, not an equal playing field.
Thanks for coming out to our beautiful state of Michigan and much success to you and everyone in the real estate industry.
Trent Dalrymple
Director of Investor Relations
Metro Mortgage Investments
Thanks for the share!
Nancy.R
You’re welcome Nancy.
– Patrick