Private lender funds are ready to rock!

Posted In Fun calls with sellers, Private lending, REI blogs | 24 comments

Soo….the Battle of the REI Blogs is looking pretty ugly for me. LOL!  I haven’t pulled in a lot of votes, but I sincerely appreciate every single one that I received, so thank you!  It does look like I’ll beat the 8th place position I had last year, so that counts for something! It’s all in good fun, so I’m happy to be a part of it.  I just had to quickly share the two funniest comments made within votes for me:

If Shae Bynes was a lunch lady, she’d be giving you extra salami, and telling you what food to avoid on that day.

If Shae Bynes was Donald Trump, she’d hire everyone on the Apprentice, and then coach them into a role that allowed each of them to thrive. Granted, it would be a tad boring. :(

If Shae Bynes was an REI blogger… well… she’d walk the talk, in faith. And we’d all be inspired by it.

It’s in her genes to help people in a genuine fashion.

My vote is for Shae Bynes.

…this vote was from my wonderful friend, comedian, and accountability partner Bolaji.  Then there’s the vote from my hubby Phil:

Shae Bynes, I absolutely love her writing style, but to hear her voice makes my liver quiver!

Isn’t he the sweetest? LOL! Anyway, at this point in the competition with 24 hours left I’m rootin’ for my girl Steph for the #1 spot!  GOOOO STEPH! (Julie, you know I love you, but you already won last year!)

Ok, so the good news of the week is that my private lender who is making $120K available to us will have her self-directed IRA funded at the end of this week so we’ll have 2 more properties from those funds very soon!

We actually went back to the other seller we had a $5K stalemate with….you know…the one from out of state who goes back and forth from the mid-west to do more work on this property and doesn’t want to sell it for a measly $5K less?  We actually think he may come around.  He played hardball with us today, but the fact still remains that while we like the property, we don’t NEED it since there are plenty of others.  He’s going to get back with us soon with his response (so he said).

We’ll be taking a close look at the local wholesalers deals this week and getting on the MLS to see if we can find what we’re looking for.  Exciting times!

No signed contracts on the Monkey House yet, but we still have over 2 weeks to go.  Of course the seller told us that he’s received about 5 offers on the property since we started marketing it.  Naturally….folks trying to go around our backs I suspect.  Nobody was giving him an offer until we started marketing the property with a local wholesaler partner who has a massive buyer’s list.  Figures.

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Leave A Reply (24 comments So Far)

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  1. Sharon Vornholt
    574 days ago

    Shae – Does Mr. Money Offer know that you are wholesaling the property?


  2. Shae
    574 days ago

    Yep, he knows, Sharon. I’m always upfront about that.


  3. Sharon Vornholt
    574 days ago

    That’s always the best way. Some folks have a problem with that though.


  4. Shae
    574 days ago

    Yes, that’s true. I guess it depends on how motivated the person is to sell the property once and for all. Fortunately he didn’t take issue with it.


  5. Matt Rosen
    574 days ago

    Good post Shae! So the monkey offers guy says he has 5 offers?? I suppose you know who the wholesaler is…Amazing how someone can do that, and think it wont ever come back on them.

    I know you will get it


  6. Shae
    574 days ago

    Hey Matt, yeah folks are contacting him all of a sudden. Whatever. We have it under contract and the seller isn’t trying to do anything shady (he’s been staying in contact with us regularly) so I’m not concerned one way or the other…I just think its trifling behavior to make offers to sellers when you know its already under contract :-)


  7. Brooks -TheSouthernInvestor
    573 days ago

    Being upfront is good. Sometimes my deal is this: “I may buy it, I may have an investor in my network that wants it, or I may find out that I’m in over my head and not be able to do the deal. Give me 30 days to do my due diligence. If I can’t do it, we’ll release each other from our agreement.”
    If a seller ain’t happy with that, then I’m not going to be able to work with them — unless it’s the deal of the century and I know without a doubt that I’m willing to renovate it myself…
    Good luck in the battle Shae!!


  8. Shae
    573 days ago

    Hey Brooks, thanks! Yep, we essentially told him that our primary objective was to work with another investor to sell the property to. We definitely don’t say “we’re going to wholesale your property.”
    I like the words you use as well…its upfront and like you said, if they don’t like it…so be it.


  9. Carey_PA
    572 days ago

    Yeah I pretty much would word it the way Brooks said it.

    Awesome job on the private money! Speaking of private money…I don’t know if I mentioned but I bought the PMOD a lil while back but I haven’t had anytime to watch it and implement it.

    So today I talked to my mommy, who was recently laid off if you remember, and she agreed to watch it all, learn how to do it, find us some private money folks and send out letters for us :-)

    I love my mom! We made a deal with her….I told her that whenever someone agrees to give us money that we’d give her 5% whenever we got it from either refinancing or selling and if those don’t happen we’d pay her overtime from cashflow. She’s my mom……..so she was cool with that. She said if it’s making ya money and successful you can just pay me whenever.

    Then I said we also want to pay you something in the present but we don’t know what yet exactly…she said “Don’t worry about it, but if you figure it out just do it whenever. no worries at all. I’ll do it, I’m still getting unemployment ya know?” lol

    Sooo I got my first assistant lol and I can’t wait to have to pay her a $5k or $10k commission! Woohooo! lol


  10. Shae
    572 days ago

    Hey Carey, that’s awesome news! The PMOD training is excellent, but I too haven’t implemented it yet. I’m still working the warm and semi-warm potential lenders.


  11. AnotherSteph
    571 days ago

    Hi Shae,

    I was pulling for you on the REI Blogs contest. :-) I was hoping you and Steph would win. There’s always next year.

    Carey, way to go. So glad you talked to your mom and she’s able to help you out. Fantastic!!

    Steph


  12. AnotherSteph
    571 days ago

    I meant to say, you OR Steph! :-)


  13. Shae
    571 days ago

    Thanks Steph! I really appreciate the support :-) Our girl Steph made second place so that was awesome. I beat last year’s 8th place by making 7th. LOL! It’s all good and more importantly it was fun.


  14. AnotherSteph
    570 days ago

    So true…always great to move up the ranks. Congrats!


  15. Julie Broad
    570 days ago

    Great words you guys – we don’t wholesale but I always love to read/hear how people phrase things. I know how a single wrong word can throw an entire deal off kilter and I am sure if a seller hears the word wholesale that can be the word that ends it. Brooks, the way you put it is really GOOD!! I like that a lot.

    Oh and I forgive you for cheering for Steph over me … this time …


  16. Brooks -TheSouthernInvestor
    570 days ago

    While I may have come off as hard-core, the way I approach them works, but only AFTER spending time viewing their property, chatting, getting to know them, and making them comfortable with me. I usually know how they are going to react based on the body language that I get from them during our time together.


  17. Shae
    570 days ago

    @Julie, thank you for your forgiveness. LOL! Congrats on placing in the top 3! You deserve it.

    @Brooks, I don’t think that’s hard-core at all…its upfront. Adding the fact that you only do this after building rapport is perfect. Thanks!


  18. Sharon Vornholt
    569 days ago

    @Brooks. I always tell the seller upfront (after looking at the property and building a rapport with him) that I don’t know exactly what I will do with the property. I tell him/her that some houses are kept as rentals, some are rehabbed and I pass some on to other investors in my network if I have too many houses at that particular time. They are always OK with it.

    I believe that if you actually pointed out to them that after you have gotten them way down on price you were intending to flip it for a hanssome wholesale fee, they would certainly react differently.

    I belive in being completely truthful, but choosing my words carefully.

    @Julie. I think you should strongly consider adding wholesaling to your business. You can use those quick chunks of cash to pay off your houses much more quickly. A lot of landlords do that in my area. They keep the best houses for rentals and wholesale the rest.

    I don’t know how it is in Canada, but my CPA told me that (in the US) you have to keep the flipping business separate from the (passive income) rental business or you risk losing your passive income status so you might want to check on that.


  19. Brooks -TheSouthernInvestor
    569 days ago

    Sharon, good points. Choosing words carefully is something that I learned at an early age with my parents :)
    And I think you’re right as to how you’re categorized for tax purposes – it differs – I actually need to look closer at this myself.


  20. Shae
    569 days ago

    @Sharon, Brooks….I received guidance on having two separate entities for flipping & rentals as well so we put that in place this year.


  21. Julie Broad
    569 days ago

    @Sharon – rent to owns are actually considered an active business so we have the separate entity now – because you are right they are taxed differently!! The government sees lease options as a form of flipping.
    Wholesaling is a tough business in Canada. Finding homes that are discounted is hard work – REALLY hard work – and when we find one let me tell you I am keeping it so I an enjoy all that equity myself – because it was so much work to find it in the first place!! Now, should we ever come across an opportunity that doesn’t fit what we do, and see the potential to wholesale it, we will. :)


  22. Scott Costello
    560 days ago

    Having someone go around me would make me want that person’s name and have a little chat with that person.

    What would they think if someone tried to go around them?


  23. Shae
    559 days ago

    Yeah Scotty, that kind of stuff happens ALL the time….