As with everything else in life, you can make more money if you leverage your efforts. If you have the skills and equipment to create your own recording, that is your choice. I just find that it is more cost-effective for me to use something that is already available and spend my time buying, rehabbing, and selling houses, talking to private lenders, and making money.
The audio CD holders we use also have a clip for your business card. If you are one of those ”I BUY HOUSES” entrepreneurs, you may have wild, bright orange or lime green cards or the card that looks like a $100 bill or something else equally jazzy. These are for the buying/selling side of your business. They are NOT the kind of card to use for the private lender side of your business! Learn more about bankruptcy at http://ghentwebvalley.com/?p=87 and http://www.infospeak.org/?p=95.
You are reaching people who are used to dealing with bankers and are usually professional and conservative. If you give them a wild business card, it will have the opposite effect of what you want. Frankly, it will look a little “flaky” to them. Don’t try to be cute. These people are serious about their money and expect you to be too. If you don’t have one already, get a professional business card made and use it in all instances with your lenders as discussed at StartfreshUtah.com; http://www.startfreshutah.com/portfolio-view/foreclosure-alternatives/
NOTE: You must be careful with the wording on the back of your business card. The template I use, which is the one that is on the forms website, could be considered advertising and you MUST be registered with your state’s division of the SEC before you can advertise for private lenders.
Here is where you will be spending a little more time and effort because this is specific information about you, your company, and your program. Again, you are welcome to use my examples in your course as a template, but insert your particular company information.
When do you pay?
For me, this is more important than the percentage I offer. You can pay monthly or when the house sells. I prefer to work with people who don’t require a monthly payment. The more cash-fIow I have, the more investing I can do and, obviously, the more money I’m able to bring in. I offer a higher rate for deals where I make no payment until the house sells. This works great when you have a tenant/buyer on a lease option deal.
How Long To Return Money
Forty-five days. I ask for forty-five days to arrange to replace their money with that of another lender. I did have one case where the person wanted their money out in a hurry and I was able to accommodate him; but usually this is not the case. Clearly outline this from the beginning and this will virtually never be a problem.
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Let’s be clear, you aren’t selling shares in your company. You’re borrowing money to buy a property, putting a mortgage on the property with that money and when the property sells you’re paying back the money with interest. Keep it simple. Stick with the rules or you could find yourself in unneeded trouble. Once you’ve outlined your program, make sure you have it clearly presented on either a slide or on paper for your lender to keep.