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| Price: $15,000 | | FMV: $45,000 | |
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Creating Private Lenders
| | Monday, November 17, 2003 @ 10:52 AM EST
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Contributed by: Derrick Jenkins
Derrick Jenkins Properties
Read more archived articles about Buying
For some who believe you need your own money to do real estate...that's even if you need money at all....if you can show people you are serious and are making things happen, people will give you money without thinking twice.
By just flapping my lips I was able to tell people what I was doing, a little about how I was doing it, the returns I was making, and that I was always looking for private lenders. I have people ready to cut me checks 10K 20K 30 thousand dollar checks because they believe and trust me. The beautiy of all this, you set your own terms.
Make it worth their while....give them
options and let them tell you how they want to get paid. Draft a little booklet and show them some possible returns.
What I show them is:
On a 10K investment, I will give you
0.05 Points
16% interest paid out quarterly
2 months prepayment penalty.
On a 10K investment over the course of 3 months they would receive:
500 from the points charged
400 from the interest
266.66 from the Pre Payment Penalty
A total of $1,166.66 return on their investment.
Play with it. 20% interest no points. 1 month PPP.
the list goes on and on of how you could structure these things. make it worth your while as well as theirs. structure things short term and long term.
Have Fun
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