We all want to know how to become a bank. We are told to invest in real estate you can do so by going through wholesaling, flipping, single-family rentals, and then into commercial real estate and only then become a private money lender BUT the ultimate dream of any investor would be to send out 10$ and 100$ comes back!
But how can you start off as a private money lender and skip through everything else? In this video, I dive into the process, strategies, and everything that covers becoming your own private money lender.
00:00 - 00:39 Intro 00:40 - 01:16 Stick to areas you trust - Private Money Lending 01:17 - 01:33 Focus on assets you know 01:34 - 02:15 Work with people you trust 02:16 - 02:27 Learn how to protect yourself 02:28 - 02:50 Purpose of an LLC 02:51 - 03:10 Usury laws 03:11 - 03:36 #1 Promissory note 03:37 - 04:12 #2 Mortgage Lien 04:13 - 05:16 #3 Insurance 05:17 - 06:10 #4 Personal Guarantee 06:11 - 08:02 Vetting the borrower 08:03 - 09:01 Analysing the property 09:02 - 10:51 Proof of funds 10:52 - 11:05 Get an attorney 11:06 - 14:39 Where do I find the money? 14:40 - 15:07 The major risk factor 15:08 - 15:25 - Outro
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DISCLAIMER: This video is not financial advice; it is strictly intended for education and entertainment purposes only. You can assume that I will receive compensation for anything I recommend either as an affiliate or from my own products. Any income, earnings statements, or shared results are estimates of potential income only. There is no guarantee that you'll receive the same results or any results at all for that matter. Your results will depend entirely on your work ethic, experience, and commitment. As always there is a risk with any business. I am not a financial advisor and nothing in this video should be considered legal advice. You should do your own due diligence and research. Anything said in this video is strictly my own opinion, personal experience, or research.
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By: Michael S Glaspie - CRE Made Easy Title: How to become the bank - private money lender - everything you need to know about private money Sourced From: www.youtube.com/watch?v=BOlbFXP_hSE
