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Private Money!

25 posts by 23 users

Signup

· Saint Augustine, Florida


Has anyone bought and used privatemoneygoldmine.com? Supposedly for $97 you get a list of private lenders who lend to RE Investors.



Developer · Orange County, California


Save your money, and google lenders. Contact the lenders, find out what their specific criteria is, where they loan, etc., and then those that fit your deal, submit it to them.


Karen Margrave, Parlay Investments, 1st American Construction
E-Mail: [email protected]
Telephone: 949-933-3955
Website: http://www.parlayinvestments.com
PARLAY: definition: to increase or otherwise transform into something of much greater value


Private Money Lender · Los Angeles, California


This is a pretty common question on BP. If you do a search here you’ll find the same answer over and over (save your money, as Karen M. wrote).

Here’s a typical response that includes several lists and other related links.



Hard Money Lender · Tyngsboro, Massachusetts


I had an experience with them just yesterday. A borrower bought the privatemoneygoldmine.com list, or paid the fee to join, and sent an email to one of the "private lenders". The lender forwarded the inquiry to me because screening is one of the services we provide for this specific lender.

I spoke to the borrower, and he was annoyed that the rate he saw on the website: namely 6-12% with no points, was not the rate he was quoted by the lender or by me during the screening call. I went back to the lender, and asked why he had registered on a site quoting zero points when that obviously was not the case.

Turned out the lender never registered on privatemoneygoldmine.com and had never heard of it. To be sure, he tried to logon, and the system didn't recognize him. He submitted a password retrieval request, and the system didn't recognize his email address as one that was in their system.

So evidently they had scraped his information from another source, or some website where he did register is using that data with a second website and advertising it as "private money".

Stay away, it's a scam. Sorry it's a long explanation, but I thought some of you might like to know the real deal on this website.


Small_small_logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com
Hard money lending in NH and MA, and for free networking in MA, http://www.BlackDiamondREI.com


Hard Money Lender · Tyngsboro, Massachusetts


Oh, and I just noticed that privatemoneygoldmine.com is one of the google adwords listings on this page. Bet they are paying big dollars per click.


Small_small_logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com
Hard money lending in NH and MA, and for free networking in MA, http://www.BlackDiamondREI.com


· Winston Salem, North Carolina


I had a lunch in at my local YMCA with Subway sandwiches. I handed out basic invitations to people I knew had money. While they were eating I played a Power Point presentation of houses I had fixed up (before and after shots).

I then had a presentation that I went through describing what we do, who I am, how they (lenders) are protected and types of return.

I raised a considerable amount of money - 6 figures.

You can prepare this all yourself.



Commercial Landlord · Oshkosh, Wisconsin


Thanks Ann!!! this goldmine private money site will go into the trash bin. Also thanks Bob il try that I actually belong to the local YMCA and my wife knows a lot of people there that would probably work. I guess I need to go back and sift through my contacts and places I do business with and get busy.
this place is great its so nice to get info so fast here!



Duplex Investor · Littleton, Colorado


The folks that do goldmine are the same ones who have the myhousedeals*com site and I did sign up there because I thought they did offer a lot of value even though they don't have any deals in Denver. They have a "credibility package" that you can use to approach their private lenders that they also have on that site...so I will let you know how it goes. Have to finish up on a rental vacancy and then will see about getting financing for some more properties!



Real Estate Investor · San Antonio, Texas


Finding private money is the key to real estate investing as far as I'm concerned. In my humble opinion, you find private money from private individuals who need you but don't know it yet. Helping people to understand WHY they need to "Self-Direct their retirement funds and they HOW to self =-direct their retirement funds give you credibility and trust among those with money...money that's being lost in the stock market or waisting away in CDs.

Here's where I see most people making a huge mistake; It's in the way they think about private money.
People think THEY get the money from private lenders. They are WRONG! The DEAL gets the private money.
Find a great deal, papper it up (get it under contract) and the money comes to the deal.

EXAMPLE A: You go out looking for money becasue you want to buy deals. It's a long hard road.

EXAMPLE B: You get a signed contract to buy a house for $50,000 that is worth $100,000. Everyone wants to loan money on that deal.

Don't look for the money first...look for the deal first.

--Mitch Stephen--



Wholesaler · Altus, Oklahoma


Originally posted by @Mitch Stephen:

EXAMPLE B: You get a signed contract to buy a house for $50,000 that is worth $100,000. Everyone wants to loan money on that deal.

Mitch that's kind of a poor example since you have to factor in closing & holding costs,commissions,repairs,etc in which case by the time you factor in all of that the deal looks like crap.

But I do agree with you that if you have a very good deal the money will follow.



Wholesaler · Norfolk, Virginia


I love this site. Whenever you need to know the real deal about real estate someone with experience is always there to help you with a concise answer. Thank you for letting me know about privatemoneygoldmine.com. Glad I did my research first



· Aurora, Colorado


I want to echo my thanks as well. I was seriously considering signing up for the web site. I found out as well, in addition to the $97 sign up fee you also have to pay a monthly $30 fee to keep the membership active.


Marc Saunders


Real Estate Investor · Fredericton, New Brunswick


Originally posted by Marc Saunders:
I want to echo my thanks as well. I was seriously considering signing up for the web site. I found out as well, in addition to the $97 sign up fee you also have to pay a monthly $30 fee to keep the membership active.

I guess that would make you the "goldmine" :)


Small_greenapartmenthires-1024x1024Roy N., Louer Louer Ltd.
Telephone: 1.506.471.4126


Rehabber · Irvine, California


I agree, thanks to all for posting the info.



SFR Investor · Jacksonville, Florida


I agree with @Mitch Stephen, yes you do have other costs associated with a deal, but you factor those in and you remember about Murphy, he lives everywhere these days and you present the deal to your friends, family and interested parties. Raising money is not that hard. A few weeks ago a family friend with 30k to invest came strolling by with her daughter, worried she cannot afford private school and wants to put her money to work in real estate flips.

I am her huckleberry!

You need to educate people on what you do, to get them to TRUST you with their money. Once they feel safe, the sky is the limit, and you don't need many people to make it rain.

#JackBobeck


Jack Bobeck, Doodle Poodle LLC
E-Mail: [email protected]
Telephone: 904-219-5147
Jack Bobeck Transactional Engineer Doodle Poodle LLC (904) 219-5147


Multi-family Investor · Porter Ranch, California


I know where EVERYBODY can find private money!

Even better, private money for. . . . REAL ESTATE.

The secret, Real Estate Investment Meetings. REIAs

The plan: networking

The where: www.meetup.com type into the search box "real estate." in your locale.

It galls me the scams that are out there. There is no magic bullet or secret list to find money. No clown show gurus, nor facebook secret portal pages promising money.

Pull up your big gurl panties, get your business cards out and go talk to people. Key on the folks with the nametag, "Ive got money."

Tevis



· Lafayette, New Jersey


Unfortunately on this page I am looking at, in the upper right corner on top is an advertisement for privatemoneygoldmine.com :(



SFR Investor · Wheat Ridge, Colorado


@Walter W. Stumpf Jr. the ads are served up by third parties and BiggerPockets doesn't control them.


Jon Holdman, Flying Phoenix LLC


· Lafayette, New Jersey


I understand that John-it was just a weird coincidence that their adv was on a forum that was detrimental to them.



Real Estate Investor · Cincinnati, Ohio


I agree that it's a strange phenomenon of the new marketing age. Seeing an ad pop up on BP immediately infers a connection if not endorsement, since we tend to think of BP as a community with something of a trust factor, not just a faceless broadcasting network.


E-Mail: [email protected]
Telephone: 502-321-6328




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