NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

Hide this

From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1513 topics, 14392 posts — Last Post 04/18/14, 05:39PM

BiggerPockets Exclusive PRO Area

117 topics, 839 posts — Last Post 04/18/14, 05:47AM

New Member Introductions

10884 topics, 85588 posts — Last Post 04/18/14, 07:23PM

Real Estate Success Stories

395 topics, 6141 posts — Last Post 04/18/14, 07:18PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5935 topics, 46768 posts — Last Post 04/18/14, 05:24PM

Renters

642 topics, 5809 posts — Last Post 04/18/14, 05:52PM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1609 posts — Last Post 04/17/14, 08:53AM

Do it Yourself

655 topics, 6264 posts — Last Post 04/18/14, 04:19PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3672 topics, 29443 posts — Last Post 04/18/14, 07:17PM

Real Estate Guru, Book & Course Reviews and Discussions

1133 topics, 11556 posts — Last Post 04/18/14, 03:01PM

Ask About A Real Estate Company

740 topics, 7318 posts — Last Post 04/18/14, 11:52AM

Real Estate Investing

Real Estate Strategies

Wholesaling

5602 topics, 43729 posts — Last Post 04/18/14, 07:19PM

Rehabbing and House Flipping

3332 topics, 30985 posts — Last Post 04/18/14, 07:11PM

Real Estate Development & New Home Construction

552 topics, 4682 posts — Last Post 04/18/14, 04:31PM

Innovative Strategies

703 topics, 6027 posts — Last Post 04/18/14, 08:48AM

Tax Liens, Notes, Paper, & Cash Flows Discussion

866 topics, 6676 posts — Last Post 04/18/14, 05:56PM

Rent to Own a.k.a. Lease Purchase, Lease Options

691 topics, 4871 posts — Last Post 04/18/14, 03:32PM

1031 Exchanges

143 topics, 1054 posts — Last Post 04/18/14, 08:41AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11285 posts — Last Post 04/18/14, 01:32PM

HUD, VA, and Tax Sales

414 topics, 3089 posts — Last Post 04/18/14, 12:05PM

REOs

1214 topics, 10570 posts — Last Post 04/17/14, 02:28PM

Short Sales

1534 topics, 13120 posts — Last Post 04/17/14, 04:44PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7202 topics, 70726 posts — Last Post 04/18/14, 05:55PM

Mobile Homes & Mobile Home Park Investing

638 topics, 5140 posts — Last Post 04/18/14, 03:22PM

Investor Basics

Starting Out

7697 topics, 60420 posts — Last Post 04/18/14, 07:14PM

Investor Psychology

431 topics, 6104 posts — Last Post 04/18/14, 06:08PM

General Real Estate Investing

4715 topics, 37175 posts — Last Post 04/18/14, 07:07PM

Real Estate Investor Marketing

1730 topics, 14092 posts — Last Post 04/18/14, 01:03PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1409 topics, 8983 posts — Last Post 04/17/14, 06:13PM

Multi-Family and Apartment Investing

1108 topics, 9217 posts — Last Post 04/18/14, 06:33PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

639 topics, 4885 posts — Last Post 04/18/14, 02:57PM

Business Basics

Goals, Business Plans & Entities

831 topics, 7562 posts — Last Post 04/18/14, 04:25PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2784 topics, 20000 posts — Last Post 04/18/14, 03:01PM

Property Insurance

309 topics, 2045 posts — Last Post 04/17/14, 07:41PM

Personal Finance Discussion

328 topics, 2731 posts — Last Post 04/18/14, 04:33PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2832 topics, 19694 posts — Last Post 04/18/14, 06:48PM

Creative Real Estate Financing

1209 topics, 8767 posts — Last Post 04/18/14, 06:42PM

Crowdfunding Real Estate

35 topics, 461 posts — Last Post 04/18/14, 05:17PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1209 topics, 7980 posts — Last Post 04/18/14, 07:20PM

Bankers, Lenders, and Mortgage Brokers

441 topics, 1922 posts — Last Post 04/18/14, 09:39AM

Contractors

267 topics, 1677 posts — Last Post 04/18/14, 01:58PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1988 topics, 11602 posts — Last Post 04/18/14, 04:54PM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 428 posts — Last Post 04/18/14, 04:22AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15013 topics, 53945 posts — Last Post 04/18/14, 07:00PM

Real Estate Events and Happenings

163 topics, 2498 posts — Last Post 04/18/14, 07:17PM

Off-Topic

Off Topic

Off-Topic

2905 topics, 32408 posts — Last Post 04/18/14, 05:31PM

Housing News & Real Estate Market

914 topics, 8351 posts — Last Post 04/17/14, 08:41AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

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




Sign up