BiggerPockets

Hey David! Doug Smith here. I founded/run MyHouseDeals.com and just came across your posting.

We started offering a constantly-updated list of private lenders to Premium Elite members in early May. That's just a month ago, so most members won't have a significant amount of experience in dealing with them yet. But if someone in the BiggerPockets community has actively pursued them, it would be great if they chimed in.

(Although I can tell you that David Sims in Dallas, TX used a pre-release version of the same private money list to raise over $1 million from 3 lenders back in February.)

All of these lenders are members of MyHouseDeals.com, and they filled out a form saying that they're looking to lend private money. Then they submitted their "amount to lend," "interest rate," etc.

Each lender is different, but you can use the terms they submitted as a starting point. So when you call them, you can say something like, "I see that you were interested in lending up to $100,000 at 10%. Is that still the case? Ok, great. I have a deal that might meet your criteria..." When you have a deal ready, you'll probably want to call those with the lowest interest rate requirements first.

Hope that helps!
Doug

Hey Douglas. Thanks for being a member! We try to keep the Sold/Available status accurate by following up on deals on day 7, day 26, day 45, day 75, day 120, and day 160. (We call, email, and text sellers.) When you call about a deal that has already been sold, it may be between one of these followup dates. It can be frustrating to call on a deal that has already been sold, so if you have any suggestions for improvement, I'm certainly open to them.

Thanks!
Doug

Hey Will. Thanks for your input.

A good chunk of the sellers mark their deals as sold on their own without us having to ask them if it's sold or not ... which is very nice.

And another chunk responds to our regular emails, texts, and calls. If they don't respond to those, our system automatically marks their deals as sold.

But you're right, it could be improved if there were a way for the buyer to notify us that a property has been sold.

Maybe there could be something like this on the property details page... "Did the seller tell you their property was already sold? If so, click here." And if more than 3 buyers click it in, say, a 4-day period, an email would be triggered to the seller saying "multiple buyers say your deal is sold, so we're about to mark it as sold." If the seller fails to respond to that email, it'll be marked as sold or they can click a link to say "No, it's still available."

What do you think about that solution?

Thanks again,
Doug

Ok great, I'll put it on my developer's "to do" list. Thanks Will!

Hey Will. I've called on lenders before. The vast majority were individuals, but a few hard money lenders were, in fact, peppered throughout. If you see too many of these and are unsatisfied, I'll gladly give you a full refund of your membership fee. I'll send an email to the email address in the footer of your messages so that you'll have mine.

Hey Doug,
I have used your website to find wholesale deals and have just listed one of the rehabs here in Dallas Texas I'll be making about 45k on the transaction after all is said and done!

Douglas- often times what I have found is the deals on my house deals may be pending in the mls or marked as "sold" and was purchased with transactional funding, call the seller or wholesaler and confirm with them also. The good deals go quickly because wholesalers property blast to their email lists within minutes of putting houses under contract.

Doug- I am looking forward to start using the private money lenders list and will let you know if I have positive results like the fellow investor in Dallas who raised a million.

Best regards,
Joe Pastora

Hey Doug,

I just saw that you posted on this thread. I would absolutely love to give a testimonial for "myhousedeals.com" I will take a look at the Success Stories on your site and submit one to you once this deal closes. Send me a private message with your info so I can submit a proper testimonial to the right place.

Best regards,
Joe Pastora
Joepastora@gmail.com