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Updated about 6 hours ago on . Most recent reply

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James McGovern
  • Flipper/Rehabber
  • Bloomfield CT
207
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Building relationships with lenders

James McGovern
  • Flipper/Rehabber
  • Bloomfield CT
Posted

I have had excellent experiences with private money lenders in the past achieving loans at 9% with one origination point and no other fees. Likewise I had a horrendous experience with Conventus who left me hanging at the closing table

these experiences made me realize that I need more diversification in the lenders I do business with and need to identify hard money lenders that have low interest rates and no fees other than  origination. 

which hard money lenders fit this criteria?

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Samuel Eddinger
  • Meriden, CT
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Samuel Eddinger
  • Meriden, CT
Replied

@James McGovern - Why are you trying to be so transactional?  

When I was younger I used to have the same mentality as you. I beat vendors and others up so much that I win and you lose.  That got me to the first few millions but I never was able to scale and leverage the relationships since I was constantly looking for the cheapest this and that.  It took a lot of my time to do that and I was always looking for new people.

More recently I realized you cannot be transactional and get to be a billionaire.  It is about fostering and building relationships where people are loyal to you and want to help you wherever possible.  You have to transform the mindset to we all win together and be willing to pay a bit more to be around those great people.

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