Creative financing education Philadelphia

12 Replies

I curious as to if there are any seminars on creative financing in the Philadelphia area. I'm looking to also meet investors experienced in creative financing, or even the lenders themselves. I'm basically just trying to learn the ins and outs. If anyone has any information on anything related to creative financing in the Philadelphia are that would be much appreciated.

Originally posted by @Account Closed :

I curious as to if there are any seminars on creative financing in the Philadelphia area. I'm looking to also meet investors experienced in creative financing, or even the lenders themselves. I'm basically just trying to learn the ins and outs. If anyone has any information on anything related to creative financing in the Philadelphia are that would be much appreciated.

Creative financing is a broad term, it'd probably help if you narrowed your area of interest down. Also, creative financing is one of those things that isn't location specific. What works to get owner financing in this area will probably work in Toledo or Tupelo. 

Like @Troy S.   Said

Creative financing has to do with nontraditional financing

When buying, what else can you do besides getting a bank loan?

Well you have to look at the whole situation, how much equity is there, what's the condition , how open-minded is the seller, what is the local customs as to what's possible, because what you can do in Texas is different than what you can do in North Carolina which is what you can do in Virginia.

The broad concept is Cash or Terms? 

Agents are poorly trained in terms deals, in general, there are exceptions. If you think an agent is going to present a terms offer to the seller, you are sadly mistaken.

For creative deals to be successful you need to talk to the seller in person, and ask some good questions, like if you don't sell for cash with an agent, what are your options?

To get the seller to think about subject to the existing financing, or wrapped around mortgage,or a lease option which are creative solutions, you need to be a good negotiator talking with the seller.

Study here on bigger pockets about subject to existing financing, wraparound mortgages, lease options, installment sales, joint ventures, private lending, these issues all creative financing.

Hi Joel!  There is usually a meeting every month or every other month on City Line Avenue (Philadelphia) at North American Motor Lodge where they discuss Creative Financing.   I can get the info and send you a PM.

Also I agree with Brian  that most agents are poorly trained when it comes to creative financing.  Luckily that isn't the case for all agents, if you are clear of the terms that you want and you are working with an Investor Friendly Agent it is quite possible to have the agent negotiate creative terms with the seller on your behalf.   If the seller is motivated, you know what you want to offer, and the agent is great, everyone wins!

@Shakeira Ingram  I'd be interested in the details of that meet up as well.

@Account Closed  I fully agree with what both Troy and Brian stated, but also check out the BP Podcast with Ben Leybovich (link below). It should provide a solid foundation of understanding for what creative financing is. Also, read some of the blog posts Ben has written. He focuses on deal's where he can purchase with no money down (or close to it) using creative financing methods.

BP Podcast 014 : Cash Flow, Creative Finance, and Life with Ben Leybovich

@Ben Leybovich I always give his multi course link to my students, although focus mostly on single family, maybe mom and pop apartments.  Ben is an awesome instructor.

Go to the DIG website at http://digonline.org/

Select the "Benefits" menu, and from that menu pick "Merting Downloads"; that will take you to the DIG Store (the naming behind this is goofy IMO).

Search there for "Dennis Cline" and you will find the materials from his workshop he did for DIG. $179 price for both DIG members and non-members. 

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@Account Closed

Hi Guys!  I checked the schedule on meetup.com and it looks like there aren't any upcoming meetings about financing (maybe because of the holidays). But the group is called W.H.I.P. (Wholesaling Houses in Philadelphia) and they usually offer meetings/events/networking and I have been to two of their meetings regarding creative financing. They are having a free networking and panel discussion on 1/8/14. Sign up on meetup.com and you will be able to find a lot of real estate investment groups that offer classes, networking, and other opportunities to meet. It's a great resource. 

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