How to find a gator lender to fund my EMD?
Member since 2022 · 33 posts · 5 votes
How to find a gator lender to fund my EMD?
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y@Don Konipol
But I paid $3000 from a guru to tell me it was ok to do this…
7e investments53 Reviews
45 Replies
- Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes3y
District Invest Group545 Reviews - 3yDon KonipolBusiness MemberInvestor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesI know that there were or maybe still are a lot of “micro lenders” utilizing some peer to peer lending sites. Micro lending fills a definite need for people without accessible monetary reserves who need money for an emergency situation or any other situation.
Quote from @James Hamling:
@Karl Washington to expand and clarify a bit on what @Don Konipol, @Chris Seveney, @Jay Hinrichs and the "PRO" likes are touching on.
My wife does Micro-Lending, this is NOT "gator" lending as in lending a person earnest funds, which by many finance industry "legal eagles" say is tantamount to facilitating MORTGAGE FRAUD.
My wife's business does SECURED micro-lending, which is asset based. Yes, a person MUST have an asset to securitize the loan; a car, boat, truck, airplane but they prefer not to do planes they prefer autos and boats.
That is what a LEGIT finance company/lending situation looks like. There are similar Micro-lenders all over the U.S.. No, not a lot of them but, they do exist and if ask around your regional banks should know who they are and make the referrals.
Where my wife is at they have been around for 7 decades now, so it's nothing new. Ag industry uses it a lot, very common in Ag so maybe check in those geographic areas.
I do not have anything nice to say of "gator lending" myself, I get that it's a new flashy "cool" thing but that does not mean legal or legit, lot's of BS has been "cool" until it imploded from weight of it's own manure. That's my opinion of "gator lending".
- Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes3y
Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
A gator lender.
that’s a new one - Don is a good writer. I go out of my way to read whatever he writes.
Quote from @Jerryll Noorden:
Quote from @Don Konipol:
I look forward to reading it.Quote from @Jerryll Noorden:
Quote from @Don Konipol:
Quote from @Chris Seveney:
@Jay Hinrichs
They also were writing a book with onofrio
It’s like anything - those who brag the most and market the most get the attention.
I don’t know anything about him except someone did a video where he lost like $1M investing in a Ponzi scheme. Hope his course isn’t on due diligence
@Jay Hinrichs and @Chris Seveney
You guys probably know this, but for the less knowledgeable and less experienced
When you see a POLISHED presentation for seminars, mentorships, courses, etc., its almost certain that it was produced by one of a very few marketing companies located in either Las Vegas, Nevada or Provo, Utah. While there are a few of these programs built around people who are (1) successful in the program they’re offering (2) providing a legitimate, ethical way to earn money and (3) honest about the effort, knowledge and experience a customer will need to have a chance at success, the vast majority mislead, lie, or omit one, two or all of the above.
In other words these marketing companies do not care whether or not the person engaging their services is legit, experienced, successful or a career criminal. If someone has the money, they will create the entire program, down to seminar scripts, levels of selling, advertising, promotion, recruitment of employees, and every other aspect. The “guru” merely follows the script.
If you’d like proof of how shady this industry is, don’t “google” a currently popular guru - chances are he or she hasn’t been popular long enough to garner negatives. Look at past gurus who at one time were the “it” real estate guru ; you’ll find numerous governmental lawsuits by the FTC, IRS, U.S. Attorney, local district attorneys; you’ll find numerous private lawsuits by consumers defrauded; you’ll find cease and desist orders; fraud judgements, and often criminal complaints.
I will provide you with a personal experience. In the 1980s and 1990s I got to know John Beck, a California investor who had success with probable sales, tax lien judgement sales, and other distress situations, as well as “real estate exchanging” utilizing “junk” lots as some of the “trade”. John also taught courses on these topics, and self produced some amateur looking material. If you were able to read through the non quality type and grammatical errors of his books, there was a lot of great insight and information mostly specific to California.Around the early 2000s John decided that he wanted to become very rich, such as he thought he saw other gurus doing (Robert Allen, Al Lowery, etc.). He hooked up with an early version of these marketing companies and they produced a packaged “program” for him. He then became a staple of the late night “infomercial”, at one point as frequently appearing as Carlton Sheets. Unfortunately, John not only over promised, but misled, lied, and failed to deliver even the minimum of what he sold. The Federal Trade Commission sued him, and John lost a $113,000,000 ($113 million) judgement. John was last seen leaving the Federal courtroom after the verdict, and has not been seen since! Another person who knew John better than I did told me that John had been studying asset protection from the time he was sued by the FTC, and that a number of John’s friends believe he’s living on the beach in a country with no extradition treaty with the United States.
So here’s my bottom line. There is NO shortcut to becoming successful in real estate. Jay Hinrichs, Chris Seveney and myself did not sign up for a guru mentoring program one day, and with no background, knowledge or experience in real estate start doing unbelievably profitable deals based only on the knowledge gained by signing up with the guru. It takes years of experience, years of learning, trial by fire, missteps, and STAYING POWER. Just like building an airplane, performing brain surgery, or any other profession. You need to start with a basic course(s) in real estate principles, real estate theory and real estate law. If you don’t know the basics, knowing a “program tool” will not be a sustainable way to success. Even if in the remote possibility you were to be able to do some successful transactions, as soon as the market winds changed you’d be back to square one; having lost everything you made because you were unable to recognize and didn’t have the knowledge to adjust to changing economic conditions.
I’m convinced that the vast majority of people who buy these offerings think they will be short cutting the learning process. This is the most dangerous misconception. Even if what the guru teaches isn’t junk (it usually is), the person without the core foundation does not have the ability to use this information profitably.
I am actually writing a book about this exact thing now!
I honestly would love your critique. Will send you a copy!
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes3y
Quote from @Don Konipol:
I know that there were or maybe still are a lot of “micro lenders” utilizing some peer to peer lending sites. Micro lending fills a definite need for people without accessible monetary reserves who need money for an emergency situation or any other situation.Quote from @James Hamling:
@Karl Washington to expand and clarify a bit on what @Don Konipol, @Chris Seveney, @Jay Hinrichs and the "PRO" likes are touching on.
My wife does Micro-Lending, this is NOT "gator" lending as in lending a person earnest funds, which by many finance industry "legal eagles" say is tantamount to facilitating MORTGAGE FRAUD.
My wife's business does SECURED micro-lending, which is asset based. Yes, a person MUST have an asset to securitize the loan; a car, boat, truck, airplane but they prefer not to do planes they prefer autos and boats.
That is what a LEGIT finance company/lending situation looks like. There are similar Micro-lenders all over the U.S.. No, not a lot of them but, they do exist and if ask around your regional banks should know who they are and make the referrals.
Where my wife is at they have been around for 7 decades now, so it's nothing new. Ag industry uses it a lot, very common in Ag so maybe check in those geographic areas.
I do not have anything nice to say of "gator lending" myself, I get that it's a new flashy "cool" thing but that does not mean legal or legit, lot's of BS has been "cool" until it imploded from weight of it's own manure. That's my opinion of "gator lending".
I should clarify it is a Private Finance company who happens to also have some micro-lending products.
They consider anything under $10k "micro-lending".
- Investor · WI · Member since 2023 · 6 posts · 3 votes3y
Hey I'm one of the leaders in Pace Morby's Gator Tribe!
Most gators are not on bigger pockets because we aren't taught it, but I enjoy bigger pockets a bit better than facebook. . . - Member since 2023 · 17 posts · 9 votes3yIt is "The Gator Method" coined by Pace Morby. When people mainly wholesales get a deal under contract the need EMD to open Escrow. Many people starting out in real estate are broke. They can hustle and get the deal under contract by don't have EMD. SO there are these other people that will pay the EMD so the deal can get done, in exchange for a "CHUNK" of the assignment fee. The swamp is FULL of Gators that have money and are willing to help you out if you need it. Some gators can also help out with transactional funding on your A-B B-C closing. Yep you guessed it I am a Gator.
Quote from @John Underwood:
What is "Gator" lending?
Same as private money? Hard money?
New one on me.
- Member since 2023 · 13 posts · 3 votes3y
I am a gator. Let me know if you need anything or want to learn more about how we partner in. its only a value add for some people. I really only work with folks that are super stoked to have the resource. We come in on a short term JV contract and help get deals done. You can find me by my name on all the platforms. :)
- Investor · Atlanta, GA · Member since 2016 · 627 posts · 374 votes3y
If any wholesaler is looking BEYOND just EMD lending, I'd love to help out. I'm pushing for 100 all 5 Star Google Reviews for my Transactional Lending business and can guarantee a smooth double closing. I don't offer EMD lending though, I'll leave that others, but I do fund 100% of what is owed for the AB transaction. Sometimes wholesalers don't put down EMD, if that is also owed, i'll fund the EMD but only at the closing.
- Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes3yEasy, just check the nearest swamp....
Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
- 3yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
Quote from @Misty Amburgy:
It is "The Gator Method" coined by Pace Morby. When people mainly wholesales get a deal under contract the need EMD to open Escrow. Many people starting out in real estate are broke. They can hustle and get the deal under contract by don't have EMD. SO there are these other people that will pay the EMD so the deal can get done, in exchange for a "CHUNK" of the assignment fee. The swamp is FULL of Gators that have money and are willing to help you out if you need it. Some gators can also help out with transactional funding on your A-B B-C closing. Yep you guessed it I am a Gator.Quote from @John Underwood:
What is "Gator" lending?
Same as private money? Hard money?
New one on me.
I am a Gator and didn't know it.
- Member since 2023 · 17 posts · 9 votes3y
Quote from @John Underwood:
What is "Gator" lending?
Same as private money? Hard money?
New one on me.
It is "The Gator Method" coined by Pace Morby. When people mainly wholesales get a deal under contract the need EMD to open Escrow. Many people starting out in real estate are broke. They can hustle and get the deal under contract by don't have EMD. SO there are these other people that will pay the EMD so the deal can get done, in exchange for a "CHUNK" of the assignment fee. The swamp is FULL of Gators that have money and are willing to help you out if you need it. Some gators can also help out with transactional funding on your A-B B-C closing. Yep you guessed it I am a Gator.
John That is really cool. How do you find the people or how do they find you?
- Member since 2023 · 17 posts · 9 votes3y
Quote from @Misty Amburgy:
Quote from @John Underwood:
What is "Gator" lending?
Same as private money? Hard money?
New one on me.
It is "The Gator Method" coined by Pace Morby. When people mainly wholesales get a deal under contract the need EMD to open Escrow. Many people starting out in real estate are broke. They can hustle and get the deal under contract by don't have EMD. SO there are these other people that will pay the EMD so the deal can get done, in exchange for a "CHUNK" of the assignment fee. The swamp is FULL of Gators that have money and are willing to help you out if you need it. Some gators can also help out with transactional funding on your A-B B-C closing. Yep you guessed it I am a Gator.
John That is really cool. How do you find the people or how do they find you?
Network, Network, Network
- Member since 2022 · 33 posts · 5 votes3y
Quote from @Eric Gerakos:
Easy, just check the nearest swamp....Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
S'good haha - Investor · Grovetown, GA · Member since 2015 · 100 posts · 67 votes3y
Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
Karl, I'm a Gator Lender. How can I help you?
- Realtor · Kansas City, MO · Member since 2021 · 118 posts · 25 votes2y
Quote from @Karl Washington:
Has anyone had experience with this? Where did you find your gator lender?
Gator here, happy to help out however I can! Lets Connect!
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