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Hi Everyone,

Does anyone have a process/checklist they are using successfully for private lending here in IL? I understand the basics of a promissory note and mortgage but would like to get details on all items:
- how to screen the person/business/party that you are lending to
- any rules/criteria people use to set the interest rate they are lending at
- any templates for the documentation or sw that generates these templates

Any advice/help appreciated.

thanks,
Brett

To this end, can people comment on the following:
- Larry Goins software?

Hi All,

What I would love to see/find is a top 10 of the above items (courses, cd's, seminars/software) and even books..That is, for each of these different learning formats, what is the top 10 items agreed to by seasoned and beginner investors alike. What should definitely be avoided and what in particular could really help a newbie (like me) get a jumpstart and get going in real estate investing asap.

Does anyone have any advice on how a newbie like me could get bit of a head start/jump forward with REI using courses/software/cd's? Are there any products out there that could help like this or are they all over expensive and not that useful?

To that end, why is there so many things out there? Why do investors start putting out courses/e-books/cd's/software etc? The cynic in me says that REI is not giving them enough cash flow and they need something else to supplement it...

MikeOH - can u point me to where the ads/disads are discussed for real estate investing and llc is seen as the superior choice? i read a book recently 'inc and get rich' and it seemed to love corps in general but did not mention a whole lot about why llc's might be good for real estate in particular...i think LLS is the way to go i would just like to read it for myself...

Hi,

I see the signs around sometimes and i happen to have come across some job postings on craigslist and a real estate site here in Chicago...has anyone simply called and found out what the story is here??...smells like a scam but i don't know for sure...

thx..

I too am interested in this topic as i am trying to build a plan also. MikeOH, how much capital of your own did you start with/use to get your business up and running? That is my concern, that is that i do not have enough to start up a rental plan without doing any flipping...

mini - your strategy/plan sounds nice - is it discussed in detail within the paper/book u are offering on your web site? do u mind me asking how long it took you to get going from starting out to regularly bringing in cash with this method?

Oh, and 1 other thing i meant to mention...i was primarily thinking about trying to flip a few first due to my limited funds i could put into this....i have a decent amount of equity in my house and was planning to pull $40k to $50k out to start REI, but this doesn't seem a lot even if leveraged.....Should i consider flipping/rehabbing to build this first?

what about other items like school quality, crime, (un)employment, analysis views on future outlook of area?

Yeh, i have heard from a couple of folks on this site that IN might be a good spot.
As to your question MikeOH - i haven't been doing a lot to find a good deal!:( I have only got serious in the last 1 month and have been doing as much learning/reading _before_ i start looking for deals....I expect that in another 1 to 2 months i will be ready to start seriously looking for deals....At that point, i am not quite sure _how_ i will look though...