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All Forum Posts by: Jonathan Warner

Jonathan Warner has started 11 posts and replied 50 times.

Post: Looking for other private lenders

Jonathan WarnerPosted
  • Posts 52
  • Votes 24

Hello. I'm looking to connect with other private lenders in the Tuscaloosa, Al, Birmingham, Al, or Huntsville, Al areas. 

Send me a DM and let's discuss the local market!

,West

Quote from @Chris Seveney:
Quote from @Mike Grudzien:

Jonathan,
Hands down, this is the "bible":
https://store.biggerpockets.com/products/lend-to-live
Don't leave home without it!


 I second this - Beth is great and has a group as well where you can learn a ton on private lending.

To the poster who mentioned giving them 100% financing - as a private lender NEVER give someone 100% financing. Biggest mistake I see people make


 Hey Chris, great to see you offering me advice once again, its greatly appreciated. 

I joined Beth's FB group. It's great.


I can only assume the guy asking for 100% financing is doing a little trolling haha. 

Quote from @Corby Goade:

I've got a few tips- like any other business, this is a relationship based thing. Get to real estate meetups and network with people out there doing deals. Here are a few high level thoughts for you as a beginner:

-Don't lend in second position

-Don't do deals with new investors

-Don't experiment with new strategies, even with experiences investors- ie, don't jump in to a first development project with someone just because they've flipped 20 houses. 

-Start at a title company- they will help you structure liens and deeds so that your interest is protected properly. They can help make sure your contracts reflect your equitable interest in the deal. 

-Vet contractors and builders that your clients want to work with. The trades can make or break a good deal. 


There are a billion more, but that's a start. 

Good luck!


 This is great, thank you. So basically, get an attorney to put my contracts together as the first step, reviewing them with a title agency as the second step, putting the other team members together as the third step, and starting the search for borrowers as the fourth? Or do you mean for me to approach the borrowers first? 

Quote from @Mike Grudzien:

Jonathan,
Hands down, this is the "bible":
https://store.biggerpockets.com/products/lend-to-live
Don't leave home without it!


 Hi Mike,


I've read it and it's great. I'm just a bit confused as where exactly to start. I guess that is implied in the chronological order of the book, but I dont see a 1-2-3 step-by-step process. Someone advised me to start with an attorney so I suppose that is my jumping off point. 

I've done a bit of research on the private lending space and I'm coming to the conclusion that it is the way I would like to enter the real estate space. I have significant enough assets and capital that I can make a few loans while still maintaining a healthy stock portfolio to keep my money working for me. 

I'm curious if you guys have any tips for me as a beginner. How do I get the ball rolling? 

Do I begin by getting a solid contract? 

Do I contact appraisers and local title insurance agencies to begin to find one that I could use? 

Or do I start by just getting my name out there and then get those pieces in place once I find a borrower? I'm assuming I should be somewhat prepared before doing this, as I don't want to come across as a "not serious" waste of time to any agents or borrowers.

Since I only want to lend locally, how do I get my name out there to start my search for borrowers?

Any advice would be greatly appreciated.

Thanks,

West

Post: Looking for literature reccomendations

Jonathan WarnerPosted
  • Posts 52
  • Votes 24
Quote from @John Mason:

Jonathan welcome to Bigger Pockets!

Some of the books which are relevant would be the  The Millionnaire Real Estate Investor by Keller.
The Slight Edge and Atomic Habits too.

and

https://www.amazon.com/Building-Wealth-One-House-Time/dp/007...

 Hey John,

I've finished Millionare real Estate Investor and Slight Edge

I thourougly enjoyed Millionare Real Estate Investor. I like the practicality of it because a lot of what I've read hasn't really gotten into the weeds of how to structure deals or network properly. However, I noticed it was written in 2005 and I can definitely see tones of "real estate mania" that got brought back to earth in 2008 aha. Specifically, the idea that just buying it right is enough to make it work.

I enjoyed Slight Edge as well. It's a great framework I can apply to all areas of my life which I'm sure will all, directly and indirectly, come back to by future business ventures. I did feel like I was having the same nail hammered into my head at different angles for the first half. But by the end, I realized why he did it that way.  It's now one of my favorite books. It was a good nail!

Anyways, thanks again. I'm here for more reccomendations if you have them.

Quote from @Chris Seveney:
Quote from @Jonathan Warner:
Quote from @Chris Seveney:
Quote from @Jonathan Warner:

Hello all. I’ve been self-educating  about real estate for about 4 months now. I’m starting to lean more towards private lending as a way to get my toes wet and get my money working for me in a relatively stable way.


I’m looking for educational resources or literature. Any help would be greatly appreciated. 

 Lend2Live written by @Beth Johnson and her FB group is a great place as well to get information. Also  American association of private lenders is one trade group,

Thanks for the response, Chris. I’m reading Lend to Live right now actually. Seems like a great book but would like to find another book or two on the subject. Even if it’s something tertiary to the subject of lending I’d be happy to give it a read.

Im looking for her FB group and can’t find it. What’s the name of it?



Lend2Live: A Private Lender Collaborative | Facebook

 Got it! Thanks. 

Quote from @Stevan Stojakovic:

Good resource to get started is The Banker's Code by George Antone. It's a detailed perspective on how private lending works, with practical strategies for building wealth through this niche. The book is useful for understanding how to structure deals, assess risks, and think like a lender, rather than just an investor.

Pair this with engaging in forums like this one and attending local meetups to put what you learn into practice. If you’re serious about private lending, this book is a great way to sharpen your skills and make smarter decisions.

Good luck, and feel free to reach out!

Best regards, Stevan


 Thanks, Steven. I’ll check it out and come back here to update you on my thoughts. 

Quote from @Chris Seveney:
Quote from @Jonathan Warner:

Hello all. I’ve been self-educating  about real estate for about 4 months now. I’m starting to lean more towards private lending as a way to get my toes wet and get my money working for me in a relatively stable way.


I’m looking for educational resources or literature. Any help would be greatly appreciated. 

 Lend2Live written by @Beth Johnson and her FB group is a great place as well to get information. Also  American association of private lenders is one trade group,

Thanks for the response, Chris. I’m reading Lend to Live right now actually. Seems like a great book but would like to find another book or two on the subject. Even if it’s something tertiary to the subject of lending I’d be happy to give it a read.

Im looking for her FB group and can’t find it. What’s the name of it?

Post: No finacing contingencies allowed?

Jonathan WarnerPosted
  • Posts 52
  • Votes 24
Quote from @Steve K.:
Quote from @Jonathan Warner:
Quote from @Dan H.:

1) cannot qualify for traditional financing

2) fears appraisal will come in low

3) fears buyer will back out so reduces contingency options

note for cash purchase I expect a significant discount.   Is the property priced appropriate for a purchase that does not permit financing?

Good luck

It’s listed for $220,000 and on has been on the market for 1,300 days. Is be happy to send it to you in DM if you have the time to offer any wisdom! 
1,300 days! That’s 3.5 years meaning it didn’t sell when the market was at its hottest. Sounds like an unreasonable seller and the most likely reason for them not wanting an offer with a financing contingency is the property is in too rough shape to get financing on it (structural damage, fire damage, etc.) or won’t appraise anywhere near asking price.  

 That’s what I was assuming. Almost 4 years is pretty amazing. The listing time seems like a big eye sore. I wonder why they haven’t unlisted it and relisted it to avoid that image. 

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