All Forum Posts by: Kim Tucker

Coming to check out the meeting tonight.  Wondering if its worth the $99 to become a member?  We suggest that while you are at the meeting to look for people with name tags that say "Member" on them and ask them if they find any benefit to being a member.

Your All registered for tomorrow's Meeting. Now its time to develop your Networking Plan. Starting with listing out the questions you want to ask our Vendor Sponsors.

James Carollo with Above and Beyond (Renovations & Business Management)
L Scott Ficinus with Investors Choice Funding (Hard Money, Rehabs, Self Directed IRAs and more)
Jerry Ratway with Rugs Rolls and Remnants (Flooring and Business Management)
Charlie Fitzgerald with Geneva Financial (all kinds of loan models and real estate investing in general)
Britton Asbell with Crossroads (Hard Money Loans, Deal Structure, General Real Estate Investing)
Dave Green with Accurate Title (Title, Closing, Solving Title Issues and more)
Beth Claycomb Langston with Flat Branch (Mortage Loans, MHDC Funding for 1st Time Home Buyers, Funding Lease Option Buyers and general loans)
Mark Yanda with DeMayo (Cabinets, Flooring & Building Materials)
Marge Kithcart Padgitt and Gene with Hearthmasters (all things chimney, fire, and flu)
Taryn Kendrick & Christina Erickson-Hoffman with Worcester (funding for your deals and multi family investing)
Brent Huckabey with Coronet Windows
Susan Tremonte Aubin with Merchants (Hard Money and Deal Structure in KS & CO)

As was said.  Seek out a Realtor in your town and have them answer your questions based on an average retail sale in your town.  That's what an appraiser is going to look at when you cash out refi - what a house of your size and shape and condition would sell for, conservatively, in your town.

Arielle, if you can make the 4 hour drive from St Louis and come to the MAREI meeting tomorrow in Overland Park (02/12) there will be 4 or 5 in residence.  We have several on the MAREI website in the business directory.  You might also seek out Lawrence Hopkins with Longhorn - he lends in KC but is local to St Louis.

At MAREI we have lenders that will lend 100% if your numbers work.  Some that want you to have 10 or 20% of the purchase price.  Some that want one or two points and others that want 5 - everyone has a different way they lend, so talking to them all is very helpful to find the one that best fits your needs. 

I have also found that many of the St Louis Lenders will lend in Kansas City - on the Missouri side, probably not KS, different foreclosure laws there.

Umm - once you build relationships - my private lenders fund 100% of the deal. Of course, their 100% of the deal might be 60% of the ARV - repairs.

First of all POSTING anything about wanting private money actually violates a lot of Securities Laws.

One of the best ways to attract private money is to attend your local Real Estate Investor association meetings regularly and develop relationships with the players there and a reputation as someone who knows what they are doing and who does solid deals.

At your local groups: SSIC, Metro East, St Louis REIA , Tim Grimmits Groups, Jason Pallisers Groups, Damon Remys Groups, Joe McCalls Groups and all the Lifeonaire people, you will find some event to attend regularly and there you will find.

Hard Money:  Where you are going to have to start if you don't have a track record or friends and family.  I only know of Longhorn in St Louis, but I am sure there are 20 other lenders like this.  Some of our KC Lenders might lend in St Louis:  Merchants Mortgage, Investors Choice Funding, Crossroads Investment Lending all come to mind.

Small Home Town Banks:  They offer the same loans as Hard Money, but at much cheaper rates if you have good credit and reserves.

After you have done a few deals you might find the private lenders who want to do deals with you at your group.

I would suggest, however, to attend some training, watch some videos or podcasts about Private Money to find out what you can and can't do.  For example last week I hosted a webinar with Alan Cowgill, one of the nations leading trainers for private money and we talked about advertising on public forums and in all 50 states unless you are registered with the SEC or a few programs in your state you can't advertise to people you don't know.

@Andrew Bang  I am in Kansas City and on occaision buy defaulted notes.

So you own three notes on higher end homes over $300k that the borrowers are not paying, in the Kansas City Metro?  The borrowers on all three have agreed to deed the house back to the note holder?

Some questions 

Addresses of course

Original Prinicple and Terms - at 12% and 6 month term, I am guessing they are hard money loans

Remaining payments left and Unpaid Principle Balance

I also work with several other buyers of defaulted notes in the KC market - there are a bunch of Eddie Speed Proteges here who all went to Note School together.

We have a lot of contractors at Mid-America Association of Real Estate Investors and we have a great facebook group for KC Investors to refer contractors.

If you are looking for Private Money, I would suggest attending live meetings, building relationships and credibility.  

And learn a bit about advertising for private money.

Do note that across the metro that many cities are starting new programs for

Registration as a landlord

Registration as a rental

And various inspection program either randomly (Kansas City), upon complain (Kansas City), annually (Independence) or between tenants Grandview.

Kansas Does have a law that says if your tenant refuses the city inspection, they can decline inspection.  In Missouri there is no such law and you have to turn back to the 4th Amendment.