crazy funding offers

So I’ve been posting on craigslist for private money lenders just to see if I get any response for it, and boy have I gotten responses…too bad they are way too far fetched.

First, I had an Arab guy from Saudi Arabia that I corresponded with through email. He gave me some name of his company and said that he couldn’t invest anymore than $10MM USD, so to let him know if that will cover what I need and then said we could meet in London (!) to sign papers and transfer the funds to my account. Right… :rolleyes

Then today, I see this 12 digit phone number on my caller ID, so I answer and it’s some guy from Holland who says he saw my ad and would like to invest. He didn’t speak English too well so he gives me his broker who asks how much I need and what I have for collateral. I told him the amount depends and I would place a mortgage lein on the property for collateral, and he says ‘Well you have our number, so just call us when you need funds.’

Our these guys nuts?? I was born at night but not last night…

Sheeeesh…

Interesting. I hadn’t thought of posting on craigslist. I’m new to private lenders but I find there’s a high credibility and trust hurdle that you have to cross before you can get a good pool of investors. I’ve mostly relied on my family and their network and my network to connect to lenders. I am thinking about branching out and doing presentation to a select list of people that I haven’t met (prospects) to start that relationship and pick up lenders that way.

What else are you trying and having success with?

Come on stevie-o, I’ve read some of your previous posts, you’re smarter than this.

Didn’t you notice that I said they were nuts? I just feel them out for kicks…

Herman - if you have some contacts that are enough to fund deals for you, unless you need more, I wouldn’t even look elsewhere. If it ain’t broke, don’t fix it.