Is OPM money lent from a financial institution or another way of obtaining money like other investors? Or both?
Do you know what OPM stands for?
Other peoples money
You down with OPM?
yeah you know me!
OPM is anyone’s money except yours…! It could be a bank, investors, seller finanace, loans against a credit card, loans against the cash value of a life insurance policy, loans against a retirement vehicle (like a 401K, a 403B, etc)…the list goes on and on…
Keith
Thanks
getting OPM is a whole subject in and of itself. there’s an excellent book called “OPM…”
i forget the author - but an excellent read.
OPM is hard to get.
you must have a business model.
especially if you want angel investors and the like.
certain lenders will give anyone with a pulse a loan…watch out for this type of OPM…
Good source of OPM = Sweet smelling, rich, old ladies from Boca Raton.
Max Bialystock is that you?
If you are trying to buy and fix-up, you will have a problem getting banks to give you financing as a newbie. The houses are ugly and the banks aren’t going to lend purchase money and fixup money to a newbie. You will need to find your own contacts who have money or look for the services of a hard money lender. HML’s are great because if you can fog a mirror, your credit is approved. If you are just trying to wholesale a property to another investory, you don’t need a bank or an HML. All you need is an investor with cash. If the deal is cheap enough, those aren’t hard to find. Call the I Buy adds in the paper. Call Homevestors. Go to a foreclosure auction at the courthouse. There you will find hundreds of people with lots of CASH.
Happy Investing!!
Brandon Lambert
Ha Ha Ha ;D
Thanks for the laugh!