Hello, Please advise on how to make sure the lender is real. Fake lender can steel the lead information then turn around and compete with you. How to spot and avoid fake lender. Thanks for your advice.
Hi,
If the lender has an office in the local "Taco Bell" they are "Not" your lender!
If the Lender say’s “I need to roll up a few thousand bucks in quarters” they are “Not” your lender!
If the Lender has a collector called “Bruno” they are “Not” your lender!
If the Lender wants to sign the deal in an “Alley Behind the Bank” they are “Not” your lender!
If the Lender uses a “Pigeon for long distance calls” they are “Not” your lender!
If the Lender has an “Entourage that Grunts” they are “Not” your lender!
If the Lender “Actually Calls you First and Say’s a Friend of a Friend refered me too you and said you need some money, and let’s hurry up because I am going to prison next week” They Definately are “Not” your lender and run as fast as you can!!!
Now if the Lender has an “Office with a sign” then they “Are” your lender!
If the Lender has a “Phone and Fax line” then they “Are” your lender!
If you actually “Call the Lenders Number from An Internet Ad” then they “Are” your lender!
If the Lender “Legitimately Advertises to Loan Money” then they “Are” your lender!
If the Lender “Is Listed on REI Club” then they “Are” your lender!
If the Lender “Has a Fancy New Cell Phone with Unlimited Calling, Internet and Texting” then they “Are” your lender!!!
If the Lender was “Refered to you by a Fellow Investor who is not paranoid” then they “Are” your lender!!!
You gotta have a sense of humor “I hope”!!! lol My Baaaaddddddd!!~!!
GR
Good one, Gold River!
Furnishedowner
The bottom line is 95% of them are not going to steal your lead. “Leads” are not that precious. They might steal it but you can’t spend your time worrying about it, just go get another. Not that big a deal. Plenty of fish in the sea.
Lenders generally dont want a property…I know how I look at RE investing…I rather be on the collateralized funding end…The thought has never occurred to me to steal any of the deals my clients bring me to fund…Why would I want to steal a deal when Im funding at %50 LTV and having the other %50 of their capital in a deal?..This way if they default I get it even cheaper than if I stole the deal…Real Estate investing (successful) takes a talent and most lenders (me included) lack that skill…And rather than have my boys handed to me I know what court to play in…I leave the RE investing up to the pros…
Ask for tombstones. Past deals that they have funded recently. AKA press release.