Clay Sparkman
First off, I’d like to point you to a list of 37 private money investment tips posted by Brad Evans of Brad Evans Real Estate Loans. This list has been circulating on the net for quite a few years now. It is one of the more thoughtful comprehensive items that I have come across and so I thought I would share it with you. Though I agree with a lot of what Brad has to say, I don’t agree with all of it. I will utilize a future post to give my own input/comments on each of the points given on Brad’s list.
http://www.bradevans.com/37pointchecklist.html
For today’s post, I spent some time looking at You-tube videos that came up under a search of “private money lending”. To the negative, as with content in general regarding private money investing, I didn’t (yet) find a whole lot of substance in these videos for the most part. However, to the plus side, I have to say that I really had a good time with this. There is some very interesting and entertaining stuff out there. And I find it quite useful to see what people are saying about private money: how it works and how to obtain it in particular. When I have more time I’m going to go much deeper as I just really scratched the surface.
At any rate, here is a representative cross section of what I found out there in cyber-video-landia.
On making massive montly income
Our narrator is a representative of http://www.askaexpertwholesaler.com/. I went to the homepage but didn’t actually enter because you have to enter your e-mail address (and I wasn’t so inclined), but the entry page compels with the question, “Who Else Wants to Discover the Astonishing Secrets of How to Make Massive Monthly Income with Real Estate in 2008 By Asking an Expert Wholesaler”
This is one in a series of “quick tips” to real estate investors on how to find private money lenders
http://www.youtube.com/watch?v=0-frYFdYJw4
My comment: It’s hard to argue with “run your mouth.”
The discovery of iced coffee
Patrick Riddle of http://www.privatemoneyblueprint.com on “How to Convert Wannabe REIs into Private Money Lenders.”
http://www.youtube.com/watch?v=B2VfCnCgibM
My comment: I love this guy. He has a bunch of videos out there and I wanted to watch every one of them. He definitely has a certain charisma that keeps you watching. Will his plan work? Maybe one time in ten thousand, I suspect. Most of the people who attend those meetings haven’t made their fortune yet—and don’t really have cash to invest. And hey, that is just a tough road to go down anyway. I don’t try to sell anyone on trust deed investing, but if I did, it certainly wouldn’t be the inexperienced, uneducated, and uninitiated. There is too much to know before you can be ready for this kind of investing. At any rate, I’m glad Patrick discovered iced coffee.
How to avoid talking to investors about the things you need to talk to investors about
Here is another one from Patrick Riddle at http://www.privatemoneyblueprint.com called “How to explain the “Worst Case Scenario” to a Private Money Lending Prospect.”
http://www.youtube.com/watch?v=Ps0Cv6QSC18
My comment: Okay, this one somewhat disturbs me. It might be more appropriately titled, “How to avoid talking to investors about the things you need to talk to investors about.” I do like his description of the workout process. Basically: You are a lender and then you become an owner and we all live happily ever after. I guess he didn’t want to muck up the conversation with tedious details like how to choose between a judicial foreclosure and a non-judicial foreclosure, what happens if the borrower contests a judicial foreclosure, the potential impact of a bankruptcy, taking back a property that is distressed or an unfinished project, the potential impact of market changes and/or a protracted foreclosure process on your equity position, how to go about marketing the property, and how to obtain and collect on a deficiency judgment, if need be in order to fully recover.
Would you like to vacation in paradise?
This is Cash Money Quick’s (http://www.CashMoneyQuick.com) video ad for a “New FREE Ebook – How to Find MILLIONS in Private Money.”
http://www.youtube.com/watch?v=Sua7AqOzgCA
My comment: Well I haven’t read the e-book, but the guy comes off nice enough and I like the palm tree in the background, suggestive of … long tropical vacations perhaps?
On drawing legal documents like a real attorney
Dmitry Mikhaylov (http://www.komelot.com) putting on a boot-camp, Attorney at Low, on how to prepare private money lenders documents. “Find out from attorney what documents you will need to get Private money lenders money for your real estate needs.”
http://www.youtube.com/watch?v=MBFcGD7LSbI
My comment: I like the “Attorney at Low” part. There might be just a little bit more to the document process, but you get the general idea.
On self-directed IRAs
Self-Directed IRA’s are explained by Trent Dalrymple, Director of Investor Relations at Metro Mortgage Investments LLC, a private mortgage lender in Huntington Woods, Michigan. More info at www.metro-mi.com
http://www.youtube.com/watch?v=jrdBlOU7nZA
My comment: This one I actually thought was quite good. I have no wise-guy remarks.
Am I still in the real estate lending section?
This is an ad, for what I’m not sure but I enjoyed it. The YouTube text states: “Get private money, cash loans from lenders. Private individuals have money to give away today. Online. Instant cash now. Bad Credit ok. Lenders MUST give away cash now. Hurry. Money for real estat…”
http://www.youtube.com/watch?v=WIAUVgMRUnE
My comment: Va va voom!
Subliminal advertising
This is another ad: “EASY LOAN TO BUY FORECLOSURES Hard Money can be a quick way to fund everything from residential property, to industrial facilities to new home construction.”
http://www.youtube.com/watch?v=rjsMc3ExY2M
My comment: Did you notice the subtly placed images of cash and money–almost subliminal. You might want to play it back again in slow motion.
And thus concludes your private money through the looking glass tour for today. I sincerely hope that I have not come off as too terribly condescending. (In general, these videos can’t be easy to do.) I only wish that I could find better resources out there—text, video, and otherwise—that could be helpful to all of us in this complex realm of trust deed and private money investing. And so the search goes on. Please do share whatever you may have, whatever you may know, and whatever you may find.
— Clay (clay@privatemoneysource.com)
