Ron Legrand – Private Lending

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Ron Legrand – Private Lending

Could You Use An Unlimited Supply Of Money To Do All The Deals You Can Find….
Even If Your Credit Is Lousy And No Bank Will Touch You

Getting money to do real estate deals has nothing to do with going to a bank, filling out an application, putting up down payments or waiting to be approved. Smart investors won’t go near banks who want to control their lives and tell them what they can or can’t qualify to borrow.

You Can Get All The Money You Want From People, Not Banks…
And Get It Faster, Easier,
And There’s No Limit To How Much You Can Borrow
When I started in 1982, I had no credit. Well, actually I did, and it was bad. But I found a mortgage broker who’d loan me money based on the equity in the property, not my credit. His name was Al, and he would loan me 60% of its value.
Therefore, my credit was irrelevant. His sole interest was the collateral, not my credit. Sure, the interest was high, but the money was easy to get. No application. No committee approval. No long wait. The loans closed two days after I got an appraisal and…

I Always borrowed More Than I Needed To Buy And Fix The House
If the house was worth $70,000 after repairs, I knew I could borrow $42,000 (60%), so all I had to do was buy it cheap enough to make sure the loan would cover all my costs and then some.
In addition to the 18% interest, I was paying Al ten points, that’s 10% of each loan as a broker fee. After I did a few loans, I learned it wasn’t even Al’s money I was borrowing.

My Broker Was Loaning Out Other People’s Money
It wasn’t institutional money. No banks were allowed. It was money from Al’s friends, relatives and business associates. Just plain ole people who wanted to get a high rate of return on their money.
And you gotta admit, 18% certainly qualified. But that’s not all. Every time I paid one of those loans off, I had to pay the lender six months’ extra interest. That’s called a prepayment penalty.
What an ugly price to pay for money, right? I sure thought so, and that’s why I only borrowed from Al 76 times before I quit.
It didn’t take me long to figure out it wasn’t the cost of money that’s important, but the availability of it. Without Al’s money, I couldn’t pay cash for houses and, thereby, get them dirt cheap.
With Al’s money, I could buy fast and get them fixed and sold quickly. You see, every time I paid ole Al 18% and 10 points…

He got his profit and broker fee, the lender got a high return, and I got easy money. A couple of years later, I started asking for money from people I knew and discovered it was easy to get.
Very quickly, I had more money available than I could use, and I got better terms when I eliminated Al.
I started paying 15% interest, three months prepayment penalty and eliminated the 10% brokerage because Al wasn’t the middle man. Then, a couple years later, I got a mortgage broker’s license and started loaning other people’s money to my real estate investor friends.
Of course, I got paid a fee.

But this letter is not about being a mortgage broker. It’s about finding all the money you need for your deals, so you can take advantage of the biggest foreclosure bonanza of our lifetime.
It’s also about eliminating Al, so the money you find has no middle man making the rules. You make your own rules.
FYI, today, I borrow money from ordinary people just like I did back then, except the interest rate is 7% and no points are added.
I don’t make monthly payments. That’s right. The interest accrues, so I have no mortgage payments to make. Imagine what that will do to your cash flow while awaiting a buyer for your house or after you install a lease option tenant and start collecting rent with no payments.
Would You Like To Do The Same Thing?
I decided to teach everything I know about private lending to all my students who want to learn. So, I held a 2-day boot camp called …
The Private Lending Boot Camp. I recorded the boot camp and now my Private Lending Home Study Course is available for you

Here’s A Short List of what You’ll Learn…

• How to seek out only the best prospects and prescreen them with one sentence. This does not involve running ads or otherwise wasting money.
• Every step to take once they say yes and how to make sure the paperworks gets done properly without your involvement.
• How to set the rules and decide what you’ll pay the lenders and make them beg you to take their money.
• How to setup an insurance policy to pay off your lenders if you die and leave your properties free and clear for your family.
• How to borrow money with no monthly payments to boost your cash flow.
• How to get all the money you want to do pretty house deals that require money for down payments or to make up back payments, even when the loan-to-value ratio is high.
• How to create an army of lenders who’d love to be your partner in bigger deals when they come along.
• How to raise big money with private placements so you can buy cheap foreclosures in big blocks or create a fund to make loans to those who do.

Hey, if you’re gonna make friends, you might as well make friends with people who ain’t broke.

Private Lending By Ron Legrand

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