Banks require you to sell your soul; forcing you to sign your entire life away. For that reason, I utilize Private Money Partners to fund real estate purchases. They usually source the funds from a truly Self-Directed IRA.
Before onboarding a new Private Money Partner, we have a series of “come to Jesus” conversations.
I look every one of them in the eyes before we do our first transaction and relay to them that I have 2 rights when they provide funding for me to purchase a property. Every day that I’m using their funding I have 2 rights and if I exercise either one of them, I am a man of my word and a man of integrity.
- One is, I can pay as agreed
- Two is, I can give him/her the deed to the property and it’s within the rules…any day I want
So if the Money Partner doesn’t like the collateral (the property)…I insist that they do not fund the purchase. Even if we’re at the closing table, just put the pen down.
Plain and simple.
*********************************** If you are reading my blog for the first time, let me inform you that… My company buys single-family houses and I write this blog weekly which is primarily directed to educate 1 group of individuals:
Individuals who are losing their shirt as a result of the “roller coaster” volatility of the stock market and low paying rate of other traditional investments, i.e. people that are looking for an opportunity that’ll provide a secured place to put their money to get it working for them to earn better than average returns.
However, oftentimes, homeowners that need to sell their house, stop by to take a peek because they are curious and wondering how and/or where we get the funding to purchase houses. And if they stick around long enough, they begin to understand why individuals partner with us to provide the funding which empowers us to be able to purchase real estate on a continual basis. Simple, it’s because we teach them a secured way to earn better rates of return than they are currently earning.
So everybody wins. It’s a WIN-WIN-WIN !!!
Request your FREE Education Kit if you are interested in learning how passively investing in real estate may help place you in a better financial position.
Disclaimer: This site is intended for educational purposes only. I am not an accountant, attorney, or licensed financial planner. While the information I’m writing here is based on many years of experience buying houses that doesn’t really constitute professional advice (since everyone’s experiences and situations are different).