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Real Estate Lending: Finding Funding Recap
December 16, 2014
As our Finding Funding journey comes to a close, I wanted to do a brief recap of the previous article discussions. Over the past several weeks, we’ve discussed several different funding avenues for real estate investors. As we end this series, I wanted to recap the different avenues of funding and where one can locate these lenders or lending options. Remember this important reminder: it’s critical that whatever information you bring to the potential lender is legit. Whatever it is that you can do to separate yourself from the competition, DO IT! So, where does one find all of these lending options? Hard Money Lenders – HML: Visit my website at www.andrewcordle.com/lender where my team spent countless hours locating and listing lenders in every single state. Our list of lenders is the most comprehensive list on the web that’s freely available for all real estate investors. Cash/Credit Card: This is established monies you already have or credit that you’ve built previously. If your credit score is a downfall, there are several companies out there that specialize in helping. They help both repair your credit and open doors to future lending options. For the best in the business, visit Pathway Financial at https://www.pathwayfinancial.org/ or by calling 1-877-72-FUNDS. Private Money Lenders – PML: As we discussed in previous blogs, PML’s are tricky to find. They’re usually people who are in your immediate circle of influence. Self-directed IRA/401k – SDIRA: There are many nationwide and local IRA/401k companies in your area. Research these companies as they often have local events where investors become clients or just to rub elbows, network, and build bridges with other investors of like-mind. As I type this article, my team and I are preparing to sponsor the 2014 Equity University Networking Conference in Orlando, FL, hosted by Equity Trust. I’m spending thousands of dollars to sponsor and attend this annual event in order to network. Maybe we’ll see you there next year?! Joint Venture Agreements – JVA: JVA’s are very popular and can be found in your circles of influence, local REIAs, business networking events, Meetup groups, etc. If you were looking for money, instead of attending events for rehabbers, wouldn’t it be wiser to do as I’ve done in the past and attend events for lenders? If there’s one hundred rehabbers and only one lender, the odds are in the lenders favor and they can be as selective as they want. However, if you attend a lending event where there are one hundred lenders and only a handful of rehabbers, who’s odds are favored now? Do you see my point? This is how I find such great lending opportunities. This October, I will be sponsoring another event just to locate more joint venture opportunities. I’ve attended these events for years and have purchased well over $5 million dollars in single family home purchases. It works and I’m living proof. Two of my favorite events are held by pitbullmortgageschool.com and aaplonline.com. If you want money, you have to go after it. It’s not going to find you. You have to work to get it so TAKE ACTION! How do you present yourself in a way that attracts lenders? I use three simple things that provide me quite the...
read moreThe Kitchen Faucet “WOW” Factor (Video)
December 16, 2014
In this video, Andrew explains the importance of installing an upgraded gooseneck kitchen faucet. Many investors choose to install an inexpensive kitchen faucet and end up losing that additional “WOW” factor. ...
read moreRehabs Revealed: Merrillville Part 2 of 4 – Kitchen
December 16, 2014
44 Deerpath – Week Two – Kitchen The major change we made in this house was opening up the walls and headers between the living room, dining room, and kitchen area. This was kind of challenging as our contractor had to analyze the structure closely to figure out where the load-bearing walls were located. Home Depot glass accent tile added a major wow factor to this kitchen backsplash. The new kitchen layout offered much more of an “open concept” by removing the upper cabinets above the bar. There weren’t a whole lot of other options to enlarge the kitchen size, but we used an upgraded granite counter to enhance the kitchen area. Here are some of the SKU’s we used in the kitchen: Cabinets – Unfinished Oak Cabinets (387-246) Cabinet Color – Antique Tin (PPU 18-3) Cabinet Handles – 3″ Liberty Stainless Steel Bar Pulls (731-837) Backsplash – Paradise Bay (364-610) Backsplash Grout – Polyblend #382 Bone 10-lb. Non-Sanded Grout (123-851) Stove – Frigidaire 30-inch, 5.0-cubic feet with Self-Cleaning Convection Oven in Stainless Steel (548-983) Dishwasher – Frigidaire Gallery 24-inch, Front-Control in Stainless Steel (169-416) Microwave – Frigidaire 30-inch, 1.7-cubic feet, Over-the-Range in Stainless Steel with Sensor Cooking (533-524) Refrigerator – Frigidaire Gallery, 26.6-cubic feet, French Door Refrigerator in Stainless Steel (405-432) Granite – Meera White (Custom Granite Company) ...
read more8 Steps to Sure Success: Step Three – Know How
December 16, 2014
“I have been impressed with the the urgency of doing. Knowing is not enough; we must apply. Being willing is not enough; we must do.” – Leonardo DaVinci Ever heard of Harvey Penick? He is known as one of the greatest golf instructors of all time. He once authored a book titled, “Little Red Book – Lessons and Teachings From a Lifetime of Golf.” Harvey talks about life’s lessons and tells the story of his son-in-law’s pleads for Harvey to teach him the game of golf. Instead, he tells him to purchase a nice set of golf clubs and just go enjoy himself. Well, six months later, the son-in-law approaches Harvey and is disheartened. He tells him that he is terrible at golf and desperately needs his help. He asks his father-in-law, “when can I have my first lesson?” Harvey replied, “you already have it! You first needed to find out how desperately you needed my help. That’s lesson number one. Now, we begin on the others.” One of the greatest stumbling blocks to success is thinking we know how to succeed. If you can dream of success and if you have a personality that accepts the inherent risk of daring, your own strengths can blind you from seeing your ignorance! You must seek out the knowledge and wisdom that you will need to succeed! Tiger Woods is arguably one of the greatest golfers of all time and he still has plenty of “gas in the tank” to compete for many more years. Yet, he has a swing coach and in fact, has had several throughout his career. Any professional athlete worth his salt has a fitness trainer, a technique trainer, a sports psychologist, a nutritionist, and personal advisor. It may appear that their professional success is a solo performance on the stage, the fairway, or on the court; however, there’s always an army of knowledge-power behind that athlete’s “gifted” success story. Harvey Penick’s talent is taking naturally gifted golfers and turning them into great golfers. Knowledge is power and the “know-how” is priceless! There are three words that I want you to grasp with your mind and “know-how:” KNOWLEDGE – the accumulation of facts UNDERSTANDING – the ability to distinguish between various shades of gray and to discern or see the subtle differences between one piece of information and another WISDOM – the mature knowledge of experience when the facts and the understanding are put to use at the right time and the right combination “Facts” or “knowledge” tell you how a golfball flies through the air. “Understanding” helps you produce the desired effect on the ball depending on your stance, grip, or swing. “Wisdom” is knowing when and where to use your skill. Many of you are involved in real estate investing. FACT: a majority of millionaires in the USA made their money in real estate! But that fact doesn’t make YOU a millionaire. Facts will tell you there are real estate developers, real estate brokers, real estate speculators, real estate agents, real estate investors, real estate “flippers,” real estate bankers, real estate landlords, and real estate owners. Knowing all the facts about each one of these won’t make you a millionaire either. But if you learn from experienced people, you...
read more8 Steps to Sure Success: Step Two – Virtue
December 16, 2014
“Few men have virtue to withstand the highest bidder.” – George Washington The first step in our journey to success is “vision;” the second step is “virtue.” The word “virtue” is derived from the Latin word “virtus,” which carries connotations of “valor, excellence, courage and worth” and are perceived as strengths. It can be defined in two different ways: conforming to a standard of moral excellence having the moral power to accomplish a given effect Both of those definitions deserve an introductory look for our pursuit of success. Everyone wants to succeed. We have seen our objective and we know the destination, but now we must make some very important decisions. You must first decide that whatever it takes for you to achieve success, you’re willing to do it the right way and give 100%…do not cut corners or make wrong/immoral decisions just to achieve your goal of success. When you reach your goal of success and are standing in the “winners circle,” you want to know in your heart that you earned it; that you deserve it and did not cheat yourself or anyone else in order to get there. Personally, I’d rather earn it and deserve it rather than achieve success without earning it. Far too many people, in life and in business, accept that moral comprimises are part of the system. Let me say this bluntly – At the end of the road of life, when your journey is completed, “who you are inside your heart” is more important than what you have gained or lost! Never sell your morals for success…it is wrong to do so. Success is attracted more to the person of integrity than the person of fraud. Every day, I turn on the news and see examples of people who are obsessed with success and sold their moral integrity in order to achieve it. I’m not talking about honest mistakes or even a moral stumble. Im talking about those people who make a decision from the get-go to lie, cheat, deceive, or take the immoral short-cuts to achieve success, regardless of who it affects. This wounds our spirit and injures our code of excellence. I say this to you: Show your moral courage from the beginning and maintain it until the journey is complete. Everyone must have a moral compass that points true North. If you don’t have one, you better work for someone who does! You must also have the moral power to accomplish your goals. Positive success is dictated by moral strength, moral justice, and moral force. Many men and women cannot be honest on their own – they deceive themselves. Many others cannot be honest in front of crowds or peers. Then their are those who can only be trusted when they are under the watchful eye of their leaders. How does your moral force impact those around you? How far does your moral energy flow into the future and what does it leave in its wake? The rules of life and success are important and those who succeed must win by playing by the rules and within the boundaries of right and wrong. Success will be all the sweeter for you if it is honest gain and results in honest reward....
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