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FINDING POTENTIAL INVESTORS
By Joel S. Pate
In the last article, we discussed an example of a rehab loan with your real estate agent buddy as the borrower. Now, let's take that one more step.
How many of your real estate friends, appraisers, title company owners have good credit, a working knowledge of the market, and the desire to invest in real estate? If you don't know, you should find out.
But first, you must know the products. If you read my column often, you will find that I continue to harp on this one simple fact: Know who you can loan money to by knowing your products. That is the key. Knowledge is power.
So, now let's discuss a strategy for finding the customers. Start with the real estate agents that are sending you business or better yet, use this as a leverage to get into a real estate agents office that you have wanted to do business with.
Your script: "Hey Bob, this is XXXX from XYX mortgage. I have a number of loan programs for investors to purchase homes and fix them up. Actually, I am thinking of purchasing a home or two myself - or- (Actually, I have a few customers that are interested in purchasing a rehab.) Can we get together to talk about the specifics?"
I will assure you that you will get in the door.
Once in the door, you must know what you are talking about. That means that you know two or three loan programs, you have reviewed your lender's CP construction manual, you have attended a couple of CP training conference calls, and you have reviewed your lender's training material.
If you will commit yourself to knowing the program guidelines, you will be successful in finding new real estate agents to purchase homes using your services, and you will open the door to the investment real estate world, in your community, that you didn't even know existed.
For more information about one-time close construction/rehab permanent loans, feel free to visit: www.vadiumgroup.com/cpexpert.php
Dedicated to coaching YOU to CP loan success!
Joel S. Pate
Joel S. Pate, a dedicated entrepreneur, has spent more than two decades in the building, mortgage, and real estate industries and has been involved in over $100 Million in construction loans and over $4.5 Billion of residential lending.
As the CP LOAN EXPERT columnist, Mr. Pate provides straightforward, unbiased advice about every aspect of construction permanent lending. If you ever wanted to unravel the mystery surrounding new construction lending, then you should tune in.
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