Get Rich Quick! Sure!

Private lenders
Seminars can be a dangerous learning event.

You know a borrower just attended a get rich quick real estate seminar when they say:

5. What do you mean you don’t lend on residential real estate?  I got your name from an exclusive listing of lenders available only to platinum members

4. No, I am going to purchase property creatively.  I had $40,000 but I spent it on real estate education

3. As a lender, what can you do for me to help me reach my goals?

2. I formed an LLC and want to borrow $500,000 for working capital.  I have no collateral and won’t provide a personal guarantee.

1. Here is my business plan.  I plan to buy 10 houses the first year, 20 houses the second year,……………….50 houses the fifth year, and then live on the rental income.

And my all-time favorite –  “I’m going to report you to Carlton Sheets and you’ll never make a loan again!”

 

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