DG's Private Money Lending Program

Rick I was wondering the same thing.

A few weeks back he said he was going to test it in five states, if you were in one of those five states you would receive an email. Nobody I know has gotten the email.

If anyone has let us know.

Haven't heard anything here.

Just the same as James, I heard they were testing it in 5 states to see how it works, that was a few weeks back.Thats all I have heard.

Curtis Fillers
(Charlotte,NC)

about that too...

I think it would be a win win for everyone.

Maybe some will hear about it at the Edge 11...

Valerie

There is a lending program being blasted but you have to pay like 3k to join and then you have to pay for other costs and then split the deal. At least that is what I get from what they are advertising.

I know someone who is doing hard money lending but it is expensive.

I think like 20% down plus points.

The person I know is an affiliate but if you have at least that much its an option.

I am looking forward to this program as soon as DG shows it. I know he said it wasn't for everyone. So I am thinking it will be along the same lines and the one being blasted now.

Karen and Brandon won the scholarships. peace

Masseur07

That was me and I am not one of the DG colleagues, just plain old Jim. The two winners were anounced but I did delete the thread after a week or two.

I haven't heard anyone comment on the five states that were going to be used for the beta test of the private money. Just waiting.

Such programs are really not all that uncommon. I would clarify how the $3,000 is used, though. It's likely it's used to fund the fund from which properties are bought, and, of course, you would want to make sure you got that back on your first deal.

Of course, get everything in writing. If someone is not willing to write up an official agreement and even a contract with you...forget it. In fact, you should run like hello.

I've seen other such programs and typically the finder (you) pays $3,000 to start working with them. I understand they want to know you're serious, and this really isn't all that unusual. Then, you learn their way of doing things and what they are looking for (to invest in), again proving you're serious. When you actually find a property, they pay you back $1,000.

Then, they take over and do most of the hiring (of contractors for renovation). When the property is resold, preferably at a soft price, then the profits are split 60/40 or something. The split is different with different with different programs.

"Soft price," means to sell a house at below fair market value, so that it would sell quickly. If one wants a flip to go fast, they really should reduce the price by $2000 every few weeks or once a month for a fast sell, as all of your costs and profits are rapped up in the property at that point.

As a real estate agent, I would want a listing agreement up front, stating that I was going to be teh agent that the house was listed with for resale, like in MLS, etc. It would give me an additional %3-6 profit/commission.

How DG's private money lending program will compare to this remains to be seen, apparently. But, I reckon it will be a variation of this plan.

Now, having said all of that, if I had $3000 to get started myself right now, I definetly would not spend it this way with Dean or anyone else, as I am not willing to risk the $3,000. I would let the investor take that risk, if they chose. Of course, I would still ask for a $1,000 finders fee. I'm not going to pay them to work with me, although the opposite might be true.

I would take my $3,000 and purchase 2-3 tax lien certificates and possibly houses in a pre-auction status. Reason? I would get all of the profit at resell, and I would not have to split anything with anyone. Also, there is absolutely no risk, and there is a government guaranteed return on the investment. If I'm going to put $3,000 out there, I want to know that I can earn $4,000-$4,500 back, even if I don't take possession of the house from the county.

Hi Rick.
Guys & Gals! You have to pay real close attention to Deans weekly Blogs. He briefly brings pieces of it up mixing it in with another subject. Mostly he is still working out the details is what he is saying and promising it asap.

We'll pay closer attention, but I sometimes wish he was more to the point. I know a bunch of people need motivational speeches, but I need 'just the facts, Sir'. I'll get my motivational speeches elsewhere, I need facts about how to make my business work when I visit DG's site.

I wonder how I edit this little footer below this message to include a link to my websites?

OK, I got the signature changed.