Alfonso: Welcome back REITE Club community to another episode of The REITE Club podcast. I'm Alfonso Salemi. Today, I am with Sarah Larbi. How are you, Sarah?
Sarah: I'm doing awesome. How are you buddy?
Alfonso: I am doing great. Feeling good. It's a new month. We have an amazing podcast with Susan Flanagan today from Private Money for Mortgages.
We're gonna have a great chat with her about a lot of things coming up so if you're looking to invest some of that money and that's what we're gonna talk about today, how you can invest some of your money, how you can borrow some money to get into your deal. Susan has a great wealth of knowledge for that.
She's been a longtime supporter of the REITE Club. She's helped out so many of our members and just is such a sweetheart of a person, gives it to you the truth and gives it to you. You know what you need to hear, not necessarily what you want to hear, but what you need to hear. That's what this conversation's all about today.
Sarah: Absolutely. Don't forget to leave a rating and review. If you do enjoy these podcasts and check us out @thereiteclub.com. If you wanna check out our events online and what we are up to forward slash events, but on that note, let's bring in Susan, welcome to the show. How are you?
Susan: I am excellent. How are you doing?
Sarah: Good. We were just talking a little bit before we pressed the record. It's definitely been a while. Last time you came on, it was prior to the pandemic and obviously things have changed quite a bit.
Even just from a private lending perspective, a private borrowing perspective, there's just probably a lot of changes that we could talk about. We're happy to have you back to give us an update of what's happening these days.
Susan: Yeah, I'm excited to share because lots has changed in the last couple years.
Sarah: Before we talk about the changes. If you could just share your background. You've been on the show a few times now, but if you could just share a little bit of what it is that you do so that everybody's on the same page.
Susan: Okay. First and foremost, I'm an investor just like everybody else. I've been investing for many years. Along the way, I started lending my own money out there to different people for mortgages. It snowballed that then I got my license and as a broker, now this is all I do.
I now have my own brokerage and it's private money for mortgages and I only specialize in private lending now. I still use private money for my deals as well. I'm on both sides.
Sarah: Can I ask just like on average, like where in 2020, the average rates are.
Susan: They haven't changed a whole lot okay. In the private space. Because pretty well first mortgages and you can hear numbers out there that, oh, you can get a first mortgage as low as say 6%. At the end of the day, those that are lower interest rates usually have a higher fee attached to them.
Generally speaking, you're gonna be seeing between 7% and 10%, second mortgages between nine and sky's the limit, but for ones that aren't too risky, say about 13%. Sometimes we can get a second at eight even, but what's changed a lot is maybe not the interest rates, but more of the terms that people can use because as I try to tell people all the time, don't get hung up on the interest rate. Especially when you're using private money, it's for short term needs and those are annual rates, not monthly rates.
Sarah: Being able to have no prepayment penalty or, the upfront costs and all of that stuff. I think it's probably very similar to even a mortgage, right?
Like who cares about the rates? Whether it's 2.5, 2.6, but what's the flexibility? What are the terms? Let's talk about that then. What has changed with just everything as a whole, in addition to the terms or what the terms are.
Susan: First, I have to say a lot of lenders now. Some of the bigger lenders, especially in the private space, have learned to recognize that real estate investors are a big deal. Like that we as investors can bring them lots of business, if they will treat us properly of our needs. I'll use say doing a flip , usually the biggest deal that's important to you is that you don't have as much cash to layout. That you maybe even could if you can't balloon your payment at the end that maybe you could do partial payments that lender things like lender fees could get capitalized into the mortgage that there is no prepayment penalty. Like you just mentioned, there's lots of things. What I have been able to do over these last few years here is go, okay let's negotiate with these guys.
You want more business? Do you want investors? These are great people because they're gonna be repeated. If you can bring them. Good terms. I'm constantly doing that with the lenders. There's no cookie cutter but there are some lenders that have a cookie cutter program to start.
Sarah: I'm interested to know why that changed. Obviously, we talk to each other, we are short, we always say we're like one degree of separation from each other. We always know somebody that knows the other person that we're referring to. We are a tight-knit community.
But what changed? Like why did they not care about working with investors before?
Susan: You know what? I think I'm backing it up, I think because they've recognized investors are educated. I mean in the past there's been because private space has always been the wild west.
If anything goes there's been people out there they just throw mud at the wall. They borrow what they can't like. They have not had a proper game plan. They haven't looked at all the facts, but for the fact that people like yourself are out there educating people, the REITE Club, educating people.
If lenders are now recognizing that, okay I'm a little more comfortable to lend on. Let's talk about the after repair value versus how the present value of the property, things like that. There's just something I gotta tell you when I started lending my own money and looking for private money, I was hard pressed to find it and define people to lend. I'm talking in the early two thousands so we've had time for private money to become more mainstream.
Sarah: I feel like now private money is so much easier to get. I almost think it's easier to get than even two years ago, it's just everywhere. Everybody's got money, whether it's registered funds or just cash.
They wanna make a return on it. Or we've got bigger companies that are doing this as a business. But I think right now we have a deal issue, where it's hard to find deals. There's not a lot of inventory. What are you seeing? Obviously you're seeing deals come through, but what are people lending on these days?
Susan: For real estate investors mainly flips and the birth strategy are now, however, having said that I'm doing ones that are like higher priced ones your multi-families, even commercial ideas because it's still the same story happens that you can get a deal closed much quicker, much easier with private money.
In order to get the deal. There's the other part of it. You have to be able to pull the trigger right away with knowing your financing in place and be able to close very quickly. People are turning to private money first, even though they could qualify at the bank in the beginning they just wanna get it under contract.
They'll look at refinance after Yeah, for the most part investors are still doing the BRRRR strategy and flips. But right now, too, the other thing that's happening, a lot of people are looking at wanting to refinance as quickly as possible. They're doing things like taking out a second mortgage on a property, cleaning up their credit and so forth, and then doing the refinance to pay it off.
Alfonso: Yeah. When you're working, with real estate investors and there's all different types, like you said, flips and BRRRR's and all different types of strategies that they're investing on, what are some of the options that are specific for real estate investors that you can provide for them or that you're bringing as an option to them.
Susan: Okay. Obviously we have to, every deal can be different and is different. But for instance, I have lenders that will look at the after repair value. That's key if they're comfortable to see that you're going to be profitable once you buy it, renovate it and either whether you're gonna refinance it or sell it.
Either way or, and as I suggest to a lot of people at that point, you might even bring in a joint venture partner. Don't do it beforehand, do it after you've done the renos. You can come in with a lower down payment. I have a couple lenders actually that will let you come in with $10,000 down payment.
Another one with a $20,000 down payment, others with say $40,000 minimum down payment, but they'll give you better terms. Of being able to capitalize your fees there, plus do a partial balloon payment as opposed to having to pay your monthly payments. Again as long as they feel secure because of the type of property and the location all of that still needs to get bed in properly.
Sarah: Absolutely. Obviously there's newer investors listening to this and then there's investors with large portfolios. I think as the more that you do this, the easier it is likely going to be to get private money because you've got other assets and you've got other things that they can leverage on.
How is somebody that's brand new? They have a deal that is a BRRRR or a flip, how do they get private lending or private money if , let's just say they have only $50,000. Is that an option for them?
Susan: That's a great question because it depends on the property we look at. What I'm really suggesting to people these days is don't try and make that assessment and then call for a mortgage. Call let's brainstorm together before you even put an offer in on it. I can give you some other suggestions or ideas because let's face it, couples of people brainstorming the same things.
You can come up with different scenarios. Especially somebody brand new, trying to figure all this out. I'm gonna ask them a ton of questions about themselves. What kind of people say, if they have $50,000 up front they may think they don't have access to other money, but by the questions I'm gonna ask, we'll assess that further.
Also to show them how much they could afford to do then if they only have 50 where they should be looking and what they can afford to do. It's getting tougher now with the lower amounts, because as we know the market's nuts, it's gone crazy. But the deals are still out there. I am seeing some incredible deals come across my desk.
Alfonso: Susan, you mentioned obviously the speed and like basically how rapid things are going and being able to get those deals that are out there, and there are still opportunities and plenty of them out there. What can somebody that's looking for private money do?
You said you're asking them a lot of questions, getting to know what's something that they can stock prepare so that when they're coming to look for that money they already know the questions that you're gonna ask or have those things prepared that most private money lenders will wanna have, information about what are the top few things that, every investor should have ready to go. When they're looking for private money, they can say, okay, check. This is what I need to have prepared so I can have access.
Susan: Good question or because when it comes time for them to get the mortgage, we don't have time to go through everything. I'd rather have them prepared. That's why that initial discovery call is critical.
During that time I'll also send them what I need from them, it doesn't matter where I'm taking what lender I'm going to. You're always gonna need an application. Get that out of the way. Let's put that, get it done. Have your consent ready for you to pull your credit?
I am not pulling credit on people until it's time. Documents that you need and for anyone listening, that's new to this space. It's not nearly as involved as it is with the banks. In many cases, all I need sometimes is just your notice of assessments. I also need to show a lender that you can service the loan.
We need to see that you have the capability to pay the monthly payment. Okay, and so that's again, why I wanna have the discussion up front, because if you can't do that, we need to pivot and go, okay, then I'm not gonna take you to lender A let's look at lender B and I, because I know all these different lenders, what they'll allow other things that they'll need sometimes we'll need an appraisal on properties.
Sometimes we don't. That's something in that initial discussion, knowing what they're doing where they're looking at, but let's face it. If they're doing ones that are gonna have bidding wars, which I don't know any that aren't now they have to be prepared up front . Even if it means you don't have a property, you call, we book a discovery call so that I can get to know you.
You get to know me. To see where I can help.
Sarah: That's okay.
You mentioned deals, you're mentioning that you're seeing some great deals. Like Alfonso said, and I agree there's always deals to be had. I'm just curious though, you're seeing lots of deals come through. Are you seeing them often just off market, like people canvassing themselves buying from wholesalers when you're seeing these awesome deals, obviously on MLS there's 10, 20, 30, 30 deals our offers per property right now.
Susan: I am seeing both, but I'll be honest. I'm seeing a lot through realtors because a lot of people are looking for that lower price at the beginning, instead of looking at how they can increase the price, give the property a lift on the property. There's one that just recently was done. I forget what they paid.
I think 4 90. They turned around and in the end they didn't even end up doing rentals and had their realtor put it right back on the market. They made 170,000 . But there's I could, yeah, we could spend the whole time going through the deals.
If I had them all, lined up to show you the numbers. Yes, but then I have clients that are getting frustrated because they're putting offers in, we are going through them beforehand. They're ready to pull the trigger and then somebody scoops them out from under them because of the bidding war.
I'm the biggest thing that I wanna try and show people is let's look at the highest price you can go in with and still make a profit. We need to run those numbers together, like to really look at it closely. Some people are still nervous to push that. They're frustrated because they didn't win the bid.
It's you gotta know, look there's one right now that I'm actually looking at, it's listed for 7 99. I believe it, and I'm just researching it right now and it's in Burlington. That's unrealistic. My guess is it's gonna go well over a million, but the after repair value that right now I'm researching. It's okay, will it go to 1.4 or 1.5? You just get, knowing all your numbers before you even go. But they're out there still, and they're not just through wholesalers.
Alfonso: For all those that are looking at this and saying, okay, great. Yeah, that's the list price is gonna be going way over asking the actor for repair value.
When is private money? Not a good idea when I'm sure you've had plenty of people come across your desk and you're like, listen, we'd love to do this deal, but this is not the best option for you. There are other options or better sources of funds out there. Can you give us some examples, cause some people are really lining up and ready to go and say, Hey, I get this private money, but what are the times that we should not be looking at private men.
Susan: The main thing that I'm seeing is that for the person in, like you say, they're anxious, they just wanna buy the deal and they are not doing they're behind the scenes homework. Like they should be. When I run all those numbers and throw them at them, they go, oh, I didn't think of that.
I'm thinking if they had jumped into this. Without getting another person's view on it, prior to getting it under contract they'd have lost their shirt. There are times, definitely not that private money won't work. Another thing when it won't work for the person like Sarah asked a few minutes ago, if somebody only had $50,000, could they do it?
Yes, they could. There's ways we can look at it, but the person that literally has no money and wants to try and get in. Private money probably won't work for them if they're doing it all by themselves, because you have to have some skin in the game still.
Sarah: That's one joint venture partner would be an option, right?
If they have a great deal, that for whatever reason is not on the MLS, like off market or they've canvased it and talked to the seller directly. That's probably your best bet to get in there. Many times you see all of these, like in the US, mostly like videos about how to get started with none of your own money and be rich quickly. That is really difficult. It never gets rich quick. It's usually over a lot of years.
Susan: Yeah. Actually, it's funny. I get these calls all the time. Just have one this afternoon. This gentleman he's getting the property with a vendor take back, the seller is gonna put up 80% and he's calling me for the last 20%.
You can imagine what my first question was. Do you own other properties? Because what smart lender out there is going to lend the last 20% and that person has no skin in the game. They're out there. There are ones that will do it. There are far and few between.
Sarah: It's easier even if you own your primary house so that they have some leverage for sure.
Or if it's like a slam dunk, amazing deal. That is just even, maybe even from the purchase. I know it, it would be tough.
Susan: You know what Sarah, the other side to that, they don't have to own their own house, I'm, sorry, I cut you off. When I thought of it, I just did one, not too long ago, a young, new investor, he's in his twenties, but his dad has been doing stuff for a long time, but his dad was good enough to say.
You have some money, you can't do it, but I will allow my house. He didn't have any money. That one didn't have any money. I will allow my house to be the collateral. You see, but his dad wasn't on the deal. Like he wasn't purchasing. There's so many ways you can look at, if somebody is open to thinking about all the opportunities, they don't have to know them.
They just need to know who they should call to brainstorm them. That's where I've made it clear to people. Yeah. Call me ahead of time. I spend many hours on the phone and Zoom meetings with people. More or less educating them so that when the right property is there, they're ready to pull a trigger just like that.
Sarah: I think in this market and then Alfonso, sorry. We're like talking at the same time, but it's more of just so common than Alfonso can ask his question, but I think, as long as you have an exit strategy, like you have to know how you are exiting a deal that is costing you 12%, 15%, 8%, cause you don't wanna be holding that for years and years.
Like these are quick deals with private money you're in and you're out, you're doing a BRRRR, you're doing a flip or you're doing some kind of conversion or adding value in some way with an exit. What I worry sometimes is people are like, oh, money, free money at 9% money at 15%. You don't wanna be keeping that.
What is the strategy to get out of that money? Is it to sell or is it you're refinancing with an A lender, a B lender, like conventional financing. Just always something and, in a market right now that the interest rates are so low, that's great, but once things change and they will, at some point it's cyclical and rates start going up and, just make sure that you have an exit strategy that makes sense and a backup exit strategy.
Susan: You know what, that story's never changed even when we say interest rates were higher, when we say higher, what maybe two points it's not as bad as people think, but the main thing I've always told people is that you have to think about. Put your lender hat on for a minute. What a lender is looking for they first off need to know the story. That's why it is so critical that whoever is calling for a consultation on it. I need the whole story. You don't give the little bits and pieces because they can't really give you the real truth of
The story is critical to a lender. The property, of course, we're looking at not just loan to value where it's located, how marketable is it? Things like that. like you said, Sarah, the exit strategy, and if there is no clear exit strategy that goes back to what Alfonso's question was. When is there a time that people should not be doing using private money?
That is one of them. If I can't see that you have a good exit strategy. Why would I let you get into this mortgage? Because the last thing I wanna do is see that you go into default. You just don't want that to happen.
Alfonso: That's a great point. What I was gonna say earlier was it's so important to have someone like yourself, Susan, that acts as an advisor, that's looking at the full picture. It's not just about one deal. You don't wanna do one deal. That's gonna stop you from doing several, right? For you to be in the corner of that investor and give that advice and share your expertise on, what the pitfalls might be or where the booby traps are. I wanted to kinda flip the script a little bit.
For those that are maybe looking to lend their money, Borrow the money, but to lend their money, right? Because, obviously it's headline news. It's on the cover of real estate. It's the best investment, all that kind of stuff. People are, don't wanna miss the trainer.
Don't wanna miss the boat. It's the peak of the market. What are you telling investors or people that are coming to you and saying, Hey, I want to get my money working for me, I'm sick of the low returns that I'm getting in my mutual funds are RRSPs. I wanna work with them, but I don't know what to do.
I don't know where to go. I'm not good at finding deals. I have somebody that I wanna lend. What's your advice to them or how are you guiding them through that process?
Susan: Now things have changed for me as my brokerage has grown. I used to be able to bring on people with even as little as $50,000. And would help them that way.
We would put numerous people into one mortgage that is not working anymore because for a number of reasons, it gets too costly for the borrower. It gets too complicated for everybody and you can't pull the trigger as quickly. Okay. I can only speak from my brokerage point of view.
I get lender, people call me all the time wanting to be lenders, but now we've had to change the amounts that people can come on board with because first a lot of the business that investors need private money for is first mortgages. First mortgages are much higher now.
What we've done now, In order for someone to come on board as a lender, we've said you need at least 500,000. It used to be 50, used to be a hundred, then it was 300. It's just, we have to be realistic because the last thing I want is for a lender to be on your list. You're telling them. I'll get your money out there and you can't. Because they just don't have enough. Now I know different brokerages have different rules. Some people are lending directly to each other. The only thing I say about that, and I always have, is just make sure if you're the lender that you know what you're doing.
It's not totally risk free and you need, if you're not comfortable to do it on your own you should be going through a broker and most brokerages you can let it be known that you have funds that you wanna lend, whether it's cash, whether it's RRSP money could be TFSA money, any registered funds.
That's a whole area in itself that people can get educated by calling even the different trust companies directly to ask them how do I get this set up? If I wanna put my money into mortgages, it has to be through a trust company.
Sarah: Olympia trust, no longer community trust. I used to be with them and I got a letter saying they're transferring everything over to Olympia. I think Western Canada trusts me.
Susan: Canadian Western trust?
Sarah: They're still around. And Olympia is still around.
Susan: You know what, there are lots of trust companies out there, but those are the two main ones that people work with.
Sarah: Got it.
Susan: Those are the only two that I work with. Again, like I say, it's going back to Alfonso's question. Somebody wants to be a lender in that space. One huge suggestion that I would make is by the book called the RRSP secret. Greg Habstritt I think is his last name. That book was written many years ago, but it is still as relevant today as it was then, because it's gonna teach you to understand that you're now becoming the bank, whether you're using registered funds or cash, it has no bearing. The concept is in there for you to learn.
Sarah: Absolutely. Awesome. We're gonna pivot a little bit and one of the questions that we had that we wanted to ask you, because obviously Bill 108 in Ontario has brought a lot of opportunities, I think for investors to be able to add additional dwelling units and third units and all that good stuff.
You talked about lending on first mortgages and looking at $500,000 at this point for somebody that wants to loan. What can you give us in terms of insights from private mortgages when it comes to the secondary dwelling units or additional dwelling units?
Susan: Private money is definitely helpful there because you can use private funds to get the ball rolling.
Actually I'll use myself as an example. I'm in the midst of doing, I have a property right now that is I'm duplexing. Once it's duplexed, then I'm looking at building the secondary unit and then I will go back and get financed as a triplex. Even though for a commercial mortgage people think of five units and above, there are ways and times that a triplex could fit in there.
That's something but yeah, using the private money for these, that's a great solution. Why not? Now if somebody doesn't have enough equity in the property, they're gonna be adding that secondary unit.
Again, if they can, that's where the discovery call comes in because there's different ways we can look at how can we brainstorm to get you the funds to be able to do this because your ultimate strategy in the end is to get the whole property refinanced, including this new unit that you add.
Sarah: For sure. Can I ask, like where you loan, do you loan across Canada or do you have specific areas?
Susan: It was initially just Ontario. Now I can loan in Alberta, NBC. I'm just gradually getting that I can be in other places, but I also have avenues that I can loan outside Canada.
It's changing other things that are changing with, I don't know how many people are into cryptocurrency, and following blockchain and stuff. Like all of these issues impact private lending in a positive way. It makes it that's a whole topic in itself, right? That you could be talking about the person I've done a couple mortgages now where the person, their only asset.
A lenders, B lenders don't like that, but in the private space, that kind of thing it's changing and I'm working hard to make it more available to people and those that have cryptocurrency to see how that can work into the deal. Could that work into that? That was part of their down payment, things like that. The private world's a totally different world than the banks.
Alfonso: That's pretty interesting as things evolve and continue to change. Maybe this is too early to ask this question, but have you done any private lending on digital, real estate? In the metaverse or anything like that? Or has there been any talk or anything like that within the brokerage? Cause I know people are now buying virtual houses and virtual somebody, I think stoop dog's neighbor's house sold for a million dollars on the metaverse. I don't know if that's crazy to me, but I'm not sure if you've had any of those types of questions yet.
Susan: The whole concept is definitely being talked about and being looked at. What I'm noticing is that many people in the mortgage industry. In the mainstream of your A and B lenders. I'm not saying they have their head in the sand, but they're not listening to it the same, but I am definitely listening to it because I know lots of private lenders like I say, because you're dealing with an individual lending their money and an individual needing their money.
If both of them are savvy in cryptocurrency, Hey, Bob's your uncle as time moves on and especially understanding more where blockchain's gonna help with things. Actually, I hate to say it, but I think the whole concept is moving forward and I'm learning as I go here.
I think it's really gonna put a lot of us mortgage brokers out of business down the road, as well as take away a lot of business that lawyers do right now. Because you won't need that second, middleman the same way, but it's very interesting. I don't know how I got onto this, but I think for all of us to keep it in mind, that moving forward with the cryptocurrency is gonna impact the real estate industry period.
Sarah: Interesting. I can't speak about it. I just haven't done enough research yet, but it is actually very intriguing to hear, professionals like yourself, combining the two and you're right. If the borrower and the lender agree and they agree on the terms and they agree on the how and all of that stuff. You're just facilitating the introduction, in a way.
Susan: Yeah, it does get more complicated in some aspects, depending on what they wanna do, because when you talk with, once it hits the lawyers and so forth, so it's still in its infancy.
I totally believe there's lots of room for the real estate industry to benefit from cryptocurrency.
Alfonso: Absolutely. We have to be aware of it. I'm sure years ago, when those were The REITE Club rooms, we were talking about different ways of investing and all those types of things that seem foreign or unique and look now it's becoming very common and I've heard of recently as 25% of purchases.
Now, these days are for my investors. At least that's what the government's touting anyway. But Susan, it's amazing that you're giving that advice. You're sharing that knowledge and you're learning and researching along the way as well. Putting those pieces together.
At this stage of the podcast, I think we're ready for the lightning round. So Susan, are you ready to get into the lighting round?
Susan: Okay.
Alfonso: All right.
Sarah: Here's question number one. Susan, what is the best advice that you have ever received from another investor or at a networking event?
Susan: Best advice. I'm gonna go right back to the very beginning to just get involved. Be no that I received.
Sarah: Yeah, what's the best, have you ever gotten some advice from a mentor or somebody at a networking event or another investor that you're like, oh, wow, this is awesome or it could be any advice that you wanna share with us at school too.
Susan: Okay. Really to not just get hung up on, there's only one way to do real estate because as people get started this may start off. Sarah, you did start off just buy and hold. We start there, but to recognize. Oh, my gosh, the sky's the limit of so many different ways to be involved in making money from real estate and be open minded to that.
Alfonso: Love it. Great answer. Question number two. What is your favorite resource for a real estate investment? And that could be anything. Book training, a person knows an event. Favorite resource.
Susan: I still like to read. My favorite resource is still reading, but it doesn't have to be a book. It could be reading things. Through different social media and stuff, but I don't think honestly, that's a tough one. Alfonso, because I think it's a combination of everything you have to really be open.
You learn from other people, you learn to protect yourself from things that other people say as well. You're learning from books. You're learning from doing. If you're gonna read things, if you don't put it into action, it doesn't do you any good. I didn't really answer that clearly.
Sarah: It's everything. Obviously what you put in between your two ears is critical and that establishes your mindset and your education and all of that good stuff. It is a great answer. Number three, Susan, what is the one attribute and your opinion that has made you most successful?
Susan: I would say that I am very open minded and I do not stop. I've been investing in real estate for many years in different capacities and it's constantly changing. If you're not changing with it or open to other concepts than what your initial belief is, I think you're gonna get left behind.
And I still feel that way.
Alfonso: Absolutely. Gotta keep reinventing, keep learning and keep going. Last question. What do you do on a typical Sunday morning? What are you getting up to? What does your Sunday morning look like?
Susan: These days, it's all the same. During the pandemic? I just like to think of my Sundays to chill out, to relax to not be, to fill in my brain with real estate, with mortgages, because I could be working 24/ 7 and I have to just calm down and I just have my quote for breakfast, Friends. I just might relax and sleep in.
Sarah: Sounds awesome. Susan, where can the REITE Club nation reach out and find out more or borrow loan money with your company?
Susan: As I said at the beginning, my mortgage brokerage is called private money, four mortgages with the number four.
The website is the same.com you're probably best to get a hold of me through the website everything's on there. I also have a free download for people on a guide to private mortgages. It starts off the conversation, especially for somebody that is new to the whole concept, which let's face it.
Many people have no idea how important private money can be for their real estate journey.
Alfonso: Amazing Susan.
Susan: I'm on social media.
Alfonso: Yeah, of course. Thank you so much Susan for being such an amazing member of the REITE Club community. You've been a huge support to many of our members to definitely ourselves as the founders as well, too. Yeah, for all those who get in touch with Susan, she's been great. Thank you for everything that you do in the real estate community and looking forward to many more chats down the line.
Susan: All right. Thank you. And thanks so much for having me guys.
Sarah: Thanks, Susan.
Susan: Okay. Take care.
Sarah: That was awesome Alfonso. Susan is a wealth of knowledge when it comes to private money. That is what she does. If you have money alone, if you have money that you want to borrow, if you want to figure out how you can get your next deal, reach out to Susan. She's got many options, many lenders and many different avenues that she can help you maneuver through the financing and the private financing along the way, Alfonso, any key takeaways that you wanna share as we wrap up.
Alfonso: Yes, absolutely. Having a trusted advisor, somebody that can walk you through the path of borrowing private money, getting that exit strategy, having all that stuff prepared. When you are out there and you are looking for that deal and you can feel confident in those numbers, even how she described what's the maximum you can pay, figuring all that out, practicing.
Don't practice on real deals, cause you might lose them or get into a situation where it's really tough to get out of. Having that knowledge, having that information, getting on that call with her way before you need that money, that's the biggest takeaway that I could probably share and go back and listen to that.
It's so important. Have those conversations. Being ready so that when the time does come, you're right there, you're ready to go. You're feeling confident to move forward and not, unsure or maybe saying, Hey, do I need this? Or do not, or maybe rushing three steps that maybe get you into trust and trouble. Definitely. You Susan as a trusted advisor and reach out to her.
Sarah: Make sure that you have an exit strategy for the money that you are borrowing, you don't ever want to be caught with expensive money for a very long time. These are quick entrances, quick exits you do wanna have an exit.
Is it to sell? Is it to refinance what it is? What is it? And then have Susan come up with your plan and the best lender for that. On that note, Alfonso. Thanks for being my co-host. What do we say to the REITE Club nation?
Alfonso: Customize your life.
DJ: Thanks for listening to the REITE Club podcast, where the focus is on helping all levels of real estate investors advance to the next level and help you customize your life. Be sure to tune in next week at thereiteclub.com/podcast or wherever you listen to podcasts. And if you get a few seconds, please rate the podcast wherever you're listening, it helps the show get noticed by others like you. We truly appreciate it. And don't forget to subscribe.
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