Thursday, July 23, 2009

A Funny Thing Happened on the Way to the Bank...

So; how tough is it to get money for your deals out there? Well, it's as rough as I've ever seen it and I've seen a lot. When will it end? Who knows; it could be a while. But here's the good news. The banks have got to loan money or else they're out of business. So, sooner or later this will go in another direction. If you're having trouble getting funding from ole Harry down at the bank, maybe you should try private lenders. These are people like your Aunt Jane who stuffs her money under her mattress and gets 0% return. Tell her you'll need her money but you're going to get her a solid return on it and you're not putting her in the stock market. Instead, she'll be financing real estate where you have a real, solid holding to back up your investment. Private lenders are everywhere and their deals may all be different, but they want a secure return just like you need money. And generally, if your private money source knows you well you're not going to be jumping through as many hoops as you will down at the bankeroo. Tap these sources, structure a deal, give them a good return, and do what you say you're going to do. If you follow this Robin's Rule, you should have funding for a long time to come in good or bad times.

Robin's Rule # 31: All I Ask is the Chance To Prove That Money Can't Make Me Happy

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