244 Profitable Small Dollar Lending | REI Show - Hard Money For Real Estate Investors
Passive Income, Active Wealth - Hard Money for Real Estate Investing
Release Date: 10/25/2022
Passive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman (00:01): Hi, folks. This is the time of the year that you hate. It's called Setting Your Goals for 2023. We're gonna have more about that right after this. (00:33): Thank you for joining us on the Real Estate Investor channel, hard Money for Real Estate Investors. We are Carolina Capital Management private lenders in the Southeast for real estate professionals. If you have a project you'd like us to take a look at, go to carolina hard money.com and click on the Apply Now tab. If you're a passive investor looking for passive returns, go to the accredited Investor tab. Oh,...
info_outline 250 Issues & Anomalies: How To Figure Your Daily Challenges | Hard Money for Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman (): Greetings, everyone. We are live. Thank you for joining us. Wendy will not be with us today. She is currently at, I don't know, 30,000 feet on, on an airplane. So we're gonna talk about the year end review, even though the year isn't over with yet, but I don't know what much more will transpire between now and the first. So we're gonna, I'm do a, I'm, we're in a review today and we'll get to that right after. It's funny, that graphic we're showing the, the passive income gang. Yeah. With all the money flying. I'm going, that looks kinda active to me. <Laugh>, ...
info_outline 249 Your 2022 In Review! Real Estate Investor Show - Hard Money for Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Your 2022 In Review! Visit our website: Join Bill Fairman, Wendy Sweet, and Jonathan Davis, LIVE! every Thursday at 12 pm ET for the Real Estate Investor Show - Hard Money For Real Estate Investors! As 2022 is nearing its end, the Carolina Capital Management team takes a look back at the relevant real estate events that occurred this year. What have you learned and accomplished this year? What are the preparations you need to look out for in order to survive the ever-unpredictable real estate market? Be up to date, be informed. Be educated. Learn the numbers and data. Discover the best niches...
info_outline 248 Today's Market and the Non-QM Loan | REI Show - Hard Money For Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Today's Market and the Non-QM Loan Join the Carolina Capital Management team LIVE every Thursday at 12 pm ET for the Real Estate Investor Show - Hard Money For Real Estate Investors! This week, Bill Fairman, Wendy Sweet, and Jonathan Davis are joined by Bryan Maddex of AmeriFirst Home Mortgage to discuss Non-Qualified Mortgage Loans! With over 20 years in the financial industry, Bryan used his experience and insight to help get financing and loan products for his clients, many of whom are first-time homebuyers and real estate investors. One of his top priorities is providing consistent and...
info_outline 247 Market Updates & DSCR Loans | REI Show - Hard Money For Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Join Bill Fairman, Wendy Sweet, and Jonathan Davis LIVE! every Thursday at 12:00 PM ET for the Real Estate Investor Show - Hard Money For Real Estate Investors! Brett Sims, the Head of Growth of Renovo Financial, joins the Carolina Capital Management team to talk about the current market updates, especially the DSCR loans. Renovo Financial: Their story begins in 2011, at the Starbucks on Sheffield and Armitage in Chicago’s Lincoln Park neighborhood. It’s here where Co-Founders Kevin Werner and Daniel Rosen met to discuss founding a new real estate investment company. But this company would...
info_outline 246 - How To Raise Capital | REI Show - Hard Money For Real Estate InvestorPassive Income, Active Wealth - Hard Money for Real Estate Investing
00:00:01 Greetings, everyone. Welcome to the show. We are going to talk about capital raising and why it's important to your deals right after this. Wendy Sweet 00:00:34 That's funny. That's like a so funny when you see people on the news doing a news set and they say something and they just wait for stuff to happen and they wait for stuff to happen, it's, Bill Fairman 00:00:45 Well, just so you guys know, half of our, our crew is in another country, so it's occasionally there. Wendy Sweet 00:00:52 Two different countries. Bill Fairman 00:00:53 Yeah. There, there's...
info_outline 245 Investing With Family & Friends | REI Show - Hard Money for Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman 00:00:02 Greetings. It's another week, Wendy Sweet 00:00:05 Ola. Bill Fairman 00:00:06 Lovely time in the, in the city. The big, big city of Rock Hill. South's, right? Carolina, Excuse me. Wendy Sweet 00:00:12 Poor guy. Bill Fairman 00:00:14 Today we're going to talk about investing with family and friends, and we will get to it right after this. Hello win. Thank you for joining us for another episode of Real Estate Investors Show. Wendy Sweet 00:00:45 We forgot the name again. That's what happens when you're over Bill Fairman 00:00:48...
info_outline 244 Profitable Small Dollar Lending | REI Show - Hard Money For Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman 00:00:01 Hi everyone. We're right on time as usual. Sorry about that. Mike. Thanks for hanging around for an extra minute. Our theme this month has been Small dollar lending, raising capital, and investing with family and friends. Yep. And we are going to get in depth with our special guest who's going to give us some insights into her. What is it? What are we talking about today? Jonathan Davis 00:00:32 Small dollar lending. Lending with smaller amounts. Bill Fairman 00:00:35 And we'll do that right after this. Hi everyone. Thank you so much for joining us on The...
info_outline 243 Hot Topics In Real Estate: Small Dollar Lending, Investing With Family & Friends, Raising CapitalPassive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman 00:00:02 Greetings. Hope everyone is doing well. We are actually live with this show. Maybe you didn't know this, but last week's was not live. It was prerecorded because we were all out of town. So we're going to talk about several things today, being a small dollar lender, investing with family and friends, and raising capital. And we'll get to some examples right after this. Hi everyone. Welcome to the Real Estate Investors, Show Hard Money for real estate investors. We are Carolina Capital Management. We are lenders in the southeast for real estate professionals. If...
info_outline 242 How To Scale Responsibly | Real Estate Investor Show - Hard Money for Real Estate InvestorsPassive Income, Active Wealth - Hard Money for Real Estate Investing
Bill Fairman 00:00:00 Oh, see that. Hey, welcome back. We are going to talk about scaling responsibly. One of the things that we run into is, should you scale in a coming downturn? Absolutely. You have to scale responsibly. We're gonna talk about that right after this. Bill Fairman 00:00:37 Welcome. We're back here with our take two or question 2.0 with Hunter Big to elevate capital. We're gonna talk about scaling responsible respons. Sorry guys, I'm actually out of town right now, so I'm a little sluggish. Let's get started off with a little bit of housekeeping. Thank you so much for...
info_outlineBill Fairman
00:00:01
Hi everyone. We're right on time as usual. Sorry about that. Mike. Thanks for hanging around for an extra minute. Our theme this month has been Small dollar lending, raising capital, and investing with family and friends. Yep. And we are going to get in depth with our special guest who's going to give us some insights into her. What is it? What are we talking about today?
Jonathan Davis
00:00:32
Small dollar lending. Lending with smaller amounts.
Bill Fairman
00:00:35
And we'll do that right after this. Hi everyone. Thank you so much for joining us on The Real Estate Investor Show Hard Money for Real Estate Investors. We are Carolina Capital Management and we are private lenders in the Southeast for real estate professionals. So if you'd like us to take a look at one of your projects, go to carolina hard money.com and click on the apply now tab. If you're a passive investor looking for passive returns, go to the accredited investor tab. Don't forget share, like, subscribe, hit the bell and all that good stuff. And don't forget about Wednesdays with Wendy. Wow, that was four seconds. Was that four seconds? Yeah,
Jonathan Davis
00:01:43
I think it
Bill Fairman
00:01:44
Was, It seemed like two and a half.
Jonathan Davis
00:01:46
Oh,
Bill Fairman
00:01:46
Okay. So Wendy devotes 30 minutes per person on Wednesday afternoons to talk about anything real estate related. If you go to our comments section on the right side of your screen or underneath, depending on the platform you're reviewing us from, then you can click on get right onto her schedule. Yep. She's usually booked a couple of months out in advance. It's well worth it. So let's get into some breaking news,
Jonathan Davis
00:02:17
Some breaking news. I like it.
Bill Fairman
00:02:32
So England's newest Prime Minister resigned this morning. So this is now six prime ministers, no, four prime ministers in the last six years.
Jonathan Davis
00:02:46
So
Bill Fairman
00:02:47
That's what I call stable government.
Jonathan Davis
00:02:50
Yeah, yeah, absolutely. To, to bring a more, more home are what we're sitting right now at the average 30 year mortgage. It's 6.92 for a full 30 year. I think if you get a five one arm, you're right around 5.9. So we're almost, we're creeping up on 7% inflation staying around that eight to eight and a half percent mark when you take out, you know, fuel and food, cuz apparently those are too volatile. You don't want to include those in the, in the core numbers, you know, but, you know, not like people need food and fuel. So it's sticking around there, which is probably going to lead to at least two more interest rate hikes. This year of anticipation is 75 basis points. Each one.
Bill Fairman
00:03:50
It, it's not the rate that really is gonna hurt, it's the how quickly they're, they're going up on these things.
Jonathan Davis
00:04:00
Well it's the, it's the, this is the well, and, and so we can have a little, you know, history with this 6.92 is the highest 30 year fixed mortgage rate since 2002. Right? So 20 highest one in 20 years. Our interest or our inflation is, you know, obviously the, you know, the highest in 40 years. So we are, we're, we're navigating some interesting waters. One of the interesting things that I thought, or that I found was through all of this, now we know that, you know, single family homes, the appreciation is were still right around what, eight 9%?
Bill Fairman
00:04:40
Yeah.
Jonathan Davis
00:04:42
Mobile home appreciation. 35%. Yeah. Nationally.
Bill Fairman
00:04:49
Well it is the, one of the most affordable housing alternatives. And so people are turning the mobile homes cuz they can't afford to get into some stick built
Jonathan Davis
00:05:00
Homes. Yeah, I think I think the, the average cost of a mobile home now nationally bringing it it's around 1 50, 1 60 is kind of the, which is a lot higher than it used to be.
Bill Fairman
00:05:11
The the average five years ago was 65.
Jonathan Davis
00:05:15
Yeah. So,
Bill Fairman
00:05:16
So it's, it's jumped up quite a bit.
Jonathan Davis
00:05:17
It's jumped up a lot.
Bill Fairman
00:05:19
And then the most recent builder sentiment survey, and and I I love this, they're not using actual numbers, they're just, how do you feel? They, they survey how they feel about the market. Not necessarily And how's the market doing?
Jonathan Davis
00:05:33
Well it's how we feel that determines what the market does because it determines what we
Bill Fairman
00:05:37
Do. It's how the, it's how the general public should be feeling, not the, not the builders.
Jonathan Davis
00:05:43
Mm. You think so?
Bill Fairman
00:05:44
Yeah. Well in, in my opinion. Yeah. And this is my opinion, if you're behind 6 million homes, you know, based on population growth, even though there's gonna be a slowdown, wouldn't you want to continue to at least kind of get ahead of the game so when it does turn around quickly, you'll have plenty of inventory.
Jonathan Davis
00:06:07
Yeah. The the, the sentiment is when will it happen? Yeah. And how can they time it and do you get,
Bill Fairman
00:06:11
So you build 'em to rent and then when it's time to you, you put 'em on six month leases or anyway you have 'em available to sell when the, when the time comes, Bill
Jonathan Davis
00:06:21
Will be putting a mastermind together for all the developers. If you would like to join [email protected].
Bill Fairman
00:06:29
See, last thing, what was the last one? Oh, housing sales for the month of September, 4.2 million, which is usually in the close to 6 million a month, which is down considerably, but the price of homes still went up 9% for the months. So the, the sellers and the new buyers haven't reached that equilibrium yet. The people selling still think the homes are worth a lot of money. And apparently the people that are buying, I agree with 'em cause it still went up
Jonathan Davis
00:07:10
9% the people that are buying. But also, you know, it's this weird place that we're in between high inflation, but jobs are still good. Yeah. Like, so it's like until, until jobs get hurt, I mean you're gonna have this weird relationship between buyers and sellers and, and the home prices. The homes won't start coming down until jobs get hurt
Bill Fairman
00:07:31
And, and, and again, there's still a lack of inventory. There's plenty of families being informed and there's not enough single family homes to go around. So anyway, that's our news for this week. I'm sure there'll be some next week whether we want it or not. Right.
Jonathan Davis
00:07:50
News or noise. We're trying to determine which one it's gonna be.
Bill Fairman
00:07:54
So let's, let's get this train wreck moving. Huh? What did that mean?
Jonathan Davis
00:08:06
Like it was just to cut you off, it was just to like get Bill to stop talking.
Bill Fairman
00:08:09
All right. I don't wanna keep Sue in the green room too long. Sue Jensen is one of our favorite people. She's invested with us. She's an experienced lender as well. She has self-directed IRAs that she has been taking control of for years and she's got great experience that I wanted her to share with our audience on getting your money invested. Sue, welcome. Come on out of the green room. Hey guys, how are you?
Susan Jensen
00:08:45
Good, good seeing you guys.
Bill Fairman
00:08:48
You too. You as well. I, I love that brick wall behind you. That's awesome.
Jonathan Davis
00:08:53
It almost looks real.
Susan Jensen
00:08:54
Yeah. I'm on my back porch in the breeze
Bill Fairman
00:08:58
And the only way I can get real brick is if I have a fake background that the software system helps us with.
Susan Jensen
00:09:06
Yeah.
Bill Fairman
00:09:08
So one of the questions that I had for you is, because I know for a fact that you have several accounts you work with and then when you have Roth accounts and then when you have traditional accounts and, and then you know, you, you have entities that you invest with as well that have nothing to do with self-directed retirement accounts. They all typically have, you know, different dollar amounts and there's a lot of people that have IRAs that may only have $20,000 in it and they're like, well, you know, I'm very limited on what I can do to get this money invested. Give me an idea of what you've done to, to get those smaller dollars invested alongside of the, the larger dollars that you have invested.
Susan Jensen
00:09:57
Yeah, so, so my husband and I deal, we have four IRAs, self-directed IRAs. We also have a, an LLC outside our IRAs that we invest with. And then I manage my son's ira, my son-in-law's ira and another pastor's ira. So, so I, what I try to do is leverage all of our IRAs so that we keep that money working in all of them. And especially with the, the young guys, they're just starting out building up their self-directed IRAs. My son-in-law, he's, he's up to 20,000 now in his, but he just started a couple years ago and he's slowly building that. So yeah, so we just leverage with each other and, and just try to build our wealth and with for one another.
Bill Fairman
01:10:56
So what are the some, some of the things that you have to do cuz you can't just depend on each other to invest the money. You have to get other, at, at least network with other like-minded people to get involved in deals. Cuz it's easy to find people that want to invest their money, but it's little bit more difficult to find the deals to put 'em in.
Susan Jensen
01:11:20
Right.
Bill Fairman
01:11:22
And and I, I know being, I'm sorry, I didn't mean to cut you off, but being a part of an IRA group that has education and events and put those things together, is that part of what you do as well?
Susan Jensen
01:11:36
Yeah, I meet a lot of people just watching a lot of webinars. I walk, I, I get a lot of Quest education. I'm usually watching a Quest webinar at least once a week. And so I, I try to get a feel for who these people are, whether they have a fund or whether they are looking for capital. And, and then I go to events and I'm in a mastermind. I, I lend to a lot of people in, or a handful in the mastermind. And, and then I tend to, once I find someone that I really like, like you guys for years and years I started with you guys and I've been working with you for 10 years now. You guys got me started, Wendy did. So once you have a good person to work with you, you keep going back to that same, that same lender, the same borrower, and you, you just keep working together and then, you know, we, people know people and you, you just build your circle that way.
Bill Fairman
01:12:42
Well, I know one of the unique things that most people aren't gonna do this, but one of the things that you did that was extremely smart was you volunteered to be the president of our local R group for a year or two. And you certainly meet a lot of people that way. It's a lot of work. Don't get me wrong. You were doing it not because you were just trying to meet people to do deals with, you were doing it to volunteer your time and, and also learn. But I mean, volunteering anything in a, in a local r or a mastermind is gonna be beneficial, right?
Susan Jensen
01:13:18
Yeah, yeah. There was, that was about three years that I did that and I'm put a lot of subgroups into the r and met a lot of people that way. So yeah, it is, it's, it's great to be able to volunteer and join arms with other people. You really get to know them that way. And, and in my, in my business, my number one priority is the person. So with lending they say it's, you know, you've, you've gotta do your due diligence on the person, the paper and the property and that's all right. But the, the person to me is the most important. I just wanna make sure that I'm working with good people that I can trust and that I like.
Bill Fairman
01:14:04
Yep. Well the, the key to making money is making sure it's making money consistently. And any time there's a break in between, you're not making any money. So whether you get a property back or not is not the issue is, is my money working for me while I'm waiting to do this stuff? And you know, if you're lending, you don't want the property back, If you wanna buy the property, then that's fine. Yeah. You can do that too. Yeah. Did you have something you wanted to add or you want me to just run off at the mouth the
Susan Jensen
01:14:39
Whole time off?
Jonathan Davis
01:14:40
You're doing, you're doing great.
Bill Fairman
01:14:41
I'm, I'm just, I feel, I feel guilty because I keep cutting you off.
Jonathan Davis
01:14:45
Oh, that's all right. Keep going, Bill, you're doing
Susan Jensen
01:14:47
Great. No, I would say about, about that point, I usually, I, one of the things I really don't like is when any of our accounts that I'm managing are not working. If there's any money in there that's if, if if I've got an account that's up to $8,000, $10,000, that's just, just doesn't sit well with me. So I'm looking for a place to put it. But I've gone as low as one of our accounts going as low as $7,000 and linking that up, partnering with three or other accounts to get that money working. So as long as your borrower doesn't mind cutting four checks per month, it's a great way to build up your small dollar ira.
Jonathan Davis
01:15:34
So you're, you're talking about linking up with other people's IRAs and, and you know, someone's needing a hundred thousand, but maybe you have, you know, 8,001 30 in another and just kind of pairing them all together. Yeah, go
Bill Fairman
01:15:48
Ahead Bill. I was gonna say real quick to, to kind of get around that, if the borrower doesn't wanna write four checks, you can always hire a third party manage That's right. Servicing company, send all the money to them and they'll cut the checks for you.
Susan Jensen
01:16:01
Yeah. Like you guys did.
Jonathan Davis
01:16:03
Yeah.
Bill Fairman
01:16:03
Yeah. Well to, to be fair, we're not really a third party servicer. We can only service loans that we have a piece in. We, we have to own a piece of the loan before we can services. However, there are plenty of companies out there that hire out, they have to be licensed. Some states require certain licenses, others not so much. But there are companies out there that are, are specifically there for IRA folks. Right.
Susan Jensen
01:16:32
It's good for when you're new at this to have a third party servicer or, or someone like Carolina hard money to take care of your loans. And then if something goes south, you're not just left hanging trying to figure out how, what to do with this property. You've got someone that's experienced that can help you with that.
Jonathan Davis
01:16:53
Yeah. I mean, yeah. Cause when, when things, you know, and things do go wrong in real estate and, and notes all the time. So, you know, it's, you know, do they have that loss mitigation experience to help you through a default, through a foreclosure, through a bankruptcy? Yep. You know what, what have you until you learn those things yourself. Yeah, I know. Let's see, someone says, so as little as 20 K would be okay to partner with someone as little as $1,000, as little as 500 would be okay to partner with somebody you, you know, as long as the need is there. Yep. And you can partner with somebody. It doesn't matter what amount you have.
Susan Jensen
01:17:31
Just, I've finished Quincy's book, Quincy Long wrote a book on self-directed IRAs. It's really, really good. It's self-directed. Self-directed. IRA Secrets revealed. He's got a, a chapter in here on small investing, small dollar amounts. Nice. Are you guys still there?
Jonathan Davis
01:17:54
Yeah, yeah, we were, we were just, it was just focused on
Susan Jensen
01:17:56
You. Oh, okay.
Bill Fairman
01:17:57
Cause it cause this show is all about you, so,
Susan Jensen
01:17:59
Okay. I thought I was wondering if I was all alone. So, but he had a, a piece in here that was so good. He, there was an investor that was looking to get a $5,500 loan from someone he connected with this lender who had $550 in his Roth ira. So what he did was he connected six other people, I think it was six five, let's see, there were eight different accounts and five people, IRA owners, and they came up with the 50 555,000. But he, he got, he, they gave him, he gave him 12%, he gave him two points. The guy who found the deal kept the two points and everybody split the, the undivided interest of their, of their, they
Bill Fairman
01:19:03
All got the 12%.
Susan Jensen
01:19:04
Yep. And in the end, and after 10 months, this guy with $550 in his Roth made $1,100 on that. Yeah. So, I mean it's a, it's it's work and he really leveraged his time and his knowledge and Sure. You know, his effort and everything and his network, I mean he found all those people and he made it happen.
Bill Fairman
01:19:28
Yeah. Yeah. And to Mark's question, if you have, if you know someone who needs a loan and you know some other people that have larger IRAs that are willing to go in with you, and because you're the deal maker, you're the deal architect, Right. You put the deal together. Let's say for example, you charge two points. Yep. And let, let's say you split the one point with the, the other people in the deal and you keep one point because you're the deal maker, right. And you take your 20,000, you could charge a little bit. For example, you could do a, and I'm just throwing out easy numbers, you could do 12% and everyone else is charging 10 and they each get a piece of that one point. And then you get to keep the difference between the 10 and the 12 on your $20,000 and that, that way you can right. Jack up your $20,000 fairly quickly because you're the one that put the deal together. Right. It's, it's a great way to do it. How else are you getting into deals? Are you just a lender in some of these, in most of these deals or are you doing other things? Are you purchasing anything? Are you doing any kinda options or, or wrap loans or anything like that?
Susan Jensen
02:20:43
The only other thing I'm doing besides lending is from our self-directed IRAs, I've been converting a lot of our money into investing in syndications.
Bill Fairman
02:20:53
Okay.
Susan Jensen
02:20:54
So self storage and multi-family, The multi-family only in the south and the red states. And I've got money in one self storage syndication in Pennsylvania. And another one that I'm looking at with that has like five self storage facilities in the south and in Texas. So that's what
Bill Fairman
02:21:20
I'm see that's a, you, you were saying that you were always concerned that your money is working constantly and when you invest in a fund, any, any kind of fund including the syndications, you know that money's always working,
Susan Jensen
02:21:33
Right? Yep. Yeah. And we do have some money in one fund. It's a real estate fund, but that's in our self-directed IRAs because our llc, we live off that money. So I've gotta keep that cat that mailbox money coming in. Right.
Jonathan Davis
02:21:49
I want to answer Al Cook's question here. You may have covered this, but what security do you use for these loans? You can use whatever you want. However, I know Sue, no matter what she's doing, she's taking a lean position and probably a first lean position when, when you have these, like when you're working with other people, there's, there's different ways to do it. But I'm gonna tell you probably the, the way that most people with IRAs are gonna do it, it's just gonna be a fractionalized para pursue interest. So everyone has a shared first lean position based off of your investment amount
Bill Fairman
02:22:23
And para pursue, meaning everyone is equal in the transaction based on their percentage of the investment.
Jonathan Davis
02:22:30
Para Sue is French for equal footing. Yes.
Susan Jensen
02:22:32
Yep. It's all undivided interest and it all, it's a percentage and everybody gets what's what's fair.
Bill Fairman
02:22:39
Yeah. And it has to be among people. Either you need to have a third party putting these together who are, is gonna make the decisions for you or somebody in the group has to make the decisions with the, you know, on the front end of this before you ever get into it saying that, you know, if this happens, this is what we're gonna do and if this happens, this is what we're gonna do. Because you can't have, you know, four or five captains and no lieutenants.
Jonathan Davis
02:23:06
Well and that brings up the, the prime
Bill Fairman
02:23:08
When, when something
Jonathan Davis
02:23:09
Does go bad, that's the prime example of, you know, and, and Sue's been with through this with us as well, where we have like, you know, her money and other people's money into a, a fractionalized position on a loan. I'm thinking of the, the movie theater and, and what was it, Monroe, right?
Susan Jensen
02:23:25
Monroe. Yeah.
Jonathan Davis
02:23:27
And you know, we, you know, we had to play quarterback on that because we went through, you know, we had a, we had a movie theater in a restaurant and we went through Covid and you know, it was shut down. And so how do we, you know, work through this and well sue, you know, did it work out okay?
Susan Jensen
02:23:45
Yeah, it worked out great in the end because our agreement, our note it was, we made sure that we were covered with extension fees and late fees. So even though it was months and months, we all made out. Well we just had to be patient.
Jonathan Davis
02:24:02
Yeah. I mean that's, that's the thing. Yeah. You, you, you, you, you'll make mo you know, tip, you know, when you have someone that can handle these things and you know, and favorable outcomes, you know, happen all the time. But you, you will make more than you ever thought you were gonna make when you initially got into the loan. It's just gonna take a little bit longer. That's, that's the trade off.
Susan Jensen
02:24:22
And we're work and you guys are working on one right now with Dewey out in Oregon. Same thing. Yep. Just months of no payments. But you've just gotta be patient and because you guys are competent, you know what you're doing and you've got good attorneys in the end it'll be great. It's just, we all wanna get our principal back.
Bill Fairman
02:24:42
Would you mind telling my wife that I'm competent? Yeah. My my my point to all this Al, is that someone has to be in charge. If it's not a third party, it needs to be one of the people that's invested in the loan. Right. Because you can't have everybody making different decisions. If you can't get a consensus, then that person that wants to go a different direction needs to buy the others out. Right. And then they can take it over. So those are the only things you need to look out for. Everybody needs to be like-minded and understanding that everybody just wants to get the, the return on their investment.
Jonathan Davis
02:25:20
Yeah. And if you wanna avoid any issues like that, if you, if you wanna be a little more savvy, you can do inner creditor agreements when you do loans like this where it outlines all of that for you.
Bill Fairman
02:25:31
Yeah. Who, who makes the final decisions, that kind of stuff. Yeah. Awesome. So thank you so much for being a part of the show. If we have anyone that would like to get in touch with you and pick your brain a little bit more or maybe you want to get in on a deal with you, how can they get ahold of you?
Susan Jensen
02:25:51
Yeah, they could email me at Susan Jensen 97 gmail.com.
Bill Fairman
02:25:56
Excellent. We got it right here in the screen and we will have it over there on the comments section as well.
Jonathan Davis
02:26:02
Yeah, like I said, she's been doing this for over 10 years. There's a lot of experience there, a lot of lessons learned. So a lot of good
Bill Fairman
02:26:09
Stuff. You know, I remember when you had a few accounts with Equity trust and you met a guy in equity trust who you know, right after 2008 all the banks dried up with their lines of credit for buy here, pay here, car dealerships, remember. And that guy was using his IRA to do little lines of credit for those car dealerships so they could buy cars, you know, wholesale and then as they're selling 'em off the lots, they, he would charge a release fee of the title and then he was getting 18% interest on his, on his small little lines of credit. Yeah, I remember that. I thought that was
Susan Jensen
02:26:50
An awesome way. Yeah, glad about that. I remember that now.
Bill Fairman
02:26:53
Yeah, it's funny, it was your group and I'm the one that remembered it. It just stuck out with me that I thought it was a really innovative way to put Yeah, put his IRA to work. But, but you have to understand how all that works and it is, you know, almost a full-time gig doing it anyway,
Susan Jensen
02:27:12
So yeah, I love being around smart people and just learning from smart people cuz there's just so much you can learn in this business.
Bill Fairman
02:27:22
So I, I don't know if you saw that or not, but Tracy Z is on the comment section saying hello and that you're doing a great job. Yep.
Susan Jensen
02:27:30
Hey Tracy.
Bill Fairman
02:27:31
Hey Tracy. All right, now we're gonna have to wrap this up, Sue. Thanks again folks. Thank you so much for joining us on the Real Estate Investor Show Hard Money for Real Estate Investors. We are Carolina Capital Management. Did I say something wrong?
Jonathan Davis
02:27:48
No, I was just, Oh, I don't know, it just tickled me. We,
Bill Fairman
02:27:52
We are private lenders in the Southeast for real estate professionals. If you want us to take a look at one of your projects, go to carolina hard money.com, click on the apply now tab. If you are a passive investor looking for passive returns, go to the accredited investor tab. Don't forget the like share, subscribe, hit the bell and Wednesdays with Wendy. She's gonna, she's gonna hate that picture.
Jonathan Davis
02:28:22
That's an old one.
Bill Fairman
02:28:23
Yeah, don't, don't put that picture back up. Anyway, Wendy is going to be speaking at some events coming up. I think we got some names and we'll put links in the comment section after the show closes out. Let's look at the first one perhaps. Okay.
Jonathan Davis
02:28:51
The
Bill Fairman
02:28:52
Fear message that that one is actually today. So you're gonna be late.
Jonathan Davis
02:28:56
Yeah, that's in or Yeah, that Orlando, she flew down there.
Bill Fairman
02:28:58
Yeah. And here might be another one and Real estate invest her. I don't know exactly when that's coming up, but we'll have all that in. Do we have two more? Okay.
Jonathan Davis
02:29:21
I hope,
Bill Fairman
02:29:22
I hope you wrote all that down.
Jonathan Davis
02:29:24
Quest gone. But yeah, we will put all the links.
Bill Fairman
02:29:26
I'll have it all into
Jonathan Davis
02:29:27
Yeah,
Bill Fairman
02:29:33
I didn't know we had a millionaires panel in the upstate
Jonathan Davis
02:29:35
Man. We have a lot going on. That's right.
Bill Fairman
02:29:37
Sure. Good about all that. Okay, I think we're done. You guys have a great week. We'll see you next week