Minnesota Real Estate Investors Association, Inc.

Where to Get the Money Boot Camp (Virtual)

Alan Cowgill
Master on Attracting Private Money

“How to Get the Money You Need to Buy Property Even If Your Credit Is Shot, You’re Broke and Living Paycheck To Paycheck.

From: Alan Cowgill

Dear Friend:

Imagine it’s two months from now. Your local competitors can never seem to line up their financing fast enough. In fact, many of them are afraid to make offers because they don’t know how they’ll finance the deals. But you have an unfair advantage!

You’re surrounded by many private lenders, ready and eager to finance your real estate deals. I’m talking about individuals who love getting a good return on their investment dollars. With their money.

• You always have cash to close the deal.
• You’re buying dirt-cheap properties like there’s no tomorrow.
• You make every offer with confidence.
• You never take a dime out of your own pocket. You always get 100% financing, plus the money you need for renovations.
• You’re advanced part of your future profit on the very day that you buy a property.
• If you want, your loans have no monthly payments. (After all, you’re the one who defines the loan terms.)
• You don’t lose a bargain property to someone with “all cash” because you can’t finance the deal fast enough.
• You never pay points, fees, or prepayment penalties, and your closing costs are minimal.

And now that you’re free from using your personal funds, there’s no limit to the number of properties you can buy.

If you have private lenders now, you’ll learn to attract so many more that they will be fighting to loan you money. And once they’re in competition with each other they’ll gladly accept a lower interest rate (After all, their only safe alternative is a CD that pays a paltry rate of return).

But your credibility is a huge factor. Without the right approach, you could be dismissed as a fly-by-night, wreck your precious lending relationships, or get trampled by the SEC.

My name is Alan Cowgill. Since 1997 I’ve perfected 16 methods for attracting individuals anxious to loan me money. I’ve done hundreds of real estate transactions.

I want to show you how to duplicate my success and avoid the pitfalls. You’ll discover my bulletproof methods for attracting private lenders, making the right impression (as competent and credible), and winning their trust.

Why seasoned investors never use banks

If you still think banks are a good source of financing, read on.

I have good credit, but that doesn’t guarantee anything. I once waited 4½ months to get a bank loan approved. If the seller had been impatient – which is common among distressed sellers – I would’ve lost the deal.

I’ve also found that you can’t count on your relationship with a banker. I did, and then one day the regulators came in and blocked him from doing investor loans. That shut me down instantly. When you’re at the mercy of banks:

• You lose all of the best deals. That’s because distressed sellers can’t wait for your loan to fund. They need cash today, not in 30-60 days.
• You’ve got to cough up a 20% down payment. So your personal funds are tied up, crippling your cash flow and limiting the number of properties you can own at one time.
• You’re nailed with excessive points and loan fees.
• You can’t finance unusual deals, since banks are very picky about which properties they’ll finance.
• Your cash flow is wiped out by monthly payments.
• You could be approved, only to have the underwriters challenge at the last minute.

You’re also disqualified from borrowing when:

• You own “too many” properties
• You don’t have extremely good credit.
• Your income or credit doesn’t satisfy the bank – a common problem when you want to finance high-priced properties, such as lakefront houses or apartment buildings.
• You leave your salaried job but your real estate business doesn’t yet have a two-year track record.

Working with banks might have worked for you until now. But if you want to own more than a couple of properties at once, they’ll cripple you. Do you really want your hands tied by the strict underwriting guidelines of bankers?

Never again be handcuffed by “creative financing”

• You lose out on most of the deals you find – since more than 90% of sellers are afraid of seller financing.
• You can’t buy REOs this way.
• You often pay a higher price (to persuade the seller). And the experts who teach these methods are the first to admit this. How is it a “good deal” when you pay a premium price?
• You’ll find this method impossible in a hot seller’s market.
• You lose out on bargain properties – because they attract "all cash" offers.

Heck, when you sell a property, which do you prefer? A term that leave you cash-poor, with ongoing risk if the buyer defaults, or an all-cash offer?

Hard-money lenders squeeze you dry

When sellers are distressed, they need cash fast. They can’t wait for bank loans, and they rarely offer creative financing. So without my private money secrets, hard-money lenders might be your only option. But there are far too many downsides:

• You’ve got to cough up a 15% down payment. This ties up your personal funds, cripples your cash flow, and limits the number of properties you can own at one time.
• You’ve got to pay the loan back within 12 months – so you can’t lease option or owner finance the property.
• You pay a high interest rate plus five points. And you get eaten alive by all of the additional padded closing costs.
• You’ve got to show good credit and tax returns. A decade ago, hard-money lenders loaned money solely based on 65% LTV, but today they’re a lot more like banks.
• You’ve got to cough up your own cash for renovations – because your rehab funds are stuck in escrow. So even though you’re paying interest on this money, you don’t get it until after your renovations are validated by an appraiser. (And you have to pay for the appraiser.)
• You’re slammed with a huge prepayment penalty – if you flip a house in less than three months.

In short, you’re stuck with the lender’s hard-nosed terms. And your exit strategies are severely limited.

What interest rate attracts private lenders?

My protégés and I offer lenders a high rate of return, depending on the loan period and whether or not there are monthly payments.

You’ll structure your loans so they have no monthly payments. (Interest accrues until your loans are paid off.) But you can entice your lenders to accept lower interest rates by offering them monthly payments – or loan terms of several years.

If you’re flipping houses and you only need cash for a few months, it’s not the cost of the money that’s important, but the availability of it.

And if you plan to hold a property for years, a long-term amortized loan will attract many private lenders. While the percentage is a bit higher than a bank’s rate…

A bank loan is worthless if it doesn’t fund fast enough!

Sure, a bank’s rate may be lower. But that loan is worthless if you lose the deal to someone with "all cash" (or you don’t have the down payment).

What’s more, those hypothetical “savings” are gobbled up by the bank’s inflated points, fees, and closing costs. (Not to mention prepayment penalties later on.) You might have to hold the property for a decade to offset these overblown costs!

With 100% financing from private lenders, you can pay cash for houses and get them dirt cheap. You can even borrow the money you need for renovations. So you can beat your competitors to the punch, then get your properties fixed and sold quickly. Best of all:

You Have Zero Out-Of-Pocket Costs!

The lender gets his high return and you make easy money. And with private lenders I bring home a check the day I buy the house.

For most private lenders, a high rate of return secured by a mortgage is more attractive than a CD that pays a low return. The key is winning their trust. And you can burn your bridges by approaching them the WRONG way.

Don’t let overconfidence damage your
valuable lending relationships

From time to time, I get emails from overconfident investors who heard my brief lecture and then jumped the gun. Excited by the benefits of using private money, they ran to their friends and relatives for loans, only to be snubbed. When they were tested with specific questions, they stumbled.

They burned their bridges because they didn’t know the right way to position themselves and win the confidence of prospective lenders.

Please don’t make this fatal mistake. Once you burn your relationships, it’s very hard – if not impossible – to salvage them. Why risk being caught off guard with questions you can’t answer?

Why gamble away your hard-won relationships?

If you make the wrong first impression, you’ll be dismissed as an amateur or fly-by-night – and it will be difficult to ever reverse that perception.

Just knowing that it’s possible to borrow from friends and colleagues isn’t enough. To come across as credible and competent, you must be ready to answer all their questions.

See, lenders need to trust you to complete your renovations, make timely loan payments (if there are any), and pay off the loan balance as agreed. That’s why I created a four-day Boot Camp called:

“Where to Get the Money: How to Attract and Borrow From Private Lenders”

The faculty and agenda have never been duplicated anywhere else on earth. At this groundbreaking event…

You’ll learn how to make your phone ring off the hook with prospective lenders, win their trust, and create a supply of money – ready to be loaned to you on your terms.

If you wait until the program is sold out, you won’t be able to discover my private lending secrets. But if you act now, you’ll discover how to:

• Borrow with no down payment by using a property’s after-repair value to give your lenders security.
• Borrow with no points or prepayment penalties.
• Borrow with no approval process, no credit check, and no tax returns.
• Position yourself correctly so lenders accept your rules and terms.
• Borrow 100% of the money you need for renovations.
• Use your “all cash” position to negotiate rock bottom prices on the properties you buy.
• Get a cash advance against your future profit. Just like me, you can go home with a check the day you buy a property.
• Borrow with no monthly payments. Entice lenders to let interest accrue until you sell the property. This is the secret to cash flow management used by the pros.

After experiencing this Boot Camp, many of my students amass private money within 24 hours by using my simple, duplicable techniques!

My favorite part is their amazement at how easily my techniques work for them.

Your results could be similar.

If you’re fortunate enough to participate, you’ll discover how to:

• Borrow millions without having it show on your credit report. This will help keep you lendable when you need your credit for large projects.
• Have your prospects begging to lend you money. Easily convince them that loaning you money beats any other investment.
• Use private money to provide sellers with “walk-away money” when you buy houses “subject to”
• Have money waiting for you. The moment you sell one property, your next loan will be sitting there waiting for you to buy another property.
• Win the approval of your prospective lenders when they “test” you.
• Discover the hidden pitfalls of credit lines – and the hidden costs of buying properties with your own cash.
• Create a new income stream as a hard-money broker. When you have too many lenders and can’t use all the money, it’s a breeze to profit from this lucrative side business. (And your social status skyrockets when you’re the “money man” everyone turns to.)

Explode Your Money Supply with These Surefire Marketing Tools

Now you may be thinking: “Sounds great Alan, but how do I attract private lenders in the first place?” When you arrive at the Boot Camp, you’ll receive these proven marketing tools…

1. Postcard: The same ultra-magnetic postcard I’ve used.
2. Brochure: The same tri-fold brochure I use to establish credibility.
3. Sales letters: Five sales letters, each one tailored to a different type of prospect.
4. Print ads.
5. Radio commercial scripts: I’ll even put you in touch with the radio announcer.
6. Tele-seminar script: Use this presentation when inviting prospective lenders to join you on a 30-minute conference call.
7. Warm market script: When I started out, this is the exact phone presentation I used when calling my friends and colleagues.
8. Prospective lender script: The same phone script I use to excite and reassure prospective lenders who respond to my ads.
9. Voicemail script: The same curiosity-generating phone script I use when leaving messages on voicemail.

With these golden phone scripts, you’ll be able to answer the toughest lender questions with confidence. You’ll know the right way to position yourself, overcome their skepticism, and win their trust.
And we’ll role-play in a safe environment. So even if you’re just getting started, prospective lenders will experience you as an “old pro”.

In your Super Bonus package, you’ll receive all of the sales letters mentioned above, the phone scripts, and the tele-seminar script on CD-Rom (normally $99). So if you want to type in your own name and contact info, or just tweak the language so it sounds natural for you, you can make changes without having to retype everything from scratch.

Once you melt away their skepticism and win their trust, you won’t believe how eager and motivated your prospects will be to meet with you. This will explode your confidence!

Make Your Phone Ring off the Hook with Calls from Prospective Lenders!

At my boot camp, you’ll discover the same magnetic methods my protégés and I use to generate non-stop phone calls from individuals eager to loan money. You’ll be privy to the best and most inexpensive methods for attracting all the private lenders you’ll ever need. For example, you’ll learn how to:

• Get invited as a guest speaker when local clubs and civic organizations have meetings. This will enhance your credibility and drive even more private lenders to your doorstep.
• Generate calls from the six groups of people most willing and able to loan you money.
• Start conversations with a 30-second “commercial” that makes people eager to jump on your bandwagon.
• Rotate your newspaper ads for maximum response. Discover which section of your daily paper gets the biggest results on each day of the week.

Warm up your friends and colleagues. Learn my trust-inspiring approach to answering their questions so you don’t make the wrong impression and scare them off.

NOTE: Contacting your warm market is just one of the 16 methods I’ll teach you. If you’d rather not approach your friends or relatives, no problem. My 15 other methods will make your phone ring off the hook with eager prospects too. You’ll also discover:

Six ways to demonstrate credibility – and win the trust of prospective lenders.
How to blow the lid off your postcard campaign through repeat mailings. Find out how many times you should re-mail the same prospect and how frequently.

When I’m a guest speaker at conferences, I never share the inside information I’m describing now. I merely give an overview.

I reveal these trust-inspiring marketing tools, methods, and secrets ONLY at my 4-day Boot Camp.

“Okay Alan. Now my phone is ringing off the hook. What do I do next?”

Duplicate My Standing-Room-Only Presentation and Instantly Pile up Loan Commitments

When potential lenders reply to your postcards, etc, invite them to a luncheon presentation. This is my proven method for getting loan commitments.

On Day 2, I’ll walk you through my luncheon presentation step-by-step. I’ll reveal my ten secrets to a successful luncheon.

You Won’t Believe How Fast Your Money Supply Snowballs!
You’ll also learn how to:

• Document your track record, then use it to attract an endless stream of loans – from your friends, colleagues, and other lenders.
• Profit from the #1 best kept secret on how to get private lenders to attentd your luncheon.
• Assume the right posture so you never come across as begging for money – a perception that can really damage you.
• Create so much demand from lenders that you can slash your interest rate – and still have plenty of lenders lined up to loan you money! When you have too many private lenders, you can even turn away the ones who want to have too much influence over your deals.
• Quickly screen out prospective lenders who’ll be more trouble than they’re worth. Learn the magic words to pre-screen lenders so you’ll be working only with easy-going, qualified lenders. This one session can save you a lot of pain.
• Keep your lenders from learning about competing rehabbers in your market.
• Handle paperwork correctly when using IRA money – so you never upset your lenders. Screwing this up can wreck your reputation.

Structure quicker and more profitable exit strategies

With private money, you’re never tied down by someone else’s rules. So you have incredible freedom. As a result, there are six different exit strategies you can choose from. And I’ll break each one down for you at the Boot Camp:

1. Sell for cash with no time pressure
   Buy cheap, then repair and keep as a rental
   Renovate and lease option the property
   Renovate and sell with owner financing
   Sell immediately with owner financing, and let the buyer repair with his own funds
   Lease option immediately and let the buyer repair with his own funds

NOTE: if you borrow short-term money on a high rate loan and later decide to lease option or rent that property (rather than selling fast), I’ll show you how to switch out lenders – replacing the original high rate loan with a low rate 30-year loan.

You’ll also profit from this boot camp by learning how to pool money from multiple lenders and staying in compliance with the SEC.

Combine money from several lenders with my cookie-cutter approach

What if you want to buy large commercial properties? Or houses that are very expensive? There may be properties you can’t finance with a single lender.

If you’re limited to one lender per property, you’re stuck with banks. But even a $100,000 salary won’t qualify you for loans on these high priced properties.

Since many of my protégés have run into this problem, and since I am not an attorney nor do I provide legal advice, I’ve paid a lawyer thousands in fees to put together the proper steps to create a cookie-cutter approach to pooling money from multiple lenders.

Don’t risk being shut down by the S.E.C.

Before you ever start using private lenders you MUST understand and comply with the Securities & Exchange Commission (SEC) regulations.

Therefore, at my expense, I’ll bring in an attorney to train you on the requirements that must be followed. We will also talk about when you should hire your own SEC attorney.

To ensure that you’re never troubled by the SEC for non-compliance, my attorney will teach you how to easily comply with the most important SEC regulations.

What’s more, I’ll give you a complimentary copy of my new disclosure form. It was carefully designed for me by an attorney. This disclosure statement is a template you can use to start to create your own final disclosure statement.

Without this priceless information, you could face serious fines and penalties. You could even be shut down. If you cringe at the thought of IRS audits, then believe me, the last thing you want is trouble with the SEC.

Making Millions With Commercial Property – Inside Secrets the Banks Don’t Want You to Know

Imagine having the freedom to buy all the real estate you want – without the limitations imposed by banks or hard-money lenders. After you have been through my Boot Camp, you could have that freedom.

Sure, houses are easy to buy, fix, and flip. But they don’t offer the huge monthly cash flow – or enormous profits – of commercial properties. I’m talking about apartment buildings, strip malls, office buildings, and warehouses.

So how much are these inside secrets and magnetic methods worth to you?

Now that my previous Boot Camps have generated so many overnight sensations – and so much word-of-mouth excitement – I’m sure I could charge $10,000.

That’s why my office staff have been pressing me to raise the price to $10,000!

Two other national speakers advertised their private lending boot camps for $10,000 and who do you think they invited to speak on private lending at their camps? Yep, me.

But this is my event and I’ve got the final word.

Your Savings in Closing Costs Alone Will Exceed Your Investment Very Quickly

Depending on how much you borrow from private lenders, your savings in your first closing alone could fast exceed your Boot Camp investment. And you’ll continue to profit from these savings for years to come. Let me explain:

If you borrowed $100,000 from a bank, you would pay $1,500 in closing costs. If I’d borrowed that much using a mortgage broker, I would’ve paid $5,000 in points plus padded fees, points, etc. Now compare that to my costs with a private lender:

On the same $100,000, you only pay for the title search, attorney fees, and recording fees. A modest $875 – half of what a bank would charge. And zero of that is out of your pocket.

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