Eight Bells: Reid Stava:
Reid James Stava crossed the finish line at the age of 75 on Saturday, March 25 at a cancer center in Rochester, New York.
A native of Cleveland, OH, Reid spent his formative years racing Lightning’s on Lake Erie with his father, Robert, who was also commodore of Mentor Yacht Club. He went on to earn his bachelor’s degree in Math/Physics from the University of Rochester, working as an engineer at Graflex, Singer and later Xerox from where he retired in 2006.
An avid sailboat racer and Principal Club Race Officer of the Rochester Yacht Club, Reid loved J/24s and was a well-known supporter of the Class with his willingness to assist in providing technical information, includin…
Full Article: Scuttlebutt Sailing News – Eight Bells: Reid Stava, Editor
Something new is happening in the field of real estate and, to be more specific, how to get money to fund deals with private lenders.
One of the keys to being successful with private lenders is how to find them. Iâ??ve found 16 ways. Eight I use to attract family, friends and associates and eight I use for attracting strangers to become private lender.
That brings me to what is new in our industry. A couple of new real estate trainers (weâ??ll call them â??The List Peddlerâ?) stumbled onto a list that is generated and updated monthly by state with a new list of private lenders that have loaned money in the previous 30 days.
That sounds real appealing doesnâ??t it?
Sounds easy and simple.
Get a list of fresh hot private lenders that live in your state, market the heck out of them and hopefully find someone to loan you free money.
At least that is what The List Peddler led you to believe.
BUYERS BEWARE!!! The List Peddlers are gone with your hard earned $ $ $ and you are up to your butt in legal fees because they (the List Peddler) arenâ??t giving you THE WHOLE STORY.
Whatâ??s wrong with that picture? These guys are low.
HERE is the bottom line;
– You are not allowed to just go advertise for lenders.
– That is a violation of SEC regulations
– There are forms to fill out first (I give these forms to my students)
– You need to produce your advertising.
– You need to submit all of this to the Securities and Exchange Commission in your state
– That needs to be certified by the SEC and THEN you can go advertise to the list
HERE are the rulesâ?¦
You can borrow private money from folks that you have a prior relationship with. You can not advertise to get private money from strangers unless you have registered with your states Division of the SEC. I.e. you buy a list of strangers from The List Peddlers and then what? You must register but since you are not told and trained by The List Peddler, you think it is hunky-dory just to contact/advertise to these private lenders. Itâ??s not. Look, you are dancing with a gorilla (the SEC) and they are leading. Think of it this way. If you hate the thought of an IRS audit, the IRS is a pussy cat compared to the SEC.
You must follow the rules. The good thing is that the rules are easy. My charge against these List Peddlers is that they are unsafe and bad for our industry because they are misleading their customers by giving them only half-truths.
What is my goal?
My goal is to deliver THE WHOLE TRUTH, not HALF TRUTHS you get from The List Peddlers.
I want you to be wealthy beyond your wildest dreams. But that is worthless if you lose your real estate empire because you failed to take the simple, proper steps to be in compliance with the SEC.
I had to make a decision early on as a trainer if I should deliver the whole truth when it comes to private lending. It was really a no-brainier. I did what no one had done before me or after me and that was to do whatever is necessary to deliver accurate and timely information on the SEC to make sure my students HAD IT ALL.
Frankly I am concerned by what The List Peddlers are creating in our industry and their lack of ethics could cost you dearly. Understand it is YOU, NOT THE LIST PEDDLER that takes the hit.
For example: letâ??s say a List Peddlerâ??s customer advertises then gets in trouble with the SEC. The customer decides to tell the SEC where they got the list. The SEC gets The List Peddlers list of customers. Now the SEC is knocking on your door because you are on The List Peddlers customer list. Dancing with a gorilla and it is an ugly dance.
So how can I help you? Let me give you five simple questions to ask The List Peddler to see if they are on the ballâ?¦
1. How would you market to this list? If the List Peddler fails to say register with the SEC, RUN!!!
2. What are the steps to take when you register with the SEC? If they donâ??t know in detail, RUN!!!
3. Do you supply the proper forms for my state so I can register? If their answer is anything but yes, RUN!!!
4. Can I use my real estate attorney to file with the SEC? If they say yes, RUN!!! They are clueless.
5. Do I need to handle things differently if the property is in one state and my lender is in a different state? If they say no, then RUN, RUN, And RUN!!!
If they say yes, then do a follow-up question on what forms they use.
E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and/or small multi-family investment properties in Springfield, Ohio. Alan uses Private Lenders, not banks, to fund his real estate purchases. By doing this, he has created his own private bank of ,000,000 in funds. Alan looks for situations where the seller, the lender, and the eventual homeowner can all “Win”. He is not a Realtor, but a Private Investor, author, consultant and national speaker. He has been asked to speak on the topics of â??Investing for the Beginning Investor.â?? and â??Finding Private Lenders.â?? His home study system, â??Private Lending Made Easyâ??, shows new and seasoned real estate investors how to find private lenders for their own real estate business.
His website is http://www.supercoolsystems.com