Wealth Management System

By Alan Cowgill

• What documents does the lender get?
• What closing costs are involved?
• Should you give the lender an appraisal?
• How do you deal with a promissory note?
• When do your payments start?
• When does the interest start and stop?
• Do you put a mortgage on the house?
• Do you handle the lender’s money personally?
• How do you set up a second mortgage with another lender (if the first lender isn’t funding your rehab costs)?
• How do you handle IRA money so it stays in the lender’s IRA)?
• How do you handle escrow money, year-end 1099s, and other tax paperwork that will affect you and your lenders?

• The secret to getting a property appraised for its "after repaired value" – so you can borrow enough to pay for the property, the renovations, and even receive part of your future profit in advance.
• How to make your payment structure crystal-clear, so you never wind up in a stressful dispute with your lenders.
• Which papers you must fax to your insurance company and closing agent. Forgetting any one of these papers could delay your closing, and cost you the property you’re trying to buy.
• 12 crucial steps to getting repeat business and referrals from your lenders. Once you’ve got an army of loyal lenders, you won’t need to keep advertising.
• How and when to take your lender’s money and handle the repair funds. Doing this wrong could result in continued deterioration of the property, financial complications, and a bad breakup with the lender.
• How to get a firm commitment, even if you don’t have a deal ready to secure the prospect’s loan. If you offer interest payments to any of your lenders, learn to streamline the check-writing process – so it doesn’t snowball into a huge time-consuming burden