Don't Go Into a Deal Without Knowing What You Are Agreeing to. (Read all the paperwork) - Lou Brown's 101 Street Smart Cash Flow Accelerator # 36 Read all the paperwork. Know what you're agreeing to, this is so important. I've seen many of my licensees around the country borrow money from third parties. They didn't even know what they were getting themselves into. I've seen them borrow from banks. For example, banks love to take all of your assets, pull them together into one. What's called a blanket loan and then make you subject to them is if they decide that your property's not worth what they think it ought to be worth, they can call that entire loan. Do I imagine that that was in that paperwork all along? They have the right at any time that they feel unsecure to literally give you a call and say, by the way, our loan committee met and we decided that we just want to go ahead and receive the money back on that loan. Imagine what you would feel like if you got a call from the bank. And that happened. Well, it was all there and the paperwork. This is one of the reasons I teach my clients not to go to banks and not to qualify for loans. Now I know you may have a great relationship with banks and they love you and they call you up on the phone and they beg you to come get some more money. And I understand and if you've got one of those relationships, I'm not saying don't do that. Well maybe I am saying that because if you were to actually understand what to say and how to say it, you'd be able to raise all the money you needed for your deals without going to banks, without qualifying for loans, without paying points, and even without paying closing costs. How powerful is that? To watch the next part of the video go to: How to avoid making payments on private money by making the interest accrue. https://youtu.be/lX9QWfbG8O8
Investors have long regarded Lou’s training, systems and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
