How To Become A Private Lender Broker [FB Live AMA: Lee Arnold]
Are you looking to invest in more flips and find additional avenues to make income as an investor? In this Ask-Me-Anything we discussed the pathway to becoming an independent private lender broker with our special guest…Lee Arnold!
Regardless of where you are in your investing career, Lee has been there. In his early 20s, he went from grocery store bag boy to self-made millionaire.
He got into real estate for financial freedom and all the possibilities it brings. Through years of trial and error, he built a very profitable million-dollar real estate business from the ground up.
From his years of experience, he created The Lee Arnold System of Real Estate Investing to educate investors, Cogo Capital to fund investors and Circle of Wealth to help investors become lender brokers. To date, he has been involved in over 1 Billion Dollars-worth of real estate deals with clients.
During our Facebook Live Ask-Me-Anything with Lee, we discussed:
- What lenders look for in an investor/deal
- Why house flippers/renters hold power in the real estate game
- The process to becoming a lender broker
If you missed our session with Lee, you can view the Facebook Live post here or play the video below:
Summary of our real estate investing discussion
Below, we’ve included the main questions we asked Lee during our conversation so that you can skip to the parts you’re most interested in learning about…
3:15 Lee’s Profile
6:10 How did you get started in real estate and why did you choose it as your path to success?
12:45 How much time did you spend flipping before you got into lending?
15:45 Is it a misconception that to begin lending money you have to be extremely wealthy?
19:28 What is the biggest challenge for your company Cogo Capital?
23:00 Considering the risk for lenders, what kind of deals are most attractive?
30:15 As a lender, are you looking for a certain level of experience in your flippers?
37:10 What kind of rates or points should an investor expect to pay with a private loan?
43:25 How would you present the option of a second lien to the seller so you can accomplish 100% financing if you don’t have enough skin in the game yourself?
49:15 How would you structure a pre-foreclosure deal?
56:10 Does your company only fund fix and flip or do you also fund buy and hold?
1:00:50 Is there a particular profile for the type of person who would be a good lender or broker?
1:05:33 Are there any roadblocks or pitfalls to being a broker?
1:09:30 Would I get paid if I brokered a loan for my own flip?
1:11:15 Can you tell us about the flipping, private money and broker training you have coming up for our members?
1:15:30 If you could go back in time and give your younger self advice about investing or brokering, what would it be?