One of the most rewarding aspects of our real estate redevelopment business is that we can share our adventures with our friends. This weekend two of Sue Ann’s oldest friends who were visiting the area came by the Cameron office to talk about how they could help us out by joining our team of private money lenders. We were happy to show them our office setup and have a meeting in the conference room. So fancy! We even had a selection of beverages to offer, so we all sat around drinking Wonder Woman Diet Dr. Peppers while doing our business. (Thanks to Mandi for the drinks!)
Louis and John came prepared for the meeting. They had already read over our investor information, read all the posts about our recent projects, and were prepared with a few questions. It was a pleasure to talk to them. And of course we had to take a commemorative photo on the front porch!
One of the questions that came up had to do with sources of money potential investors could use. Louis asked if it was possible to use money in the 401K he has through his employer for lending to investors. That made us realize we hadn’t covered that in our material! Look for a more extensive blog post on that topic in the near future, but the short answer is (as always seems to be the case) “Yes, but…” There is more than one type of 401K, and some are easier to lend from than others.
We will be updating our booklet for investors with information on this, too. It’s one of the topics we’ve taken classes on, and a tactic we have used ourselves, and it feels good to use your investment money for something other than a lot of stocks and mutual funds that you really don’t understand and are subject to wild fluctuations. When we say we will pay X% of interest over Y amount of time, that’s what you will get.
We often need money to buy properties or do renovations faster than we can get traditional bank loans, so we do have opportunities for friends and associates who have some liquidity and would like to invest with the Hermits. Of course, that will happen only if we both feel comfortable about the situation.
We would like to invite any of you who read our blogs and Facebook posts to consider contacting us and talking about becoming a private money investor. We can work with a wide range of investment amounts, depending on our projects and your available cash. And while we’d love to meet with you in person in our Austin or Cameron offices, we are happy to talk by phone or Skype! Contact Lee at HermitHaus.com by email for more information. We love to share the wealth!