I have a true story from just a few weeks ago that is the perfect example of why communication is vitally important and just how weird of a time we are going through right now.

I had a property under contract in Rockville. It was scheduled to close in mid April.  
My intention was to purchase property, renovate and sell the property for a good profit.

I was informed by the Title Attorney that he was ready to close the deal and wanted details on my financing for the project.  

Many of you know I use private lenders that I have developed in my PRIVATE BANK to finance my buy-renovate-sell opportunities.

I called one of my lenders in Northern Virginia and sent him the INVESTMENT PACKAGE I prepare for all of my investors.  

After a few hours or in some cases a few days, the investor decides to move forward and fund or decides to pass for a reason explained to me in a phone conversation.

If they decide to pass for whatever reason, I move on to another investor in my PRIVATE BANK.

In this case, the investor was satisfied with the risk and property details and told me to move forward.

A week later I called investor and told him the closing was scheduled for Monday and forwarded the wire instructions from title company.

He called me back and let me know he was unable to fund the transaction, because he received a margin call on his brokerage account and did not have access to enough funds to close deal. 

He was very apologetic and I believe a bit embarrassed for placing me in a tough position. i understood and told him we would be in touch on future deals once the market calmed down and he was more liquid.

After panicking for just a brief moment, I called the seller, offered more deposit money to buy another week or two to close the deal. 

They understood and allowed me a few additional weeks to go back to my PRIVATE BANK and secure funding for the deal.

We are in turbulent economic times and we need multiple sources of quality capital to take advantage of solid deals. 

We are open for business and will be having our next WREIA meeting on Monday, June 22nd.

If you would like to join us grab a reservation at this link. The reservation is free and we use your email to send you a link prior to the meeting.

This month we will talk about money and the changes taking place in our business. I will give you Seven totally different sources of capital to fund your deals. Most of these are great to use during specific times and can be used when specific situations arise.

Grab your seat for the next WREIA meeting next Monday and be ready to grow your business.

Stay safe and stay healthy, 
John Peterson