Once you become a lender and you're looking for people to purchase your property, how do you find the buyer? How do you make it look affordable? How do you know which rules and regulations to follow? An RMLO or a residential mortgage loan originator will do just that. Learn from Sarah Montes who is the President of Texas Pride Lending on why you need an RMLO. Joining Keith Baker, Sarah explains how an RMLO guides the lender on the payment process. Listen in today on how Texas Pride helps lenders in this regard.
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I would like to thank you for sharing your time with me as well as your consideration. If you're seeking practical tips and advice on how to increase wealth without cheap banks or unpredictable Wall Street through private mortgage lending, then you are in the right place. If you want to learn from my mistakes so that you can both avoid and profit from them, then pull up a chair and pour yourself a drink because this show is for you. This episode has been more than four years in the making. It has got a bit of a story behind it.
Before we get to that, I want to encourage you to join the Private Lender Podcast Group. It is a public group, but I personally vet the applicants to ensure that it truly remains a group of just us private lenders. After years of empty threats and promises, the Private Lender Academy is finally launching in July 2021. You have the opportunity to get in when the doors open as a founding member, which means you won't be charged full price and you'll receive founder pricing on additional courses in the future. Go to PrivateLenderAcademy.com for more info. Click on that Apply Now, fill out some information, tell us a little bit about yourself, and you'll be on the list for the founding member.
It is time to get down to the brass tacks of this episode. It's when my best borrower switched his business model from buying and converting into owner-financing notes using private lender money as the underlying lien. He streamlined his business and went more into a wholesaling model, which means he didn't need a private lender. He also went into a small apartment complex, which was way above what I had to offer. He did me a favor and introduced me to his friend, Landon Rothstein, who has been on the show. I initially was Landon's private lender before coming as his partner in Asset REI in 2017.
At that time, Landon was a student of Mitch Stephen. He was looking to use my money as a first position and then wrap it with seller financing with an additional lien. He explained that we would use an originator to keep everything legal and above board. Since this came from Landon, I was skeptical and decided to investigate things myself. Ultimately, I came to the conclusion that Landon wasn't BS-ing me. He was indeed accurate, right, and correct. Before we put an owner-occupant inside a house with my money providing the lien, we used Texas Pride Lending, which took the end buyers' application, financial information, records, and everything that a bank or loan officer would take. They confirmed that the borrower could reasonably be expected to make the mortgage payments based on their finances, how the note was structured and the length of the note. It...
