{"id":1233,"date":"2011-11-14T13:52:52","date_gmt":"2011-11-14T13:52:52","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=1233"},"modified":"2011-11-14T13:53:05","modified_gmt":"2011-11-14T13:53:05","slug":"real-life-story-from-a-real-estate-investor","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/real-life-story-from-a-real-estate-investor\/","title":{"rendered":"Real Life Story from a real estate investor"},"content":{"rendered":"

So a few months ago, I came across a killer deal on a duplex.<\/p>\n

This was an REO located in a great area, right across from a BBQ joint whose beef brisket was so mouth-watering-good that people drove 20-30 miles from around just to have lunch!<\/p>\n

And the property was listed dirt cheap so I had to have it.\u00a0 Problem was, at the time, I already had 4 projects going on and another under contract, so I was short on cash.<\/p>\n

AND my best private lenders were totally tapped out of money!<\/p>\n

But I had to have this deal – it’s the kind of property I expect to look at 30 years later and say “Thank god I didn’t let that one get away!”.<\/p>\n

So after considering robbing a liqueur store (didn’t have a ski mask) and begging on the street for money to make up the short fall (didn’t want to run into old high school classmates), I turned to a local hard money lender.<\/p>\n

This guy lent me money on the spot and was happy to <\/strong>do it.<\/strong><\/p>\n

Do you know why?<\/p>\n

Because short of making me sign over my first-born, he did the next best thing: charge me 14% interest and close to 8 points flat on the loan.\u00a0 That means I paid him 8% of the loan amount up front and then had to keep paying a huge interest rate as long as I owed him money.\u00a0 Talk about expensive!<\/p>\n

So what’s the moral of this story?<\/p>\n

You can never have enough private lenders ready to close on <\/strong>deals with you.\u00a0<\/strong> Private Money is usually much cheaper than Hard Money and has much better terms.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

So a few months ago, I came across a killer deal on a duplex. This was an REO located in a great area, right across from a BBQ joint whose beef brisket was so mouth-watering-good that people drove 20-30 miles from around just to have lunch! And the property was listed dirt cheap so I … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[5,7,6,4,9],"class_list":["post-1233","post","type-post","status-publish","format-standard","hentry","category-real-estate-tips","tag-anthony-didonato","tag-home-purchase","tag-home-sales","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nReal Life Story from a real estate investor - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/real-life-story-from-a-real-estate-investor\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Real Life Story from a real estate investor\",\"datePublished\":\"2011-11-14T13:52:52+00:00\",\"dateModified\":\"2011-11-14T13:53:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/\"},\"wordCount\":287,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2011\\\/11\\\/index5.jpg\",\"keywords\":[\"Anthony DiDonato\",\"Home Purchase\",\"Home Sales\",\"Real Estate\",\"tips\"],\"articleSection\":[\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/real-life-story-from-a-real-estate-investor\\\/\",\"name\":\"Real Life Story from a real estate investor - 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