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The Best Ever CRE Show

JF1761: What To Do When Your Lender Backs Out At The Last Minute #SituationSaturday with Michael Beeman

The Best Ever CRE Show

Best Ever CRE

Business, Investing, Entrepreneurship

4.7996 Ratings

🗓️ 29 June 2019

⏱️ 22 minutes

🧾️ Download transcript

Summary

Michael is coming back onto the show (previous episode below) to share a situation he recently had in his business that taught him a lot. He had a lender back out of his deal THE DAY OF CLOSING! This was a 62 unit deal, and Michael was left scrambling to get this deal done. Hear how he overcame the situation and what he learned in the process. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review! Best Ever Tweet: “If you’re starting out, mortgage brokers can be an asset for you” - Michael Beeman Michael Beeman Real Estate Background: Began his REI career in May of 2017 with $52k to invest His company's holdings now include ownership and management of over 120 multifamily units Listen to his previous episode: JF1345: Another Real Estate Success Story | 31 Units With $60k! with Michael Beeman And if you  like this episode you’ll like: https://joefairless.com/podcast/jf599-big-money-raised-investor-partners-set-on-the-closing-day-the-lender-says/ Based in Casey, Illinois  Say hi to him at bestevercommunity.com or 217.508.8185  If you’re a passive investor wanting to learn more about questions to ask sponsors in order to qualify the opportunities, sponsors, and the markets opportunities are in, visit BestEverPassiveInvestor.com. We created this site just for passive investors to have a free resource providing the questions to ask and things to think through. BestEverPassiveInvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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I had talked to him and in fact he was trying to find other lenders.

1:08.7

So he was working behind the seas, but by the time he said good luck, he realized that my contract was expiring within two weeks.

1:16.0

So my $20,000 I had down, plus all my expenses, was going to just vanish.

1:21.0

If you're a passive investor wanting to learn more about questions to ask sponsors in order to

1:26.5

qualify the opportunities in order to qualify the sponsor in order to qualify the market that the property is in, then go to

1:35.4

best ever passive investor.com. My team and I created this site just for you so that

1:42.0

there is a free resource available to you to learn about the

1:46.3

questions to ask the things that think through prior to investing in deals.

1:52.0

So go to best ever passive investor.com. It's a free resource

1:55.9

for you that was made just for you. Best ever listeners how you doing? Welcome to the

2:00.3

best real estate investing advice ever show.'m Joe Fairless this is the world's

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