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lending DEAL

Matthew Hayes

Clean Slate Properties LLC in Grand Rapids, MI
Matthew Hayes with Tina Hayes

rnThis Private money loan to Viva Property Investments LLC, a company owned by another FortuneBuilders student, for the acquisition and residential redevelopment of the property located on Rena St SW in Grand Rapids, MI. In this case, CSP used funds from one of its investors to lend to VPI. CSP paid the investor 9% on the loan and charged VPI 11%, essentially netting 2% on the capital loaned. The note between its investor and CSP is unsecured, while the note between CSP and VPI is secured by a mortgage. This model has been successfully and used multiple times. CSP has improved its process and we spend less than 4 hours vetting the deal for our investor, drafting up the promissory notes and mortgage, completing monthly reports, and closing out the notes and discharging the mortgage. VPI completed the rehab and sold the property in less than 3 months, so this was not a huge moneymaker in terms of total dollars returned, but it represented a new approach to PML for Clean Slate Properties.rn

Lending Details

Property City:
Grand Rapids
Property State:
MI
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

FortuneBuilders teaches the importance of using other people's money (OPM) and not being afraid of leverage. We took those principles and found a way to use OPM to help a fellow student use OPM to leverage their deal for maximum cash on cash return. We would NEVER have thought of this without FB training.