Keeping track of private lender funds through reports
- Author Alan Cowgill
- Published January 27, 2011
- Word count 430
What we have to organize information for our private lender funds is a good old fashioned computer program known as Excel. You have probably used Excel a lot in your day. Our administrative assistant Donna has mastered it.
In our office, each private lender has a page. What we record on the spreadsheet is how much money they’ve given us, the date they gave us the money and the property that the money is put on. It’s fairly simple.
When we repay them or we move the money to a different property, we record the information on their page. We double check to make sure that we’re filling in all the blocks and keeping track.
We did have a mess with Excel. Unlike some messes, we had fun cleaning this one up. It also demonstrates why I have systems.
The administrative assistant who used to work for me just wasn’t getting the job done. It started to show after a while. She was behind on the Excel spreadsheets and wasn’t keeping the reports up to date.
What Donna had to do was go back in and figure out what went where. Her job was tough.
This report wasn’t clean; the real estate promissory notes didn’t have the addresses on them. Donna had to sit there and spend a lot of time getting this thing up to speed.
Thank God, because you really don’t want your private lender coming to you and saying, "I think you owe me more money on those bank repo houses."
So the message here is to have a system for your lender reports. You can use this for your quarterly report to the lenders.
We use it as an internal report in the office but it is set up so each tab has a private lender on it and we’ve color-coded it. The color code shows if they’ve been paid off or if they’re still active.
You know, just how you get your reports periodically from a bank that says here’s how much interest we’ve paid you. Well it’s the same thing here, but in reverse.
With this statement, you’re giving them the information about where they stand with you. It shows them where there money is and what properties it’s on.
It is a good idea to give the lender this statement every quarter. That allows them to raise the red flag if they have an issue. It makes it easier for you to reconcile any problem they have.
E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and small multi-family investment properties. His home study system, 'Private Lending Made Easy', shows others how to find private lenders for their very own real estate business.
His website is http://www.supercoolsystems.com
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- How Architects Are Shaping Sri Lanka’s Real Estate Boom
- Directing Las Vegas Homes for Sale: How Live Better in Las Vegas Guides Buyers to Success
- Understanding the Renters' Rights Bill: Key Changes and Timeline Explained
- Costs of buying property in Spain - IMS Mortgages
- Three Easy Steps to Sell Your San Antonio House Fast!
- Discover Your Dream 55+ New Construction Home Community in the Greater Tampa Bay, Florida
- Article on Mortgage Lenders and New Homes Mortgage Helpline
- The Advantages of Utilising Professional House Removals Services
- Manilva: A Rising Star in Off-Plan Property Investments
- Comparing Removals services-in-wandsworth: Your Ultimate Guide
- Port Orange -- The Perfect Twin Sister to Daytona Beach
- RE/MAX Ace Spearheads Innovative Housing Solutions in the GTA
- Should You Waive the Home Inspection Contingency? Weighing the Risks and Benefits
- Avenir: Embracing Lifestyle and Community in Palm Beach Gardens
- Serbian Real Estate: A Tidbit for Investors
- Discovering Life in Pattaya, Thailand: An In-Depth Handbook for Expatriates
- DEBUNKING HOME REPORT MYTHS
- Don't Let a Financial Hardship Force You to List Your House
- Safe Water Starts at Home
- Don’t let Missing Insulation Lead to High Energy Bills
- Property Investors Amidst Favorable Swedish Krona Rates
- How Real Estate Professionals in Houston Go Above and Beyond for Home Sellers
- Reasons to invest in real estate in Cyprus
- Top 10 criteria to select an Insurance Claim Appraiser
- Comprehensive Home Inspection Checklist for Buyer, Seller, and Homeowner
- DEBUNKING HOME REPORT MYTHS
- North Carolina Real Estate Market: Shifting Market Dynamics on the way?
- Selling Your House in Winter: Effective Tips and Strategies for Success
- Would you like to have a Free House?
- 5 Ways To Know You're Ready To Buy A Home