132 What Education Course, Books, et. Can You Recommend For A Newer Private Lender?
In today’s episode of Passive Wealth Show, Jonathan Davis, Wendy Sweet and Bill Fairman of Carolina Hard Money will answer the “ Ugly Question” of the day:
” What Education Course, Books, et. Can You Recommend For A Newer Private Lender? “
To be a private lender, you must be knowledgeable of the different aspects of private lending.
The initial key to understanding which information system you are requiring for yourself is to know and understand what is out there and the components that make up private lending and what you are trying to learn.
Watch the whole video to learn some tips for a first-time private lender.
“You have to realize what are the components that make up private lending”
– Jonathan Davis
“When you lend, you should be lending to people that you know and trust in areas that you know well.”
– Wendy Sweet
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the “Small Builder” borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and “Ground-up Construction Loans” for investors only in NC, SC, GA, VA, and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
Bill Fairman (00:02):
Hello, everyone. Wendy is sneaking in the back door as we speak. Thanks for joining us for the Passive Wealth Show. Have you guys ever wondered if there’s any courses classes, mentors available to teach you about private lending?
Jonathan Davis (00:26):
Bill Fairman (00:26):
I’m teasing you.
Jonathan Davis (00:28):
Wendy Sweet (00:29):
Stay tuned for more.
Bill Fairman (00:30):
We’re going to let you know right after this.
Bill Fairman (00:44):
Once again, thank you so much for joining us on the Passive Wealth Show.
Wendy Sweet (00:47):
Are you a little off today, Bill?
Bill Fairman (00:47):
Yes, you’re making me off.
Wendy Sweet (00:52):
Bill Fairman (00:52):
So, don’t touch me. We’re supposed to be distancing.
Wendy Sweet (00:57):
No, that’s over. Thank the Lord.
Bill Fairman (00:58):
Well, it depends on where you are and what state of mind you’re in, that state of the union.
Wendy Sweet (01:10):
That’s true too. Carolina Capital Management here. You’re at wealth, Passive Wealth Show. See, that’s hard to do. That’s hard to do.
Bill Fairman (01:18):
I’m Bill Fairman and this is Wendy Sweet and Jonathan Davis.
Jonathan Davis (01:21):
Bill Fairman (01:21):
We are Carolina Capital Management. We are a lender in the Southeast for investors. If you’re interested in borrowing money, go to our website, CarolinaHardMoney.com and click on the apply now`. If you’re an investor seeking Passive Returns, click on the accredited investor tab. Don’t forget to like, share, subscribe, hit the bell, all that good stuff. See, I still have it.
Wendy Sweet (01:51):
Jonathan Davis (01:51):
You got it. Good job, Bill.
Bill Fairman (01:51):
Okay. So let’s talk about what, what do we want to do? You want to do breaking news?
Jonathan Davis (01:56):
I think we should, we start with some breaking news.
Bill Fairman (01:58):
All right. Excellent.
Jonathan Davis (02:12):
This just in, the news is broken. Oh wait, no.
Jonathan Davis (02:17):
Well that, we all know. For sure.
Bill Fairman (02:18):
We do have some good news on the employment for it.
Jonathan Davis (02:22):
Bill Fairman (02:23):
And in GDP. So unexpectedly, the continuing jobless claims, we’re down quite a bit. They expected still in the 4 million range and it move down.
Wendy Sweet (02:37):
Was that 3.9–?
Bill Fairman (02:39):
No, no. It was pretty close to 3 million.
Wendy Sweet (02:42):
Jonathan Davis (02:42):
Oh great. Great.
Bill Fairman (02:42):
I’m sorry, was it 4 million? 30 million. 3 million. So, what do you call them? New claims. They also expected like 470,000 or 73,000. And it came in, much lower in the 300.
Wendy Sweet (03:05):
And that’s just for the week though, right?
Bill Fairman (03:07):
Wendy Sweet (03:07):
Jonathan Davis (03:08):
Well, lower than expected when it comes to that is very good news.
Wendy Sweet (03:11):
Bill Fairman (03:12):
And then it turns out that the final, final, final,
Jonathan Davis (03:17):
Bill Fairman (03:17):
Jonathan Davis (03:21):
Bill Fairman (03:21):
Domestic product numbers. So the GDP came in at three and some change, which is not bad for a year that pretty much half of it was shutt down.
Wendy Sweet (03:35):
What should it be?
Bill Fairman (03:37):
Well, you would love to have a 3% annual GDP.
Wendy Sweet (03:42):
Bill Fairman (03:42):
I mean, that’s pretty good growth,
Jonathan Davis (03:44):
That’s 30% growth.
Bill Fairman (03:47):
Now we had 7%, one quarter, after they kinda opened everything back up.
Jonathan Davis (03:52):
Was that the third or the fourth quarter of 2020?
Bill Fairman (03:53):
Actually the fourth was, in the fours.
Jonathan Davis (03:57):
It was the third that was seven?
Bill Fairman (03:59):
It was the third that was in the seven range. The first and second were all,
Jonathan Davis (04:03):
You know, that mirrors exactly what we did in our business. It was just like, the third just took off and the fourth was good, but yeah, very interesting you know, how real estate can is so resilient
Bill Fairman (04:17):
And just like last week, you know, housing starts are still down.
Jonathan Davis (04:21):
Wendy Sweet (04:22):
Bill Fairman (04:22):
Sales are down. I’ll get to that. It has to do with inventory for the most part, rates are drifting up a bit.
Jonathan Davis (04:32):
Yeah. They’re, what? Sitting at 3% right now?
Bill Fairman (04:33):
It doesn’t matter. The headlines are, people can’t afford homes where they couldn’t afford them before anyway. If you don’t have a job, you can’t afford a house. If you’re working a little bit and the rate’s not going to hurt you much, you just have to perhaps go down a little bit in price.
Jonathan Davis (04:55):
Well, what’s interesting is, you know, 38% of the new home buyers are millennials and their first homes are not like, your all’s first homes.
Wendy Sweet (05:08):
You calling us older.
Jonathan Davis (05:09):
You are not millennials. But yeah, I mean, they’re, you know, million dollar homes as a first home, which is interesting.
Bill Fairman (05:20):
Well, I mean, they’re probably the first generation that come out of college with debt that’s 30 years in the making to pay off
Wendy Sweet (05:29):
Yeah. So how were they also affording first homes like that? Well I think they’re older when they get them.
Bill Fairman (05:34):
Rates are so low.
Jonathan Davis (05:35):
Rates are low. Yeah.
Wendy Sweet (05:35):
And they’re older when they get them, like you were, were you even 20 when you bought your first house?
Bill Fairman (05:40):
I was nineteen.
Wendy Sweet (05:40):
Yeah. And he had a motorcycle in the living room and I just thought it was cool.
Jonathan Davis (05:44):
The breakdown would be like a 38% that are millennials. I think 25% are 30 to 39. And the balance is between 22 and 29. Yeah. So most of them are 30 to 39.
Wendy Sweet (05:56):
Well, listen, in some of the areas of the country, you know, your median home prices in the seven hundreds. Yeah.
Jonathan Davis (06:04):
Yeah. That’s true.
Wendy Sweet (06:05):
Plus after living in your parents’ basement for so many years, you have an opportunity too.
Jonathan Davis (06:09):
I think that is a phenomenon that we do see more with millennials is they did spend more and it was, you know, a lot of different aspects, you know, student loan debt, and a lot of other things, but they stayed home longer and maybe they were able to secure more of a nest egg to get that first home.
Bill Fairman (06:27):
A lot of them waited later to start a family. And they’re already financially secure.
Jonathan Davis (06:33):
Families are expensive, especially when you start out at 22. Providing for all family.
Wendy Sweet (06:39):
Jonathan Davis (06:40):
One of the interesting things I was telling you earlier, Bill was, cause you know, in real estate, we only have back facing data. In February they released like the top 20 hottest markets in the United States. What surprised me was number four was Burlington North Carolina.
Wendy Sweet (07:02):
Jonathan Davis (07:02):
Isn’t that interesting?
Wendy Sweet (07:04):
Jonathan Davis (07:04):
Yeah. Number four,
Bill Fairman (07:06):
For those of you who don’t know, anything about Burlingtob,
Jonathan Davis (07:06):
I’s between Greensboro and Durham. So we can take a, I mean, that’s an interesting point and we can speculate why.
Wendy Sweet (07:17):
And I know eighty five runs through it. I wonder what other big interstates,
Jonathan Davis (07:22):
I mean, perhaps with a pandemic, more people wanted more space, you know, ability to have a garden or whatever.
Wendy Sweet (07:28):
Yeah. Good point.
Jonathan Davis (07:28):
And it was cheaper in that area but so much so that it became the number four hottest market in the United States for February.
Wendy Sweet (07:36):
Jonathan Davis (07:37):
And then, you know, future facing data, which is all speculation, Charlotte Metro, or even Charlotte Metro Charlotte MSA, which encompasses Gastonia, Concord, Kannapolis, Charlotte Proper, Rock Hill, which is your County, it’s counted as the number three MSA, for growth.
Wendy Sweet (08:00):
But there’s nothing going on in Rock Hill folks.
Jonathan Davis (08:01):
The number three in growth and sales price for 2021.
Bill Fairman (08:09):
Well, Burlington would have been a great place to target.
Jonathan Davis (08:13):
We did a multifamily in Burlington last year.
Wendy Sweet (08:16):
Bill Fairman (08:17):
It’s a market that the main industry was furniture. And of course China took most of that. They still have some of Burlington industries is still there. That said, it was probably one of the least expensive places to purchase and still have an easy commute to either the Raleigh Durham area and, or, you know, the Greensboro market. So that sounds like a good plan
Wendy Sweet (08:44):
Where was in Burlington that we did the loan on that a large piece of land?
Jonathan Davis (08:50):
That was Winston.
Wendy Sweet (08:50):
Gotcha, gotcha, got you. Okay.
Jonathan Davis (08:50):
But another key finding from all this research was that they expect rents like rental growth, units of houses that are being rented to more than outpaced, more than double the purchases over the next 10 years. Which is interesting. Cause it’s like right now, it doesn’t feel too good to be owning rentals at least for the last year. But all the data that we’re looking at is just showing that most markets, if not close to every market has already hit its rental bottom. Cause we saw rinse decline and now we’re actually starting to see them appreciate back up so you know, hopefully we felt the worst of the rentals and it’s only gonna go up from here.
Bill Fairman (09:40):
I think it’s going to be state specific.
Jonathan Davis (09:42):
The timing for sure.
Bill Fairman (09:44):
You have, you know, people obviously leaving certain areas, so that’s going to continue to decline for a little while, but also depending on who is the power in government in those States, whether they continue to allow eviction moratorium.
Wendy Sweet (10:05):
Bill Fairman (10:06):
And those smaller rental portfolios are going to be the ones that are hurting, you know, your bigger REITs, they can deal with it right now.
Jonathan Davis (10:17):
Yeah. Which you know of the numbers, if you go into multifamily January, given we only have back facing data, January rent collection for either a full payment or a partial payment was down in percentage across the nation from December. So, but they anticipate that February is actually going to be arise and then keep moving forward.
Wendy Sweet (10:40):
Only because that check going out to everybody, they’ll be able to pay their rent. Right?
Jonathan Davis (10:44):
You know, I read some now it was on LinkedIn. So, you know, take the source for what it is. But someone wrote that, you know, their tenant hadn’t paid and you know, something to the tune of like 14 months, but they just went out and bought a brand new car. And I was like, man!
Bill Fairman (11:03):
Now they can’t afford that car.
Jonathan Davis (11:03):
Now they can’t afford cause they can’t pay.
Wendy Sweet (11:03):
You know, too with, we mentioned this last week, but FHA now wants to reduce their holdings of 15% right now for investment properties. Now they’re trying to drop it to 15, so seven. So they’re raising the rates. Number one, it’s a great way to keep away from doing those ones. Um, but the problem, I think what really tripped that is there are so many landlords that are now in loan modification because they’re not able to pay the mortgage based on the fact that the tenants aren’t paying the rent. So, we’re going to see some, interest in seeing what that fallout will be, but we’re seeing some interesting fall out on that.
Jonathan Davis (11:50):
I’m hoping that, you know, hoping is a terrible word already but hoping to see some movement of some larger portfolios where, you know, you have landlord, you know, either just tired of the.
Wendy Sweet (12:03):
20 properties, half of them in forbearance.
Jonathan Davis (12:03):
Yeah. Have of them in forbearance, let’s just move them all. Let’s just get them all out.
Bill Fairman (12:08):
Well, part of the reason I think you’re going to see more renters is because the expense of building new single family,
Jonathan Davis (12:19):
Bill Fairman (12:20):
And the availability of existing single family. So you’re not having any choice but to rent.
Jonathan Davis (12:25):
Yeah. I mean all the data is pointing to, you know, we’re anticipating home ownership right now, I think is at 65%. you know,
Bill Fairman (12:33):
That’s a good level.
Jonathan Davis (12:33):
And we’re anticipating it to tick down up to 62% over the next five to 10 years.
Wendy Sweet (12:39):
Well, so many people are no we’re at the top of the market. So you’re going to sell your house, get the cash out of it. You rent a property until hopefully things go down or calm down and part life.
Jonathan Davis (12:50):
And part of that could be stemmed from an aging population. You know, we were actually entering into where we are. We have, you know, public good size of our population, aging out of maybe the home maintenance and the home ownership. And they want to get more into the condo condo, rental side where they don’t have so much upkeep.
Bill Fairman (13:10):
Well, at least there’s plenty of millennials to fill in behind them since they’ve already surpassed the baby boomers in population. Yeah.
Jonathan Davis (13:18):
But not in wealth. We still got it.
Wendy Sweet (13:21):
We still got it.
Bill Fairman (13:21):
That’s never going to change. The older population typically accumulate the wealth over time.
Jonathan Davis (13:28):
Wendy Sweet (13:29):
They’re going to get it some point.
Jonathan Davis (13:31):
When you’re born also attributes to the wealth that you accumulate, like a baby boomer. I think it was like two times more likely to accumulate more, you know? And that’s a rough statistic, but like more wealth than say like a millennial. And you can like actually break it down to like over the course of the life of a baby boomer. Like they actually compounded almost 2% more per year in wealth than a millennial have
Bill Fairman (13:56):
Here’s why because baby boomers spent money on stuff.
Wendy Sweet (14:05):
Bill Fairman (14:05):
And millennials tend to spend money on experiences is worth nothing but memories. You can accumulate lots of memories.
Wendy Sweet (14:14):
You can’t take that memory to your grave.
Jonathan Davis (14:16):
You can’t take anything to your grave.
Bill Fairman (14:19):
Listen, they’re selling tennis shoes that you can’t wear. That’s nothing but an emoji for hundreds of thousands of dollars.
Wendy Sweet (14:30):
That’s just, plain stupid.
Jonathan Davis (14:31):
I don’t want to know anything about that
Bill Fairman (14:35):
Apparently there’s people that have too much money where they’ll spend thousands of dollars on something that you can only show an emoji.
Wendy Sweet (14:44):
They don’t even have the shoes?
Bill Fairman (14:46):
It’s an emoji. It’s art. That is digital.
Wendy Sweet (14:52):
Oh that is so messed up.
Bill Fairman (14:52):
All right. Well, listen, we’re winded about stuff that we can’t be complaining about. The big stupid. Stupid rich. So, we are going to move into the whole name of this show.
Jonathan Davis (15:07):
The Ugly Question.
Bill Fairman (15:07):
The Ugly Question. Wow. You guys are working nonstop with all these excellent graphics. Aren’t they? Every time we come here, there’s a new graphic. It’s already,
Wendy Sweet (15:33):
That’s our first question.
Bill Fairman (15:33):
We’ve been reminded. It’s time to move on. All right. So our question is what education courts, books, or et cetera, can you recommend for newer private lenders?
Wendy Sweet (15:44):
It’s a great question.
Bill Fairman (15:46):
And there’s lots of stuff out there. So Jonathan came prepared with charts and graphs and I’m going to let him start
Jonathan Davis (15:55):
Well, that’s a great question. You know, what is out there? And first you have to realize or understand what are the components that make up private lending? Because what are you trying to learn? Are you just trying to learn how to give someone money as easy? Just write them a check. You know, so what are you trying to learn? Right. So when I break down private lending, we break it down into market knowledge, underwriting, due diligence, loan documentation, or collateral servicing collection, loss, mitigation, and loan sales. So to be a private lender, you must understand and be knowledgeable about all these different aspects.
Wendy Sweet (16:38):
In the state, in which you’re lending.
Jonathan Davis (16:39):
So market knowledge is local. It’s not even state specific. It is very local. It can be borough neighborhoods, street. Underwriting? That’s kind of universal. Once you learn how to underwrite and do due diligence, you can move that to any state or any place. Loan docs, collaterals that state specific each state has its own needs. Some States are deed of trust States. Some States are mortgage States. Servicing collection. Again, state specific. Each state requires different, has different laws for that. Loss mitigation, which is foreclosure bankruptcy, defaults of any nature. That again is state specific and then loan sales? Universal. Once you learn how to sell a loan, you can do that in any state. So yeah, all of that is, most of it is very state or local specific. So again, what are you trying to learn? What are you trying to get? So if you’re going after universal knowledge from some of that says, Hey, I can teach you how to borrow, you know, or to lend money in all 50 States or whatever it is.
Wendy Sweet (17:48):
Don’t do it.
Jonathan Davis (17:48):
Wendy Sweet (17:49):
Don’t do it. We don’t do it.
Jonathan Davis (17:51):
You can do it. But again, like you look at these larger companies that do it. They have such a tight box that.
Wendy Sweet (17:59):
They can’t lose.
Jonathan Davis (17:59):
That’s like, if you do that, but as a private lender, you’re probably not going to want to lend it. You know, five, six, 7%. Maybe you are. I don’t know. So your competition with them, you wouldn’t be in competition with them. They would, they would beat you out every time.
Wendy Sweet (18:17):
Bill Fairman (18:18):
Well, If you’re going to do private lending, if you’re doing it for short term, you can get higher returns. If you’re doing it for longer terms, you’re going to do it for less money. And why? Why would you do that? Well, you can get higher returns on a short-term loan, but the problem is you have to continually have short-term loans because they’re going to pay off.
Wendy Sweet (18:38):
But you’ll get good practice out of doing it. Right?
Bill Fairman (18:41):
On the other hand, if you’re doing, if you want more security and knowing that you don’t have to go find another loan soon, you opt for getting less over time, but you have the long-term security.
Wendy Sweet (18:53):
Bill Fairman (18:53):
All the fundamentals are still the same. Yeah.
Wendy Sweet (18:57):
Well, I think when you’re you need to understand the investor side to begin with. You need to understand, like you were talking about the market, what is it really going to be worth? When they have it fixed up and ready to sell? What’s it really going to be worth?
Jonathan Davis (19:16):
And appraisal can help you, but that’s not the whole story.
Wendy Sweet (19:18):
That’s exactly right. And the other side is, as you really understand the rehab side, you need to understand what the true costs are. When people are, when people give us a rehab list of what they plan on doing, you know, we both can look at the rehab sheet and we know you can’t put in a full bath for 2,500 bucks. It’s just, it’s not going to happen.
Jonathan Davis (19:44):
Come to my house if you can.
Wendy Sweet (19:45):
That would be great. So we can tell looking at a sheet, whether or not that list is realistic and all my cousin’s gonna, he’s a contractor and he’s going to do it for me. Well, that contractor, that cousin, that contractor cousin is not going to come and finish that for you. If you have to take that house back tomorrow at that price. So those are things that you need to keep in mind, but really, the most important thing for any newer lender to understand is that when you lend, you should be lending to people that, you know, like and trust in areas that you know well and take baby steps, do it one loan at a time and I like the idea of doing short-term, especially when you’re first out of the box because you get an opportunity to get from the beginning to the end to see what that entire process was like. But when you start lending to people that you don’t know or lending to people that are in a hurry, I gotta have it tomorrow. We’re in three days. Be very careful about that.
Bill Fairman (20:50):
That would put us out of business,
Jonathan Davis (20:53):
Like if you do a longterm, it’s your first one markets change. And here’s the, if you don’t understand, or you didn’t, you know, didn’t do your collateral documents, which are all the documents that encompass your loan, which is your note, your deed of trust or mortgage or title policy, your personal guarantee, your business purpose affidavit, and your non applicability of truth and lending there’s an, and bliss goes on. If you don’t have all of those ducks in a row, five years from now, something can happen. And well, a judge says, well, sorry, sir, ma’am you don’t have proper documentation. This isn’t about loan.
Wendy Sweet (21:34):
Jonathan Davis (21:35):
You just lost all your money.
Wendy Sweet (21:36):
And all of those are things that any attorney can draw up for you. If you’d like to see our documents, what we use, we are so happy to share it with you. You see what, what we use.
Bill Fairman (21:52):
The real estate attorney that you hire to do the documents, uh, you’re going to be covered under their Eno if they get it.
Jonathan Davis (21:58):
Wendy Sweet (22:00):
That’s right. That’s right.
Bill Fairman (22:00):
You’re the one that comes up with the terms and we’re starting to run a little short on time. So I want to get some, some courses in here. We have a good friend in Atlanta, Dyches Boddiford that does a course once a year,
Wendy Sweet (22:14):
Yeah. Really good stuff.
Bill Fairman (22:14):
Website is Assets101. If you go to the events page, you’ll see upcoming events, he just finished doing a hard money course that lasted like three weeks online. Usually it’s a long weekend and in person but he also sells courses on creative financing techniques. He sells a course on notes.
Wendy Sweet (22:40):
And he’s got documents in his course as well.
Bill Fairman (22:43):
Correct. And I know you have some
Wendy Sweet (22:47):
Lee Arnold is another person that, I don’t think I have his information and that should have given it to you at first,
Jonathan Davis (22:53):
What is it? Circle of wealth or something like that?
Wendy Sweet (22:56):
Maybe that’s it. But Lee Arnold, L E E and last name is Arnold. He has a really good program. In fact, he has a course that I think he has a mentorship program that he does as well with his lending teaching that he does. And that’s really good.
Jonathan Davis (23:18):
I would recommend Ron LeGrand. We’ve had him on the show. He, you know, he’d be a great mentor. He has a few books as well and I think you probably have his information from a third of their wrong, the grand stuff. And then one of the things that I really like to do is if you’re a first time private money lender, it does not hurt to be ultra conservative. It does not hurt at all. You know, so what I would recommend is get with your local, like bankers association, like here’s like South Carolina bankers association, North Carolina banker association, they offer essentials of lending courses. And I think they’re like maybe three, 400 bucks. They’re usually over the course of a week or two, but they can actually step you through how a bank would underwrite, which is very conservative. How a bank would underwrite a loan, which can give you all the foundation pieces that you potentially need. Now don’t take all of it. Maybe take some of it or take all of it. I don’t know what you want to do, but like for me, I’ve taken quite a few of them and it’s great to see how that side sees it. And it helps.
Wendy Sweet (24:27):
Why they’re asking what they’re asking for. It’s always good to know. Another option too real quick. I would also learn about what you’d be facing for somebody trying to raise private capital from you and Jay Connor, who is a dear friend of ours, teaches raising private money. And he does such a good job with that. It would be who you as a lender to understand how he teaches what he’s teaching about raising capital, because then you’ll know it from both sides. And I think that would be really, really helpful.
Jonathan Davis (25:06):
I wanna be Jay Conner.
Wendy Sweet (25:06):
Yeah, he’s a great guy.
Bill Fairman (25:07):
And lastly, if you understand notes, the note business, you can lend as well as just my existing notes and, you know, recommended any Speeds course. I know a Fred Rory and Tracy Z have ongoing education as well,
Jonathan Davis (25:26):[Inaudible].
Wendy Sweet (25:26):
Uh, Dawn Rick and ball.
Bill Fairman (25:30):
So if you understand notes and creative financing techniques and that you’re, you’re going to learn everything there is to know about lending through that. And it’s not just about originating a new note. It’s also about buying existing rhymes as well.
Wendy Sweet (25:49):
Right. Great, great point.
Bill Fairman (25:51):
All right, well listen, thank you guys so much. I know we’re getting down to it and I want to make sure that you see that our next show is part two Fernando Angelucci. I don’t know why I do that every time I’ve known this guy for like three freaking years and every time I get the Angelucci yet, I just blank out for whatever reason
Wendy Sweet (26:15):
He thinks pizza
Bill Fairman (26:19):
I’ll do better. Next time. Don’t forget, Wednesday with Wendy. Wendy does some mentoring, but I’m telling these you way out in advance. So make sure that you get on the schedule. Don Harris is exactly right, and you need to get a good mentor or a partner as you’re going into these things. And then Lori is also recommending Dyches as well. As a matter of fact Larry Goins and myself, drove down and took Larry’s class and we were already doing hard money loans.
Wendy Sweet (26:59):
Dyches’s class. Yeah. You said, Larry, but we know what you meant.
Bill Fairman (26:59):
I’m glad somebody does. Alright. Thank you guys so much for joining the Passive Wealth Show. We are Carolina Capital Management. We are lenders in the Southeast for real estate investors go to CarolinaHardMoney.com. If you’re interested in borrowing money and click on the apply now tab. If you’re an investor and you’re interested in passive returns, click on the accredited investor tab. Don’t forget, forget to like share, subscribe, hit the bell, all that good stuff. Thank you so much. See you on the next show.