If you use Private Money from three different individuals to fund the same deal how do you determine who’s in first position, second position, and third position?
Find out Jay’s answer to this important question by tuning on this video.
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Chaffee-Thanh Nguyen started investing in Real Estate a decade ago. He dramatically changes and impacts the lives of thousands of people around the world as an Executive Success and Event coach with the likes of Powerteam International and Marshall Sylver’s Mind Power Inc. Chaffee also teaches at his own events.
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Jay Conner:
Next question. What right in terms, should we be offering private lenders for seconds and what right is for first? I pay 8% in first. 10% in junior position. Bruce, two weeks ago, I asked if you use private money from three different individuals to fund the same deal, how do you determine who's in first position, second position and third position? Good question. So remember, you can have multiple private lenders on a collateralized by the same piece of property. So who's in first? Chaffee wasn't or Scott, wasn't there something like a poem written who's on first who's on second, something like that?
Chaffee-Thanh Nguyen:
Abbott and Costello.
Scott Paton:
Yeah, it's a famous Abbott and Costello skit. Who's on first? I don't know who's on first. Who?
Jay Conner:
Here's the answer to the question. The one with the most money goes in first position. We're talking to the private lenders. The one that's got the most money goes in first. The one with the next money's got goes in second. The one that goes in the next least amount of money goes in third. Okay. I know what the next question is. Well, what if have I got a private lender that's got a hundred and one's got 25 and one's got 25? Hundred goes in first. Then it goes in 25. Who goes in second of the 25 and who goes in third of the 25? The private lender that's been doing business with you the longest goes in second.
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