I'm here because I know you, and I trust you, and I like you

I'm here because I know you, and I trust you, and I like you.

That was a snippet from our first formal meeting. He to buy a couple of investment properties. Me to help him find them.

Dave is an old friend. An OLD friend. We first met when his two daughters were in Youth Group and I was a youth sponsor. I was a sponsor because MY daughter dragged me into the group and I stayed 7 years - long after my girls graduated from High School. My daughters have been married for 14 years and 12 years. DAVE's daughters are both married now.

He called me out of the blue the other day. Phil, I want to buy a couple of rentals. I am a motivated buyer. I want you to help me.

Can you imagine sweeter words than these, for a realtor?

I was very impressed with his girls. True character, true faith, true love of God, comes out of a home that is modelling the Christian life. There is more than teaching going on in this home. These parents are treating each other a certain way. They are loving their children a certain way. They are living a life that their kids want to emulate.

That is how our friendship began.

What do you know about buying investment real estate inside an IRA, he asked?

Well, it so happens that I have taken an all day class on just that, as well as a half day class. Have you set up your self directed IRA? Not everyone offers them. Did you know that?

I recommended Dave to be an elder at our church. He accepted the nomination and went through the six month class. At the end, he felt called to the position. The church offered him up to the congregation as a candidate. If anyone knows of any reason why he should NOT be an elder, you have 2 weeks to present your Biblical objection.

No objections came up and he was a very good elder. Served his term well.

Yes, I'm all set up. It might take a week or two for the account to finalize, then I am going to transfer funds over from my regular IRA. That may take 10 days as well.

Good, I said. How much money do you have available for this?

He told me.

That will work.

A couple of years ago his older daughter went through our premarried class. Our church requires that anyone who is going to get married IN our church or by a pastor in our church must go through the premarried class. We are one of 6 couples who teach the class. Patti and I have done it 12 times over a 10 year period. What a joy to have his daughter and her fiancee go through the class!

Financing is the next big deal. You know that your IRA is going to buy these properties, not you? And the rules say that the bank who lends the money cannot go after the IRA. It can only go after the property. It is called a non recourse loan. Because of that, there are very few lenders that do them. Only 1 I know of in our State. And they require either 40% down payment, or 50% down payment.

OK. That is my next assignment. I will get in touch with them and get the loan set up.

Dave and his wife moved away from our church about three years ago. We were not in touch as much after that.

You know, I have met a lot of young agents. They are very anxious to help me. I can sense the desperation in them. They want a deal, and they want it NOW! But I have said to everyone, I will only have Phil help me with this.

Our first meeting I gave him a hand picked list of real estate bargains no more than 5 miles from his house. Our second meeting we went and looked at a couple of the properties he had taken his wife to. I showed him inside. He called his wife. You are going to be SO JEALOUS! I am actually inside the house you liked so much...

Hopefully by the time we meet next time, the financing will be lined up and we can actually make an offer!

After our first meeting I sent him a Thank You note.

"Dave, being with you was like sunshine on a cloudy day. Like a drink of cold water in a desert. You were a blessing to me just by your presence. Just connecting with you again. Thank you so much for our time together."