Real-estate investors Mike Gorius and Kevin Hart have opted for private money lenders (PMLs) over traditional ones, even though the interest rates are nearly double. The primary motivation behind this choice is the speed and efficiency that PMLs offer, which significantly expedites the deal-closing process. While traditional lenders provide lower interest rates, they involve more paperwork and a longer waiting period. In contrast, PMLs enable quicker transactions, allowing investors to seize opportunities swiftly. Networking plays a crucial role in finding these lenders, with strategies such as leveraging social media and cold-calling being effective methods.
The Advantages of Private Money Lending
Private money lending offers distinct advantages that make it an appealing option for real-estate investors like Gorius and Hart. The key benefit lies in the rapidity of transactions, enabling them to close deals within days rather than weeks. This swiftness is critical for their business model, which includes wholesales, wholetails, flips, and rental properties. By bypassing extensive documentation, they can acquire properties faster and capitalize on lucrative opportunities.
In detail, private money lenders facilitate quick closings by simplifying the process. For instance, Gorius and Hart perform their own inspections, eliminating the need for appraisals. This approach allows them to finalize purchases promptly. A typical deal involves a $150,000 investment—$100,000 for the property and $50,000 for renovations. At closing, the lender deposits the total amount into escrow, transferring ownership and providing funds for renovations. Payment terms vary based on the lender's preferences, ranging from monthly interest-only payments to lump-sum settlements at the end of the project. Once the property is renovated and sold, the lender recovers their initial investment plus interest, while the investors retain the profit.
Strategies for Identifying Private Money Lenders
Identifying suitable private money lenders requires strategic networking and outreach efforts. Before establishing a formal network, Gorius initiated contact with his existing connections, reaching out to 900 individuals via text messages. This approach yielded positive results, with approximately nine people expressing interest or responding favorably. The appeal lies in offering an attractive return on investment compared to leaving funds idle in bank accounts. By emphasizing the benefits of hands-off real estate investing, Gorius successfully attracted potential lenders.
Gorius also employs social media platforms like LinkedIn to expand his reach. He shares success stories, such as his first flip where he invested $18,000 and doubled it within ten weeks. In one post, he highlighted how using someone else's $18,000 could yield substantial returns, resulting in raising $280,000 from a single post. These strategies demonstrate the power of digital networking in connecting with private money lenders. Additionally, attending industry events and participating in relevant forums can further enhance networking opportunities, ultimately leading to fruitful partnerships that benefit both parties involved in real estate ventures.
For the first time in history, the women's NCAA basketball tournament is set to offer financial rewards beyond mere bragging rights and championship banners. Starting this year, teams advancing through the brackets will earn units based on their performance, translating into significant monetary benefits for their respective conferences. This marks a pivotal moment for gender equity in collegiate sports, as the system mirrors the one established for men's tournaments since 1991.
This groundbreaking decision comes after decades of advocacy and criticism regarding unequal treatment between male and female athletes. The new payment structure allocates $15 million across 132 units during the initial phase, ensuring that each participating team contributes directly to its conference’s revenue pool. If top-seeded UCLA reaches the finals, it would secure approximately $1.3 million for the Big Ten Conference over the next several years. By 2027, the total fund is expected to grow significantly, reaching $25 million annually.
The introduction of unit-based payments stems from long-standing efforts by advocates like Andrew Zimbalist, an economics professor at Smith College. His research highlighted disparities where men's teams earned substantial sums while women's contributions went unrecognized financially. For instance, between 1997 and 2018, men's teams from the Big Ten alone amassed roughly $340 million, whereas women's programs received nothing comparable despite drawing millions of viewers.
Zimbalist attributes the delay in implementing such reforms partly to outdated perceptions about viewer interest. Despite consistently attracting large audiences, women's games were historically undervalued due to insufficient marketing compared to their male counterparts. Public outcry following documented inequities during the 2021 tournament further catalyzed change, prompting the NCAA to conduct a thorough gender equity assessment.
As part of ongoing adjustments, the NCAA now allows the women's tournament to utilize branding previously reserved exclusively for men, including "March Madness." Although progress has been made, significant gaps remain—units in the men's tournament are worth nearly $2 million each, far exceeding the $114,000 value assigned per unit in the women's competition. This discrepancy largely reflects differences in broadcasting agreements; current deals grant ESPN exclusive rights to air the women's tournament alongside other NCAA events, potentially undervaluing its standalone appeal.
Looking ahead, experts anticipate potential shifts in how media rights for the women's tournament are managed. Options range from bundling it with other championships to merging it entirely with the men's package or creating independent contracts. Regardless of future arrangements, many within the sport view this development as a meaningful stride toward recognizing and rewarding the economic impact of women's basketball.
Duke coach Kara Lawson expressed optimism about these changes, emphasizing the importance of acknowledging sports that generate revenue. With this step forward, the NCAA aims not only to address past injustices but also to foster growth and sustainability for women's athletics moving forward.
A billionaire-backed organization, tied to Elon Musk, has initiated a campaign offering financial incentives to Wisconsin residents in exchange for their participation in a petition opposing "activist judges." This move coincides with the state's upcoming Supreme Court election and mirrors strategies employed by Musk’s political action committee (PAC) in previous battleground states. The initiative, announced on X by America PAC, promises $100 to each voter who signs the petition and an additional $100 for every new signer they refer. The Democratic candidate Susan Crawford criticized this approach, accusing Musk of attempting to purchase votes before the April 1 election. The contest between Crawford and Brad Schimel, favored by Musk and Republicans, will decide whether the court remains under liberal control or shifts to conservative leadership.
In recent developments, Musk’s groups have utilized similar tactics, such as offering monetary rewards to voters supporting specific amendments prior to major elections. Philadelphia's district attorney previously attempted to halt these payments under Pennsylvania law but was unsuccessful due to insufficient evidence demonstrating an illegal lottery. According to the Brennan Center for Justice, Musk’s organizations, America PAC and Building for America’s Future, have invested over $13 million to support Schimel's candidacy. This investment underscores the significance of the election, which could influence critical decisions regarding abortion, public sector unions, voting regulations, and congressional boundaries.
Critics argue that Musk’s involvement aims to secure favorable rulings for his companies’ legal disputes with the state. Just days before Musk’s groups began funding the Supreme Court race, Tesla filed a lawsuit against Wisconsin challenging its decision not to permit the opening of Tesla dealerships. Musk, CEO of Tesla and SpaceX, voiced support for Republican candidates in the Wisconsin Supreme Court election through posts on X, emphasizing concerns about voting fraud prevention.
Andrew Romeo, spokesperson for America PAC, referenced the X announcement when queried about the matter, while Schimel’s campaign did not immediately respond to inquiries. Crawford and her supporters have highlighted the connection between Schimel and Musk as a central aspect of their campaign strategy. A recent advertisement from the Wisconsin Democratic Party accused Musk of attempting to buy the seat for Schimel, a close ally of former President Donald Trump. Schimel recently campaigned alongside Donald Trump Jr., who emphasized the importance of electing Schimel to safeguard Trump’s legislative agenda.
Musk’s other entity, Building America’s Future, outlined in a memo the necessity of portraying Schimel as a pro-Trump conservative to defeat Crawford. The petition itself aligns with Trump’s stance criticizing "activist" judges for allegedly imposing personal views rather than interpreting laws impartially. While designed to gather data and mobilize Wisconsin voters, the petition also resonates with broader themes within Trump’s administration, particularly concerning lawsuits involving federal bureaucracy downsizing initiatives led by Musk’s Department of Government Efficiency.
The unfolding events surrounding this election highlight the intersection of corporate interests, political endorsements, and judicial appointments. As both sides intensify their efforts, the outcome will likely shape significant policy directions in Wisconsin and beyond. The controversy surrounding Musk’s financial incentives adds another layer to the already complex dynamics influencing the state’s judicial future.