Finding Private Money - your Free Question Friday
March 28, 2008
This question keeps piling up in my email inbox:
“Where are the best places to find private money?”
First off, early in my career, I went to several websites, applied and what I found was that it was easier to get loans through a bank than some of these so called hard money lenders.
It seems many of these guys want their cake and eat it too- good credit, good down payment, and expect you to pay a hellashish interest rate.
The best way I know is through building personal relationships with other professionals. I’m talking people in your own local market.
Here’s some ideas-
- Research the assignments of mortgages to find out who’s buying notes at your own county records. (then start marketing to them with direct mail letters, postcards)
- Look in your local papers for hard money lenders - be sure they’re the real deal and not trying to broker the loan to someone else
- Look for other real estate investors to partner with. I’ve used private money - they put up the money, I did the work, we split the profits.
-Talk it up! When people ask what you do - tell ‘em. Let them know you partner with people and can bring them ridiculous returns all secured by real estate at pennies on the dollar.
Lastly, I’ve got some super cool videos I’m uploading that you’re gonna dig.
Derek
I thought that your videos were very helpful and that you seem to really care about the new investor by trying to show them how to overcome their fears of being new to this business. Thanks for sharing and hopefully one day I’ll do the same for others. I haven’t done my first deal yet. I’m trying to learn all that I can first. I think that the biggest fear is that I don’t want to take advantage of a person and that I would rather give than to take. I know that is not the case when someone wants or needs to get out of a house for whatever reason. I just want to be honest and sometimes that tries to makes me feel wrong for making a low offer. I guess I’m thinking how I would feel if I were the one in that position. I look forward to seeing your next video. Thanks again.
how can find money to invest when credit not that good. how can find money to
start everyone said you need about 2500 dollar to start.. i understand opm how can get {opm} .. I will like work someone just doing finder fee just to get started..
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