How to obtain hard money lending

Question

Rick Pozos · Answer

When you go to your local real estate investor groups, ask other people who they are using. That way they can tell you who is lending and what experiences they have had.

Jackelyn Gonzalez · Answer

There's a list of hard money lenders under the resources tab on Bigger Pockets. I'm an Account Executive for a hard money lender and have a few contacts I can refer your way in states we don't lend in. Feel free to message me.

Gary O. · Answer

Frank is definitely right Anthony.

I got the top three personal favorites from a real estate agent whose name all the realtors in the particular real estate office that I happened to be in agreed was an investor. A small local agency that had no axes to grind.

Wish you well, Gary O

Frank Woodin · Answer

The quickest way to find a HML is to just google it with the city name you are looking for.  You will find there are many different options, some local and some national.  Just be careful of the details and the terms, they can vary greatly from one lender to another.

A PML is typically someone you have a relationship with who trusts you with their money in your real estate deal.  Some of these people are obvious (doctors, lawyers, business owners) others are not, (someone who is nearing retirement and has a self directed IRA with a lot of money in it and doesn't want to go into a CD or stay in the stock market).  The key is to network the hell out of yourself and talk to everyone about your real estate business, the more excited you are and professional you will be surprised on who asks you to invest with you in your deals.  I have also used the technique of asking them if they know of someone who would be interested in being a equity partner on a RE deal I was looking at.  That way it takes the pressure off them to turn you down and if they are interested they will jump in.  The key here is to network all the time and make sure you are worth someone's hard earned money being put at risk (even if it is a potentially low risk deal)