What Do Private Lenders Gain?

[Gordon Olson]

I just started reading the BRRRR book by David Greene. MIND BLOWN! Up to this point I had only considered the traditional way of borrowing money through a mortgage company.

I am a newbie and am looking to not only purchase a property but to buy my 1st home as well. Thing is, and I'm sure I'm not alone due to my credit situation (meaning since I've previously paid cash for everything for almost 30 years and don't have a BAD credit score, just NO credit score) it isn't likely that I'm going to be getting any kind of loan via mortgage lender anytime soon.

I get the idea of paying cash so a private lender seems to be the best option for me. But what kind of criteria are we talking about here? And in exchange for their lending me the money what do private lenders get in return? @David Greene- you can just tell me to keep reading if this is covered later in the book and that will be end of it. Otherwise, any feedback on this? I am working with a realtor but it looks like I need to get the funding 1st before I can really tell him what to look for. Thanks for any help anyone can give.