Potential Partners or Hard Money?

[Dorian Jones]

I am slowly getting back on the REI train. It's been about a year or so and I have been weighing all possible options. I would love to partner with investors in other markets on flips if possible just to build a little more cash. I am in Los Angeles, but looking at other markets with lower entry points. I love Detroit, but I am open to different markets as well.

Worst case is if I do it myself, I may go with Hard Money lenders for my first few deals. I know it can be more expensive, and I am ok with that. What are your thoughts and experience with hard money lenders? Are there any particular ones you'd recommend?

[Cameron Tope]

@Dorian Jones I believe BiggerPockets has a list of preferred hard money lenders? If not go to a local meetup or ask a real estate friend that you trust, who they use. 

I used hard money for my very first deal and one other deal, then built a relationship with a private money lender. The private money lender had better rates and overall better to work with. BUT you really have to trust the private money lender, as if they don't bring money to closing then you can get into a pinch. 

It's harder for a hard money company to be shady and easier for a private money individual. 

Best of luck!