Hard Money Lender For your First Investment

[Jean Santiago]

Have you guys used Hard Money Lenders/Private Investors for your first investment property?

If yes, how was it? How did you meet them? What were the terms (interest rate/points)?

Thank you!

[Cameron Tope]

Jean,

For my first deal I used hard money then a wholesaler friend of mine introduced me to a PML, who I've used ever since.

You might have to go with hard money first to build up your reputation as most PMLs don't want to deal with newbie tire-kickers. Also, most HMLs will tell you if the deal makes sense so you get an extra set of eyes analyzing the property. 

BiggerPockets has a HML network of reputable companies (I've heard they're reputable but never used any).

Once you graduate to private money, find some folks who are actually doing deals. You don't want your private money lender to be a newbie that could get cold feet at closing.

Best of luck!