Advice for Private Money Lender Relationship For First Deal

[Brian Tran]

Hello,

I am working towards my first rental property and I found a local PML at a REIA meeting. They are nice people but I don't have a close relation with them. They are happy to lend to me but require that I send my deals to them for their approval. This is problematic because after I conduct my analysis, it takes some time to get the approval and by the time I do and send an offer, the property has already been sold. It's also understandable considering i'm a newbie not to stumble on a bad deal.

My realtor also said that many house selling agents are less likely to look at the offer without a proof of funds. I asked my PML and they are reluctant to do so, saying they don't need to do that to put in an offer. This is my first established relationship with my realtor and PML. I want to make this work. I thought it would be best to have everyone get together for coffee and discuss a game plan such as times of the day i'll send my analysis and to make them understand why my realtor's asking for POF.

Have any other investors had this problem? How else would you handle this?