Help Me Become a Wise Money Lender

[Greg Olkhovsky]

Hi friends, I am brand new to BP. I inherited some $ from my mother who passed away. Being a private money lender AKA the bank for an investors is extremely appealing to me. My questions are what resources do you recommend I use to best educate and protect myself from investors? I have a few investors reaching out to me to do business with, but I don’t personally know them and I’m naturally cautious because I want to make sure any deals I do are clean and that I’ll receive my initial deposit and profit in return. Please enlighten me to private lending 101 for a newbie. Thanks!!

[Odie Ayaga]

Work with an attorney in the field. They can make sure your money is properly secured to the property. You'll want to do a background check on whoever you are lending money to to give you a better idea if you'll ever see your money again. Talk to other private money lenders and see how they are set up as well.