Are hard money guys looking for me?

[Steve Lockwood]

Hey everyone, So I'm wondering how often hard money lenders are looking for someone to flip the house, or manage the flip. I have 3 (working on my 4th) flips under my belt. All were money makers anywhere from 25-30k on each flip. I work for a construction company as a estimator and a manager. I am very comfortable with fixing homes and I am wanting to get involved with someone that has the cash flow and is looking for someone to get the flip done. Either with the ideas, the actual work, the schedule, the correct material, proper people etc.. I've never been involved with someone other than the bank on flips, and not exactly sure how to get involved with someone that has the cash flow. So I'm wondering how often they are looking for someone like me. Thanks.

[Jeff Rabinowitz]

REIAs can be great places to find lenders. The type of lenders you are likely to find there are what I call Experienced Private Lenders. They are hybrids between private lenders and hard money lenders. These are people lending their own funds who will usually service their loans themselves. They know lending or real estate and, sometimes, both. They have loaned money before, perhaps many times before. They probably won't have websites and though they may hint that they lend (sometimes they give large hints) they will not do any serious advertising. They will have target interest rates and terms that they are comfortable extending and will probably be willing to discuss those in general, but they will not be able to give you specific parameters until you have a specific deal locked up. They are not likely to be excited about single digit interest rates but they may be quite flexible on length of the loan, whether payments are necessary during the rehab, the LTV (loan to value ratio) or other parameters. These are not professionals—they are not in the business of originating loans and though they may wish to lend to guys like you, they do not have to. The underlying property will be very important to them but so will the way you approach them.