Investor · Lethbridge, Alberta · Member since 2015 · 41 posts · 13 votes
I apologize if I put this post in the wrong catagory but I am just feeling like I am sort of in a rut because it has been a full year since I have purchased my first rental property. It turned out to be a suited home that I and my wife are house hacking and have been for a year but I am itching to get into my next rental property but I don't have a down payment saved up because me and my wife got married this year as well. So sadly resources were sort of drained with the purchasing of a property and then getting married in the same year so the only avenue that I know of is private or hard money lending but the porblem is every time I see someone ask about how to find financing for their RE deals they are all met with the same answer... Look on BP. But I am in Canada and there aren't any on BP where I am. So to drill to the base of my question is what other actionable ways are there of finding alternative avenues of financing like hard money or private money?
Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
8y
I post on BP a lot, and sometimes I sound like I know what I'm talking about. This results in lots of incoming PM's to talk about real estate, strategies, and general relationship building.
This year someone from this site lent me money after they initially contacted me.
actionable tips:
post often, make your content and name known
active networking, meet people in real life and talk about real estate to everyone you know
ask people you know that have money. Even if you think they will say no, get in the habit of asking
analyze deals constantly, and then send the good ones to people who might help you out
You need to be prodding this problem from all the angles you can, and do it persistently.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Private money lenders probably have money but no time, so the easiest way is to find people with money but no time, so people like doctors or lawyers or any other job where they wouldn’t have time. Beyond that I agree, just posting on here and making your name known.
I get frequent messages from people usually about the same topics, including out of state investing, turnkey properties etc. it’s mostly because I comment on a lot of threads involving this stuff