Newbie in General Investing

[Alicia Small-Conaty]

Hi,

I'm new to learning about investing and wanted to know what are some options when it comes to either finding a hard money lenders or investment backers? Of anyone have experience, particularly in the NY area?

Thank you,

Alica

[Account Closed]

Since you are new to investing it is going to be a very long time before someone is going to trust that you have the business experience to manage their money. 

Even experience investors lose money on projects. I just purchased a $1.5 million 6-unit property in Los Angeles because an experienced investor who owner the building got a hard money loan for $700,000 and he used the 6-unit building for collateral. This investor's payment for the loan was $15,000 per month and his 6-unit building was grossing $8500 per month. He used the $700,000 to flip a property, made some serious mistakes and he did not have enough money to finish the home he was flipping. Now, he had a vacant flip he could not sell for what he paid for it, he could not finish it, could not rent it and after making paying expenses on his 6-unit building he was netting about $6500 per  month. just about $8500 short of paying his hard money loan.

So, investing, getting loans and making a profit is not as simple as many so-called professional say.

Some people fall into a deal by accident and make a lot of money, but you cannot you need a lot of skills, experience and wisdom to be successful when luck is not in your cards.