Becoming a Private lender

[Brian Plajer]

Hello Everyone,

  I am learning about the process to become a private lender and wondering if others who have done so are willing to share their experiences. How difficult is it to start and did you have a mentor to help develop your criteria and initial deals? 

[Jeff S.]

Nope, I’m still here, @Brian Plajer, and my post that @Steve Hiltabiddle referenced is as current now as it was when I wrote it some years ago. Our process for finding and qualifying borrowers (meeting at RE clubs, looking at all properties, going to lunch, getting to know one another, etc.) is completely unchanged from what I wrote, and it continues to serve us well.

This is truly a relationship-based business. Unless you have an extraordinary amount of money to lend, or you want to become a broker, there is no need to lend any further than your backyard to those you’ve personally met and gotten to know, like, and trust.

I saw you PM’d me and I’m always happy to share what I know.