How to become a lender in New Jersey

[Yangyang Jin]

Hello everyone, I'm asking for a family friend who would like to start private lending business, what is your advice of to dos and not to dos and even how to start the process? 

[Bobby Feinman]

@Yangyang Jin

Hope you're having a good weekend. How much time do you have as that discussion can take weeks lol. There are a LOT of factors that go into that. The 2 immediate questions that come to mind are does your friend have any experience in the space and how much capital is your friend looking to deploy? I spent over 20 years in the space as a builder and landlord before becoming a full time lender 4 years ago. Even with all of that experience, I made a lot of mistakes and am still learning new things.

It is VERY easy to fail as a private lender. I do not say that to dissuade your friend, as it can also be very lucrative. Happy to jump on a call to with him or her to learn more if that would be helpful.

Bobby