Finding a private lender

[Lorna Mattis]

I am a newbie, with no money to start out with I would like to flip and hold, or sell do I need a private lender? Or hard money lender? Which one is better, and why? I am trying to do wholesaling but building this buyers list is giving me a hard time. I do appreciate any advise, opinion , or really where to start.

Thank You

Lorna

New York.

[Lenny Longo]

Great question Lorna.

What I would do first is contact people you know, friends and relatives and see if they would like to be your private lender. Offer them a great deal that suits both of you. This of course should be less than what your local hard money lender will charge you. If that doesn't succeed, make sure your wholesale deal has a great profit margin so you can afford hard money (actually, this needs to be done no matter whom you borrow it from).