Private money lenders

[Charles Kappe]

Does anyone know any investor friendly private money lenders in the Montgomery county or the Philadelphia area. I am looking to start on my first real estate property. Due to my age of 21 and not having enough assets and only a 700 credit score it's been an extreme headache to get financing for purchasing a property as well as rehab costs. I work for a property preservation company and have a construction background so most of the rehab will be done by me and I have great relationships with subs. but financial is the issue. How did you finance your first deal? What investors have you used in the area or others that work with newer investors. I want to do flips as well as rentals if the numbers work and they cash flow well. any advice ? 

Thanks in advance (: 

Charles Kappe 

[Jeff Rabinowitz]

Originally posted by @Troy Sheets: If you're looking at hard money, it's brutal and will likely eat up a fair amount (or ALL) of your profits. I've used it once before and it turned my $12k profit into $5k on a wholetail. I was young and dumb and didn't know what "points at closing" were. I found out real quick...

It sounds like those hard money lenders really worked you over. Tell me what were your other options? Bank loan? Not likely or you would have gone that route. Personal funds, friends, family? You could have decided not to do the deal. The lender took a chance on you and loaned you funds when no one else would. You did the deal and put $5K in your pocket. You now have some more experience and can talk about your profitable deal. You are probably in a much better position to attract other lenders now. Sounds to me that you and your lending partner both had good outcomes.