Looking for Private Lending Advice

[Julie Palumbo]

We are new real estate Rehabber in the Youngstown/Boardman, Ohio. We are looking to try and find some private lenders and need some advice on how private lending works before we do so. Would love any advice or ideas that you guys may have. Thanks! Anthony

[Cecil Jones]

Julie, 

You said that you are a new investor.  Does that mean you have rehabbed houses or you are looking to rehab houses?  Either way, there are private lenders and hard money lenders here on BP.  From my experience, (and everyone is different), I really don't care about the interest rate that hard money lenders charge  If you know how to negotiate like a pro, you will be fine with what ever the rates and points are for you to complete the deal.  It's far more important to have access to the funds to close the deals.  As a mentor once told me, you can't be broke and greedy!  That was a gem that I quickly stored in my memory.  It changed the way I thought about making money.

I hope this helps and makes sense.