1st position

[Mark Cohen]

Hi everyone, 

I am refi cashing out 1 property to purchase another 2. I don't qualify for a mortgage yet so after much searching I found a private lender via craigslist who would give me what I think is a decent rate. Anyways, I am putting up most of the money without him (through different strategies), and now he is saying he wants a first position on ALL the properties, the one being refied and the ones I am purchasing.  Just asking bec. this is my first time doing this if that is a normal request or if I should tell him only on the one I am cashing out of?

Thanks in advance!

[Robert R.]

If he is only lending on the property being refinanced, he should have no position at all in the other properties. I would be careful. Check out some of the hard money lenders here on BP.