Your 1st private money/hard money deal?

[Cody Barrett]

I got conventional lending on my first deal, raised rents, upgraded a few things and I am ready for round 2.  Too bad the 25% down took that chunk of money to fund deal number 2. 

When it comes to private money and hard money lending.  Did you investors learn how those finance options worked and were calculated before networking to find the financing? Or did you bring deals to people and they simply expressed how the loan would work and how you would pay it back, etc...?