In Search Of Private Money Education

[Dino Diaz]

Hi everyone. I am looking to become more educated on private money. Do you have any good sources of knowledge I can check out?

[Rick Pozos]

If you have done this before, great. If not, how can you tell others what you have done if you have not done a deal. Long story short, you have to have a track record before you are going to get private money. Even if you have a track record, you have to have trust from the person that you confront.

Let your friends and family know what you have been doing and show them that you have made money doing this. As you let people know, some will ask more questions, tell them what you did. When someone is very interested that is when you let them know that you can get them 8% on their money when they lend you the money to do your next deal.

You are only going to be able to borrow from friends and family on a strictly private lender basis. My sister has lent me money several times. She gets 10%. No points, no application fee, no underwriting fee, no nothing. She gets a deed of trust on the property every time and if I dont pay, you better believe that she will foreclose on me!!!

I have a couple of friends who do the same for slightly different rates and terms. They know me, they know what I am doing, they have seen me do this for YEARS. It just takes time and perseverance.