My Recent Experience Seeking Funding

[John Thedford]

I have a SFR under contract. I wanted to enter into the contract, but held off until I could find funding and be sure I could uphold my end. I reached out to some BP members as well as local private lenders.
One BP lender offered to help me out..and I am thankful for that. However, finding the least expensive cash is always the goal. I reached out to some locals that were willing to help, but again, terms were not the best in the crowd.
So--I turned to CL. I got offered 3% interest. Turns out they were a FRAUD AND SCAMMER wanting advance points, etc. $1000 says I would never get a loan and NEVER see my money again. Several of the responses were evidently scammers, using the same language. However, I did find one local guy that offered me a great rate and is legitimate. I now have #13 under contract. So, the moral of the story is there are lots of ways to find private money. Be careful who you trust, and verify everything before you jump in. Most of the advance fee guys are rip-offs with the exception of those asking for an appraisal. My new lender didn't ask for anything: no appraisal, no advance fees, no points---NOTHING. The key to building a RE empire is OPM...so start building your lenders list now. They can be HML, friends, family, etc....it doesn't matter as long as you can count on them!