Fair return on friends money

[Dan Favor]

fred, dont pay an upfront fee!! when i first started, i wanted that hard money loan bad too. i found a broker who promised me the world with a 'due diligence' fee of 1,000. when i told him no way, he emailed me for 2 days berating me about how i wasn't a serious investor if i couldn't come up with the money. why do you think he was so upset?? it's bc he wanted that quick 1,000 and didn't really care if i ever got a loan or not. again, dont pay an upfront fee. and at most banks, the upfront fees are paid at the closing table, not before. talk to hard money lenders on this board, and you should find someone if you hvae a deal. good luck.

dan, start your own thread.