Reviews for privatelenders.com?

Question

Has anyone done any business with Privatelenders.com? They are part of the Connected Investors website.  Looking for honest reviews.

Thanks

Manon Sheiman · Answer

Look at this post on BP:

https://www.biggerpockets.com/forums/79/topics/414...

Originally posted by @John Thedford:

"Crooks are everywhere. Connected Investors, Craigslist, BP, anywhere they have an opportunity to find a sucker. Note the most common trait all the ripoff lenders have: they want advance fees."

Just a simple Google search, my friend.

Jay Hinrichs · Answer

there is NO money for buy and holds.. from private investors  97% of the time.. private investors rarely want their money out for more than 12 to 24 months.. so your barking up the wrong tree there.

also keep shopping... being new is harming you.. for sure there are many lenders HML who wont fund a first timer.. you need friends and family.. but there are those that will.

here are some to check into

Lendinghome

patch of land

Lima one

Lendingone..

all of those are quite competitive but again they also base their rates heavily on experience which you have none.. your going to have to pay to play.. gain experience for your experience bucket  then your rates will start to lower.. by the time you find this unicorn private lender you will be posting the same thing a year from now.

John S Lewis · Answer

@Manon Sheiman - thank you.  I think you misunderstood me.  I was not downplaying your warnings.  I am not going with them.  I had passed on them several months ago. I was, I guess, thinking things have changed.  A leopard doesn't change his spots I guess.  Finding private money is very hard for me, and I'm always looking for ways to raise capital.  I'm glad you shared your points of view.

Thanks again!

John S Lewis · Answer

@Manon Sheiman - thank you.  I'm well aware of the crooks everywhere problem.  The most recent fad is the scammers on the Facebook real estate sites.  All of their emails are gmail accounts.  Really?  You don't even have a company email?

John S Lewis · Answer

@Jay Hinrichs - sounds like you might be suggesting that I lower my profit target, so that I can make higher offers?

John S Lewis · Answer

@Jay Hinrichs  - thank you for your input.  I'm a newbie - no deals done to date. My HML has quoted my at 11% and 3 points for my first deal with 20% down.  I don't really have a problem using the HML for flips.  Just makes my MAO lower and in the market over here, it's so hot and competitive I'm missing out on deals because my offers are so low.

I'm looking for the private money for the buy and holds.

Jay Hinrichs · Answer

Hard money has gotten so cheap at least here on the west coast its cheaper than private investor money.  if your missing deals thinking your going to find private money for a few bips lower than HML you may be jumping over dollars to pick up pennies.

Unless of course your looking for equity money and not first position money.  then in that case private lender dot com or any other on line so called aggregator is a total waste of time and money.. private lenders don't make loans to folks they meet on the internet unless of course they don't have any risk tolerance.. not saying your risky but private means belly to belly known to you ..

Manon Sheiman · Answer

Here are two honest reviews of BP members' experiences with CI:

https://www.biggerpockets.com/forums/79/topics/414...

https://www.biggerpockets.com/forums/79/topics/446...

If you still want to go with them, it's your privilege.

Manon Sheiman · Answer

@John S Lewis All I'm saying is that this PrivateLenders.com is part of Connected Investors, who are known scammers. That's why I personally wouldn't have anything to do with them.

The link I gave you above is not the one I meant; there are several threads here on BP with members relating their personal experience with CI.

Just throw the words 'Connected Investors Largest REI Scam' into your Google search bar, and the first result you will find lists several BP forums. Please read them if you want honest reviews. Plus a few dishonest reviews. The ones that are shilling for CI stick out like a sore thumb. https://tinyurl.com/ydevb2vt

Reviews for privatelenders.com?

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