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Updated about 6 years ago on . Most recent reply

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19
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16
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Parius Futch
  • Rental Property Investor
  • Oakland, Ca
16
Votes |
19
Posts

Looking for Private Money Lender's

Parius Futch
  • Rental Property Investor
  • Oakland, Ca
Posted

Hello,

I am looking for private money lenders to work with. My wife and I have investment in Detroit, California and Oaklahoma and a vacation property in Punta Cana, Dominican Republic. We are looking to take our business to the next level. We are looking to invest in multi-families in the Midwest in urban up and coming areas. As well as additional vacation properties. 

 We  have identified several properties and we are looking to get a lender that will work with us in facilitating this. 

 additionally I’d like to know what is the best way to vet a private lender. Is it common for them to ask for money upfront to pay for insurance on the loan?

Most Popular Reply

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2,848
Posts
2,486
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
2,486
Votes |
2,848
Posts
Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
Replied

No money upfront. They are the ones financing. 

You dont get private lenders from anouncing that you need private lenders. They are friends and family who know you and trust that you. They know that you are making money in real estate because they see what you post on facebook, tell them at parties and family gatherings and you show how excited you are about all the fun you are having investing in real estate.

If you are looking for hard money lenders, you can find one at your local real estate investor assn. You are a part of one in Oakland, right? You should be in a REIA anyway to meet other people who are in the business. That is why there are always business trade groups. You share ideas, hardships, good news, bad news, etc.

The more people that you network with the more likely you will have someone who believes in you enough to lend you some money without all the restrictions that banks do.

ps Dont look for lenders online, too many scams out there.

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