Newbie Question about Private Lending

[Mike Becher]

If I have a property in mind...

(1) What do private lenders look for to ensure that they are lending money to a good deal? How can I put my best foot forward so that a private lender feels confident in the deal and in me as the investor?
(2) How do I get in contact with a private lender, or put myself in front of the eyes of multiple private lenders?
(3) What kind of questions should I ask in order to reveal any potential red flags on my end?

I currently own two properties. My first property in 2018 was a straight bank loan. My second property of June of this year was a combination of my mother-in-law providing me a loan for rehab costs and downpayment and the owner holding papers thanks to the book "Investing in Real Estate with No (and low) Money Down".

I've never gone this specific route before of looking for private lending outside of immediate people I know but I'm realizing the impact this can have on my future in this business. Any help in some "best practices" about private lending, and guidance on securing a good lender would be great.

Thanks in advance!

[Ronald Starusnak]

One thing I do want to advise against. DO NOT LET someone who is simply acting as a bank to think they're a partner in the deal. They're the money, you are the deal. I just killed a multi-million dollar apartment deal because the investor who was helping to close the final $200k gap wanted way too much for his investment. There will be some people who think money makes the deal work, but it is you who makes the deal work. This private lender is your financier, they are not your partner, they will not have any control of your project and make sure you're adequately respected on the deal.