My first time as a private lender

[Rick Bradd]

I am almost done working out a deal to invest some money with a respected REI, who is a well known and respected BP'er. I set up a SDIRA with UdirectIRA.com in September 2012, from application submission to funding took a total of 8 days, WOW. They promptly answered my emails, answered my questions and even called me to make sure I understood the process, they really made it easy, and I would recommend them without hesitation. I looked at a lot of companies and it came down to a few strong positive posts in the forums here that finally swayed me.

I then started putting out feelers both here on bigger pockets and on the websites that had contact information, I had narrowed down my search to a few rehabber's that I had been following, that were reasonably local to me, so I sent out simple emails asking if they were interested in using my capital.

Then I waited, and waited, then waited some more. Now I am thinking I need to get this money to work, its sitting in an account doing basically nothing. Then one day I read a post here on BP from one of the few I had focused on, talking about an offering he had, so I sent an email again, and he responded. He missed my earlier request but was interested, so we sent a few emails back and forth. I explained that I was new to the process, had read many books on how it works and had the basics down, but still wanted to place my trust ( and money ) with a more experienced end user, at least in the beginning. So we did a phone interview and agreed to see if he had anything lined up that he could use my loan for. Four days later he sent me a sample DOT, Promissory note and exhibit of a property he would use as collateral.

At that point he basically took me under his wing and walked me through the process, even to the point of teaching me what kind of questions I should be asking him, what I should look for in the investment property, how to really do my due diligence, etc. He even agreed to meet me on a Saturday at the property and showed me around, looked at my research paperwork, explained a few things to both me and my wife ( who was slightly skeptical until she saw this house ), and we agreed to move forward.

That all happened last Saturday, today the deed was recorded and the wire transfer should go out tomorrow. I am happy with the terms, the length of the loan and am super confident that the next time I loan I will know what I am doing. Plus he offered to let me bounce questions off of him on future deals, even if they were with someone else.

Mostly I want to thank him for making this easy, and for making me some money, his name is Will Barnard, I am sure all of you know him. If you are looking to place any money I would recommend you too reach out to Will. Thanks to BP, guys like this are available to help guys like me who want to get out of the stock market and into secured investments.

So here is my politically incorrect finish to this long post, Merry Christmas and Happy New year to all of you.
Rick

[Rick Bradd]

@John R. 

It's working out very well for me, and it looks good moving forward. I have done several loans so far and expect to continue.

Thanks for asking,

Rick