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Updated over 4 years ago, 07/06/2020
Private Lending, Driver's License, and a Fake ID
I have completed a cash out refinance of several of my rental properties as well as my personal residence, and now have what, for me at least, is a mountain of cash.
I am looking into serving in the role of a private lender as well as other ways to invest this money in real estate. (My experience is in buy and hold rental, mostly duplexes and quads.)
As I put myself out there, people interested in doing deals are coming out of the woodwork so fast it reminds me of Worthington High School back in the 1980's when I was the one of the first kids my age to get a driver's license and a fake ID, and could thus combine the services of transportation and beer acquisition.
The sudden surge in popularity was really quite something.
In any case, I have finally found a possible partner that is exceptionally professional, exquisitely organized, has a well established business and thus a business reputation to protect, and seems to have a steady pipeline of deals. Right now, this is the person I am most likely to choose as a borrower.
I am, however, quite a newcomer to this side of the business. I have had them send me some documentation that would be signed by both parties in association with the loan, and I am looking for someone, likely and attorney, who can help me assure that this is all set up exactly as it should be, that I am receiving a fair rate for my money, and I am appropriately protected.
(My gut tells me this company is so nice and professional that there is nothing to worry about, but I am a newb, not an idiot, so these steps will be taken.)
I have attempted to begin educating myself by reading books on private lending, etc, but I would be interested in connecting with someone, again, likely an attorney, who can help me avoid problems and walk me through the process for the first time.