Private lending advice

[Mike Jimenez]

Hi all. I tried to search what I was looking for through the forums, so my apologies in advance if this has been brought up too many times recently. I'm searching for tips, tricks, and pointers to using a private lender for my first REI buy. I have ran the numbers for a specific property in the BP calculator, and I think I have a good bite. Just looking for those mistakes that fellow investors have created in HM lending to learn from them. I'm attempting to purchase a SFH. Ty

[Derek Dombeck]

As a lender who has never "screwed over" a client, I would like to say the advice @Patrick Britton is giving is as absurd as me saying every appraiser in the whole country is an idiot,(since he's an appraiser.) To use the word "ALWAYS" and "WILL" seems harsh. There is a place for banks just like there is a place for hard money, joint ventures, partnerships, private money, etc. The key is to do you homework BEFORE you get in too deep. Educate yourself and use the knowledge and experience of your lenders to guide you. I help my clients restructure and negotiate their deals all the time. Especially if I see a chance of them getting harmed. The universe is simply telling you to get more information, not to walk away from deals just because a bank won't fund it.