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Updated almost 8 years ago,
Tips on finding the right private lenders
So I am new to RE, still doing a ton of reading and learning but I know I can thrive in this business, the problem is getting started. Currently I own a business which runs smoothly week to week but still am building the clientele and customer base so here is where the problem comes in. (And actually invested in another business with a partner of mine) I don't have money to invest in properties myself (or skin in the game as is popularly referred to) With that being said my credit isn't great and I obviously understand the greater than normal risks involved so I would be happy to take a cut in the profits for the first few deals with higher points as I save up for the down payments private/hml require(I read average is 20-35%)
However, I have heard and read about PML/HML that will make deals based solely on the deal without requiring you to put your own money down or checking credit or anything involved because they use the property as the gaurantee. Does anyone know of these type of lenders or how I can find them or give me any tips I should do other than save my money up for a while to solve the no money down problem?
I know a couple people who have a lot of money but I don't know if they are into/ever invested in this way so I'm looking for other options just in case. Thanks !