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Updated almost 6 years ago on . Most recent reply

Gordon Michael Porter's profile image
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Gordon Michael Porter
  • Rental Property Investor
  • from Niceville, FL
  • Member since Mar 2, 2019
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Gordon Michael Porter's profile image
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Gordon Michael Porter
  • Rental Property Investor
  • from Niceville, FL
  • Member since Mar 2, 2019
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Gordon Michael Porter
  • Rental Property Investor
  • Niceville, FL
2
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Tax, SDIRAs & Cost Segregation

Private Money Lenders

Gordon Michael Porter
  • Rental Property Investor
  • Niceville, FL
Posted

What are the biggest things to watch out for and think about when dealing with a private money lender? Also legal quirks that I may encounter by doing this?

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Antoine Martel
  • Rental Property Investor
  • from Miami, FL
  • Member since Aug 23, 2017
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Antoine Martel
  • Rental Property Investor
  • from Miami, FL
  • Member since Aug 23, 2017
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  • Rental Property Investor
  • Miami, FL
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Antoine Martel
  • Rental Property Investor
  • Miami, FL
Replied

You should give them a promissory note and if they want you can put them in 1st lien position. 

Remember: if you get an offer from a PML that seems to be too good to be true, then it is. Deal with people who have the same rate as you... those people will not be scams haha.

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