Hard/Private Money lending

[Patrick Williams]

I'm curious about the process of becoming a private/hard money lender. I have a fair amount of equity in a investment property that I could use to invest but don't have the time currently to handle another property of my own. What is the process of researching becoming a lender? Thanks!

[John Warren]

@Patrick Williams the first time through have an attorney draw up a note for you and make sure you are in 1st position on title. I have a good RE attorney if you need a referral. Essentially, you go through the same process of vetting both the property and the investor as a bank would. You might also want an appraisal on the property, or at minimum a BPO by an experienced agent so you know how much the ARV will be.