Hard Money Loans for Wholesale Ventures

[James Austin]

Good morning all,

                   I just had a quick question this morning so I figured I would ask. Has anyone used hard money loans to secure and sell a wholesale deal? Or would this be illegal or maybe even a whole different category than wholesaling, Brokering? 

[Jeff Rabinowitz]

Take a hard look at your presentation. Your profile states you are a "real estate professional" but that you are looking for your first deal. What makes you a professional? The post above states you are having "crap luck". There are a lot of private lenders in this market but they are likely to be invisible to you if you present yourself this way. Your first priority should be learning what a great deal looks like in your market. Once you know, put one under contract. When you approach lenders or buyers present the deal. Do not puff your experience or you may quickly alienate potential lenders or buyers. Few people will be willing to lend to an inexperienced person if they do not have significant personal funds in the deal, unless it is a screaming deal. Few buyers will spend much time looking at your deals if you are puffing the deal or your experience. Nobody wants to work with an inexperienced person who is lying to them.