All Forum Posts by: Amir Khan

Quote from @Maurice Roman:

Good afternoon,

I'm hoping someone can provide suggestions or advice on how to acquire financing for more rentals. 

I currently own two rentals as well as my primary residence, and the banks I've reached out to, including the credit union that's financing one of my deals, said my DTI is too high. My two rental properties are cash-flowing between $400 and $500 each. My credit scores are in the mid-to-high 700s, and I earn a six-figure salary with about 3-4% utilization on my credit cards. I've also spoken to a DSCR lender, and they require 20-25% down, which I can obtain through a BLOC I've. Paying back the BLOC, along with a mortgage, defeats the purpose because the payments would be higher than the rents. Any suggestions would be very helpful.

Thank you

Jacob is correct, start creating your own pool of PMLs. That is only sustainable way to keep your funding flowing. DM me if you have any questions..

Quote from @Deborah Wodell:

Recently, I’ve been seeing more and more posts from investors saying their lenders backed out—sometimes just days before closing. It’s happening more often nowadays, especially with fix & flips and other investment deals.

It’s tough to watch good deals fall apart after all the work that goes into finding and locking them up.

Have you had a deal fall through because the funding didn’t come through in time?

• What did you do?

• Do you have backup lenders lined up, or a plan B?

• Have you shifted toward DSCR, creative financing, or private money to avoid the risk?

Would love to hear how you’ve been handling this lately—your insight could help a lot of people here!

I only work with "non professional" private money lenders. Actually there has been an uptick in activity, specially from PMLs with SDIRA accounts.

Quote from @Val Sundberg:

What’s the biggest challenge you face when seeking private money lending for your real estate projects?

Mike lists some good challenges, but I would add the biggest challenge is credibility. 

If you can show your potential PML that you have established credibility in the specific REI strategy, everything else becomes much easier. My PMLs never ask me for credit scores or reserves.

Hope that helps..

Quote from @Steve Balinski:

Quote from @Amir Khan:

Quote from :

Hey share how you raised your  first private money or how did  find your lender? How did the deal go? 

 @Andre Brock that is a fair question and I hear this from beginner to more seasoned investors (like you) all the time.

I raise private money from people with self-directed IRA accounts. Instead of approaching them individually, I collaborate with custodians/administrator of SDIRA and conduct educational workshops about private money lending.

With this system, I have a constant flow of individual real private money lenders (not hard money lenders :). DM me if you have any questions..

Any idea how I can find local private money lending meetups or courses? I've found it so hard to find good info on private money lending and how to actually get started, not just what to do. I only have 1 REI group near me and they only meet once a month which makes local networking verrrry slow. I've posted on some local REI FB groups looking for attorneys that deal with Private lending, i found 1 and the cost was nearly 2K to get a contract. I emailed about 20 local REI attorneys, only got 2 responses. This is something I'd be willing to pay for a course.

I'll send you a DM 

Quote from @Asif Shahzad:

Quote from @Amir Khan:

Quote from @Asif Shahzad:

Quote from @Amir Khan:

@Taylor Dasch if you think big enough, you'll be able to attract all the PMLs you'll need. I do education workshops in collaboration with retirement account custodian companies. This brings in PMLs like clockwork for me. While I don't do fix and flips, many of my PMLs like to do both short and long-term loans. Reach out to me if you have any questions..

 Hi, I am flipping the house in NY/NJ. I am looking for to buy 40-50 apartment building and looking for loan. what would you recommend. Thanks , Asif Shahzad, cell - 7187915768

Hey Asif, I only work with PMLs doing residential loans. I think there are plenty of resources on BP that lend on commercial apartment deals...

People you are working with can finance rental houses In NY/NJ?

My PMLs lend on my projects only. I do teach people on how to get PMLs, DM me for more information

Quote from @Asif Shahzad:

Quote from @Amir Khan:

@Taylor Dasch if you think big enough, you'll be able to attract all the PMLs you'll need. I do education workshops in collaboration with retirement account custodian companies. This brings in PMLs like clockwork for me. While I don't do fix and flips, many of my PMLs like to do both short and long-term loans. Reach out to me if you have any questions..

 Hi, I am flipping the house in NY/NJ. I am looking for to buy 40-50 apartment building and looking for loan. what would you recommend. Thanks , Asif Shahzad, cell - 7187915768

Hey Asif, I only work with PMLs doing residential loans. I think there are plenty of resources on BP that lend on commercial apartment deals...

@Shane Bishop great advise from many already. Unlike others though, I am not a private money lender (PML). However, I work with PMLs all the time and I'll be happy to share with you how I get my PMLs.

I found that for my real estate investments (a specific model), I needed PMLs open for longer term (5-years). Therefore, I decided to target people with self-directed IRA (SDIRA) accounts. I even help people with regular retirement accounts like IRA/Roth IRA and 401Ks rollover to a SDIRA account.

However, instead of targeting individual SDIRA account holders, I collaborate directly with custodians/administrators of SDIRAs. This is in form of educational workshops teaching their clients about using their SDIRA funds for private lending into real estate. 

DM me if you have any questions..

Quote from :

Hey share how you raised your  first private money or how did  find your lender? How did the deal go? 

 @Andre Brock that is a fair question and I hear this from beginner to more seasoned investors (like you) all the time.

I raise private money from people with self-directed IRA accounts. Instead of approaching them individually, I collaborate with custodians/administrator of SDIRA and conduct educational workshops about private money lending.

With this system, I have a constant flow of individual real private money lenders (not hard money lenders :). DM me if you have any questions..

@Joe Grespin I access private lending funds from people with self-directed retirement accounts. There is no shortage of funds in this untapped market right now, specially if you know how. People with retirement accounts are NOT pulling back at the moment. In fact, I see more activity as some have transferred funds out of the equity market and directing towards other investment options including private lending. 

I recommend working with non-professional private money lenders because:

- It is much more affordable for you as they don't charge additional fees.

- In most cases, your business model/exit plan can work with their goals. Just ensure your business model/exit plan matches SDIRA holder timeline/plan.

- While generally this type of PML is easier to work with, sometimes you do have to educate them more on your model and the process.

Hope that helps..

@Taylor Dasch if you think big enough, you'll be able to attract all the PMLs you'll need. I do education workshops in collaboration with retirement account custodian companies. This brings in PMLs like clockwork for me. While I don't do fix and flips, many of my PMLs like to do both short and long-term loans. Reach out to me if you have any questions..