I am a bit frustrated and hope this will be received well. This also may be somewhat lengthy as I just need to vent some.
I have a 15 yr background in account management/outside sales. My husband (a Chiropractor) and I started a renovation company in 2017 seeing an opportunity for us to start a business without much capital. With my sales/marketing background and his ability to run a team successfully we soon became busy. And good :)
After about a year or so we saw the opportunity to take our crews (we don't subcontract) and purchase distressed properties directly from homeowners not on the MLS. We use cash from individuals to purchase and offer double digit returns passively to our private lenders. We use a dedicated real estate attorney and all funds are kept in escrow for the duration of the job.
Again, we got busy! We started to get many houses in our pipeline and because we literally do this every single day - we are able to accurately determine renovating costs and have software to determine comps and profits to the penny. You would think this would be a no brainer for a PML to invest in. But it’s not the case! I’m so frustrated and don’t know where to turn. I do not want hard money loans and if I post for guidance that’s all that comes back.
Is there fear associated with private lending? We have a lock down/solid system in place with a renovation company in house.
How can we get the word out successfully so we can get more private lenders? Any tips or suggestions welcome.
Thanks.
