Private lenders are people who are not professional lenders but people who loan to you because they know and trust you.If you are borrowing from you best friend or your rich uncle Joe sending a letter may be insulting as Bill Gulley says.

I earned an extra 2 months rent and didn't lose a day of rent.The point of this is not to get rich off my tenants.

The lack of communication cost of the 5k he thought I was sending in the cancellation of the contract and I thought he was cancelling so in the mean time we tried to renegotiate with the sellers agent but she was a bulldog (excellent agent by the way), and due to our lack of communication lost the money.

Many recommendations have been given to me regarding external reading material, and I would like to pass on one of those recommendations that I have already started taking advantage of; read Rich Dad, Poor Dad.The little I have gotten into this book has already changed how you look at the current world we live in and the financial environment we have to learn to navigate.

The gurus really push wholesaling as the get rich quick plan - which works when your neighbor has just inherited a long lost relatives property that they don't want to deal with and feel like being really really nice to you.

If you are supportive and keep communication open they seem to take care of things.

I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.

Are all landlords rich ?

Contractors who have worked for rich people a long time have built their business around their prices not being questioned.If you've got a $150K ARV duplex with an ok foundation, ok roof and ok existing siding and interior walls, you should be able to get it going for less than $50K.

When they pass through the metros they are targeting a much larger audience and are therefore able to pull more people in with the idea that wholesaling is get rich quick scheme.