With that, we became the American Association of Private Lenders—and we began spreading the word.Finally, Some DefinitionsUnderpinning the concept of minimizing the use of “hard money” in our industry is a recurring theme of standardization—that the root of the issue is too many interpretations of what the same terms mean.We offer up the following definitions for discussion, debate, fine-tuning, and eventual consensus [last updated 5/9/2022]:Private lender: Any non-depository individual or entity that primarily originates business-purpose loans secured by hard assets, generally real estate.Hard money lender: A subset of private lender where creditworthiness is determined solely by the securing real estate collateral.Correspondent lender: A subset of private lender where the closed loan is sold to investors.Portfolio lender: A subset of private lender where the closed loan remains in the lender’s portfolio.Fund manager: A subset of private lender where, depending on the fund structure, the deployed capital is sourced by offering exempted securities to accredited and occasionally non-accredited private investors.Private investor: An individual or entity that seeks a return by deploying capital through a private lender or fund; the investor may or may not be named on the loan’s promissory note.Private money broker: Any individual or entity that acts as an intermediary between a borrower and a private lender without directly originating the loan.

That cost is highly dependent on whether you're pulling permits and doing plans with full engineering, or just common sense building without permits, of course.

@Ivan Huerta it really depends on what your strategy is.

Does anyone have a recommendation for a Chimney Sweep that you have worked with and consider to be dependable and cost - effective?  

Depends on how you bought it but if you can refi 80% of the new value with a long term conventional and rent it at $1,000 per month you should be able to cash flow it around $125/month

But I don't believe those risk apply to me because I plan be an owner occupant, I have a pretty good credit score (720)  and a combine income with my spouse of 70K (no children yet). 

Do you offer pro-rated rent depending on how many days it takes to fix?

They typically expect 30-40% down and 10-15% in reserves depending on the risk factors of the property.  

IF you could inbox me your credit score and credit issues it would be helpful.

Hi @Andrew Orr, depending on your goals of taking an active or passive role with your real estate investments, if you're an accredited investor you might consider investment into DSTs.