My question is, how do you approach and put together an offer or an ask to a private lender?

My question is, how do you approach and put together an offer or an ask to a private lender?

I approached location selection based on metro areas, not states.

For example it's pretty well known that reverse mortgage lenders, once the home approaches being underwater, are very quick to enforce the provisions saying that property taxes must be kept current, and adequate homeowner's insurance must be maintained.

My last str was in 2018 in western Carolina mon rains and was around 100/sq ft and now it’s 2 1/2 times this.By the time you put 10% down and pay mortgage, utilities, insurance & taxes there is barely anything to nibble on.I’ve looked at ltr properties and it’s even worse.Would love some of your insights and how you all have approached this market!

Hey @Jason Malabute, that sounds like a great approach to evaluate a partner, though I think for me, the process might differ depending on whether you're looking for a long-term business partner to scale a company with or somebody to KP on one deal.

Once you do this for a year or two and prove you know what you are doing and that it does in fact make his life better you can approach him about seller-financing.

Genuinely excited and willing to learn on ways to improve my approach.

The upside potential far outweighs the downside, assuming you approach it in a responsible and educated way.It seems like we're in a similar stage.

There’s a property I have in mind in Jefferson County and before approaching the owner and making an offer I need to figure out how to find reliable contractors to perform the work in a timely manner.