How I found My First PML

You want to get started investing but you don't have the money in your bank account right? That's where I was. I knew hard money lenders where expensive and had extra steps  that took up crucial time when dealing with cash sellers and wholesalers. What was I to do? Well, I knew I needed a PML but where would I find one? It all started by talking about real estate anytime I could. To anyone that showed any interest I would talk about the following:

• Deals I was analyzing
• Other's using PML's and HML's
• Deals I was offering on
• Structure I used to keep PML's safe
• How much other investor's PML's were making.

There were several people that showed interest so I always brought up my investing goals and asked them about theirs and what they thought of the current stock market. One day I had a great deal pop up from a wholesaler that I knew I had to jump on. My personal trainer had shown interest in my investing so the next morning I brought up the deal while working out and mentioned we would be using a PML for it. He seemed interested so I simply asked him if he'd be interested in the OPPORTUNITY of lending on it.  He spoke to his wife that evening and committed to providing purchase price funds the next day. Just like that I proposed a lending opportunity for the first time AND got my first PML.

Lessons I learned from this experience and tips you can use moving forward:

• Aways talk about your real estate and investing goals when you can
• Talk about how you bring value and opportunity to others in your network
• Good deals do find money
• Anybody could be a potential PML and you won't know unless you ask
• Ask others how to setup the structure so you can answer questions confidently.

If you're having issues finding PML's; find someone who is currently using them and ask about how they structure their deals, what kind of interest rate they offer, and see if they'll role play some conversations with you. Just start taking action and chipping away at whatever it is you feel is holding you back.