Private Money

7 Replies

I have my first investment property under contract, and I am waiting on the bank to approve the short sale. They wanted me to have a promissory note from my lender up front, and they never actually asked for it. My lender has fallen through (it was family that wasn't able to come up with the money they thought they could get) and now I am in a predicament. Should I wait for the bank to accept the offer before looking for other private money? Or should I start looking now? 

Thanks for any guidance!

You should start looking now, not for this property specifically but in general. Even if this deal doesn't pan out, you will still have the next great deal you need to fund. Start lining up your financing now.

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I agree with @Nazz Wang, It definitely won't hurt getting pre-approved with a lender so you know how much funding you will have access to.

Thank you for the feedback, I appreciate it!

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NEVER stop looking for private money.

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