How did you find your first Private Money Lender
My local REIA had Alan Cowgill talk to us last month about how to get Private Money Lenders to fund your deal. This sounds great and it looks like most of the folks on the forums use PM but how do you find your first, or second, or third lender? I've been watching several YouTube tutorials and of course everyone talks about how easy it is, just like Alan did. I can imagine once you have your script down then getting a yes is easy but who did "yous guys" go to to get your start?
This morning I was listening to podcast episode 106 with Mike Sumsky and his recommendation was not to go through family or close friends - if I heard him right. Alan said he started with his Mama, which sounds like a safe place to begin. If I'm following Mike's advice I'm in luck since non of my parents or in-laws are in a position to write those kinds of checks. I can think of an Uncle that has been generous in the past and my colleagues from my old job, but would any of you call someone from years ago out of the blue and say "Hey! long time.... how's the family? you want to loan me $(fill in the blank)?
One more question while we are on this topic: Would you try to secure these folks before you find a deal so you know where to go to in a pinch? Or should you wait until there is a smoking hot deal that you need an answer right away? Kinda to help sweeten the deal and force a "yea or nay"