Good morning to everyone at Bigger Pockets,
My name us Amritjot Singh I have reading and analyzing real-estate for quite some time. Im finally ready to start investing. My goal is to start private lending company.Starting has been the hardest part for me. I'm working on my business plan, LLC, website, Logo, business cards. I want to be professional as I can. I have two problems. I have been practicing how to find good deals, and I'm not to good at it, but I'm not discouraged at all. My main concern in what order should I get these things done?
And how can I practice to look at good and bad deals?
Thank you all for your time.
If you want to start a lending company I assume you have money to lend. Suspect your need to find good deals is so you do not make a loan that is not fully secured. The first thing I would do is set your criteria. Do you have a license to lend to the general public? If not make part of your criteria is lending only to investors as direct lending to homeowners could be illegal. After that get your name out there. Find a broker who will work with you. If you get a borrower who meets your criteria get with a broker to get his opinion on the value of the property. Be sure the deal goes through a title company or escrow. There are other things I could go into but hesitate in that I may not have the correct understanding of your situation. Feel free to PM me.
Ill be your first client im looking for a lender !!!!!!!
I apologize for the confusion, what I meant is that I am also looking for lenders. I do not have the capital to buy houses up front I would like to get involved in creative financing.I do not want to start with hard-money investing right away. I want to slowly build my self up deal by deal. That is what I really meant. I have come across some lenders, and I want to be professional as possible. I want to have a business plan, and everything lined up when I have these meetings. Once again I apologize for the confusion I should have worded it better. I appreciate the advice thus far.
@Micheal Gessner I don't know why it is not letting me tag you