Any advice when approaching a potential private money lender.
Talk to as many people as you can in order to compare deals. Interest rate and term of the loan are huge factors. There are a lot of things to consider. Do you have any specific questions? Happy to help.
It's all about the game
1. Take a current credit report to prove you know how the game is played.
2. Take current financial statement and bank statements to prove you can put REAL skin in the game.
3. Take pictures and a recap of prior projects to prove you can successfully finish the game.
4. Take pictures, a scope of work, and financials for your proposed project to prove there is a reason for them to play the game.
5. Get off the bench and play the game!!
That's all nice but I don't have a track record or skin in the game I would love to get off the bench I just don't know what to say to an invest I don't have anything to show
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I misread your post, thought it concerned hard money lenders.
For private money the game is more about communication. SAVE MONEY. Don't think you have nothing to bring to the table, you are on here studying and researching so you have more than most out there. SAVE MONEY. Best advice I can give is just gently let people you know what you are trying to do. Carry pictures and spreadsheets of a couple of properties you are interested in. SAVE MONEY. Find a local REIA meeting and go and introduce yourself, it is amazing what you can learn and who you will meet there and don't be shy about your goals.
then your probably not ready... you need to have some tools in your tool belt.
one thing you could do is study and pass your local RE estate exam for your license and go work for a top producer earn whilst you learn
Hi. I'm new as well, but what I'm doing is learning as much as I can about investing, flipping, etc. to not make big mistakes at the time that I start investing. You should create your portfolio about yourself, another one for the Private Lenders which talks about the property or properties that you think have profit, and so on. Keep learning and meet up with investors that can give more advise and answer your questions.
I do not know how much experience you have and how long you have been studying the market. You can approach the lender at any time, as long as you have a good deal (Apply the formula), they want good deals as the backup. By the time you find your first deal, you will have a little more experience.
I suggest you find a mentor, someone who really wants to walk with you and help you along the way. In many meetings, you are going to see the nice part of the business, but there are many things that are not mentioned (the difficult parts), and normally people don't tell you their strategies.
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