1st Private money partner!

8 Replies

I just had a meeting with a builder who also flips house. We had coffee and after about an hour he said "you find them, I will fund them and we can split 50-50."

I feel very fortunate that I was able to put myself in this position. I owe so much already to bigger pockets. This site has shown me a path that I can travel and all I have to do is take action and great things will come. I feel so very blessed. 

Awesome! I'm looking for the same thing...How did you get in contact with that lender? 

Well done @Elliot Smith

I met him off of Craigslist. He inquired about one of my wholesale deals. He didn't buy that but wanted to get together to talk about future deals. 

Elliot

Congrats! Private money can be a game changer. It will definitely extend your buying power and make your offers on properties more attractive as you will most likely be a cash buyer now.

Originally posted by @Lisa Kohl :

Congrats! Private money can be a game changer. It will definitely extend your buying power and make your offers on properties more attractive as you will most likely be a cash buyer now.

 Thanks yes it should help our buying power!

it's also been a great day as I received three solid leads. One for an owner financed rental. And 2 possible flips. 

That is similar to the same way I started using private money.  Keep good records of your flips and begin branching out to other lenders.  I still use my 50/50 lender but also have some that will loan interest only between 7 and 11%.  50% of nothing is nothing.  Good luck.  

Same as @Michael Hicks  50/50 is what I do with some of my investors, and 10% annually is the other option.  Problem will be that at some point you will want to do more deals, and you will have to continue to build relationships to fund your thirst.  I just tapped out my existing funding partners and now we have to wait till they sell.  IM not good at waiting.  Nice work and keep it up brother

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