Property Manager · Nashville, TN · Member since 2019 · 28 posts · 24 votes
Hello BP!
I am newer to the Nashville, TN area (only been here since 2014) and am looking to get in contact with some Private Lenders. I will be using creative financing for my future deals and would love to connect. I am looking at mostly Multifamily commercial deals around 15+ units. Bowling Green, KY also intrigues me, what do y'all think? What are some key things I should look for when it comes to finding a good Private Lender?
I look forward to reading your responses! Have a great night!
Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
7y
@Michael Skvorak I'm a local rehabber / buy and hold investor and lender. There are some GREAT people in Nashville! I'd be happy to steer you in the right direction. A great place to start would be to join the local Reia (REIN) and start networking and learning who's who.
Feel free to reach out to me any time if you are looking for some local knowledge / advice.
Property Manager · Nashville, TN · Member since 2019 · 28 posts · 24 votes
7y
Hey @Carmyn Cook ! Thank you for replying!
Yea, I am in the process of building a good team with people I can trust. Unfortunately it is a dog eat dog world out there, so I like to be very cautious. I’m hoping I can find some private lenders who are investor friendly and maybe even some who would like to partner on some deals in the future. What types of investment strategies are you using? Are you looking to invest in Middle Tennessee?
Lender · Newport Beach, CA · Member since 2019 · 19 posts · 12 votes
7y
@Michael Skvorak While we are not based out of TN, we can lend there. If you have any questions on a specific deal or anything I am happy to walk you through it and answer questions.
Lender · Knoxville, Tennessee (TN) · Member since 2016 · 422 posts · 667 votes
7y
@Michael Skvorak I'm a local rehabber / buy and hold investor and lender. There are some GREAT people in Nashville! I'd be happy to steer you in the right direction. A great place to start would be to join the local Reia (REIN) and start networking and learning who's who.
Feel free to reach out to me any time if you are looking for some local knowledge / advice.
@Michael Skvorak I'm a local rehabber / buy and hold investor and lender. There are some GREAT people in Nashville! I'd be happy to steer you in the right direction. A great place to start would be to join the local Reia (REIN) and start networking and learning who's who.
Feel free to reach out to me any time if you are looking for some local knowledge / advice.
Michael - I agree with Daniel's recommendation. Over the last couple of years I've been a member of the REIN Facebook page, and more recently become a member of the REIN group. Regularly there are posts from hard lenders in the area. Welcome to Tennessee!
Looks like the suggestion to join the local REIN would help you out a lot. Have you considered making a similar post on LinkedIn? I've noticed a lot of private lenders promoting there lately. The meetup app is another one that has had similar activity.
When it comes to partnering with a Private lender, then make sure you are both on the same page for the particular investment. You want to make sure that you are a good fit for each other. For example, you would not want a private lender or partner that expects monthly cash flow on a heavy value-add deal when it will be 12 months before the property is projected to bring in significant cash flow. Being clear up front will mitigate any of those issues.
Property Manager · Nashville, TN · Member since 2019 · 28 posts · 24 votes
7y
@Dan Beaulieu Thank you for the reply! I am familiar with REIN and will be joining soon! I sent you a colleague request. I would love to connect and ask you some questions.
I have not looked on LinkedIn yet though, I never even thought of that! It seems like the REIN page, the REIN facebook page, the meet up app, and linkedin will be good places to check out. I also couldn't agree more with being on the same page with your private lender. If there is any friction or controversy it may not be the smartest idea to get into a large deal with that kind of energy going on. I am looking to get into multifamily apartments, and as I do not have much cash on hand, I will be needing to partner on my first couple deals. I would propose that if the private lender / investor take care of the upfront capital to purchase the property we'd negotiate an equity ownership deal. 55/45, 65/35, 70/30 whatever it may be. My best scenario would be to find a partner who has the $, but not the time nor energy. Which is where I would come in to add value by finding the deals, analyzing the deal and presenting it, and doing the ground work after closing to make sure the property continues to cash flow in an increasing trend. After doing this once or twice, I will have the means to do deals on my own (if needed) and have a great reputation as a trusted investor. I agree that a clear and detailed game plan upfront is necessary to being successful.
LinkedIn is a great resource for networking! Also, it sounds like you have a very good game plan. That is exactly what I am doing with regards to multifamily. I'm finding the deals and sending them to experienced operators so that we can partner and get the deals closed. Sounds like you are on the right path!
Real Estate Broker · Detroit, MI · Member since 2014 · 384 posts · 149 votes
7y
I suggest making sure they fully understand what being a Private Lender is and how the process works. The main thing is that both investor and lender understand exceptions.