I’m a little new to the commercial real estate game, but I’ve found a great investment opportunity. For most people when they’re starting out the biggest struggle is capital. So I don’t want to waste this opportunity and wanted to know what information you guys could offer about hard money lending from websites to go to find hard money lenders, to details on how it all works, etc..
New to Real Estate · San Diego, CA · Member since 2019 · 48 posts · 23 votes
6y
I am very new myself, and i also am still educating myself about hard money lenders. The Biggerpockets podcast has an episode, an older episode where they bring a hard moneylender on the show. You can find the podcast for free on Youtube. This has been helpful to me and hopefully gives you somewhere to start.
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
I don't recall the episode @Tommy Daggett do you have any idea some clues to help find it? @Jermaine Collins that's a very broad question. It's not hard to find hard money lenders, the problem is most new investors don't realize what differentiates them. Most investors focus only on rates and points, but there are a number of other factors I would consider more important than paying 1 point less or 1% less on an interest rate. Do you have specific questions regarding hard money lenders? Otherwise, to be honest, I've discovered in speaking with clients that it's better as a direct conversation with a lender. It tends to be understood better organically as questions arise rather than to try to spit every possible scenario at someone new to it. Honestly the most important thing I would say is make sure you trust who you're speaking to. There are a lot of shady lenders and a lot of shady lender tricks. You want to make sure you know what you're getting yourself into. Typically in a real estate deal you have an agent to represent you and an attorney to represent you, but there's nothing to say that your lender is representing your best interests.
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
@Tommy Daggett thanks it's been so long since I heard that one I didn't even think that's what you were referring to. I still marvel when I come across her in the forums!
Lender · Colorado Springs, CO · Member since 2018 · 241 posts · 98 votes
6y
@Jermaine Collins@Tommy Daggett If there is something the podcasts don't seem to cover for you and you would like to speak with someone directly with any questions you have, I'd be happy to visit with you.