Rental Property Investor · Columbus, OH · Member since 2021 · 231 posts · 188 votes
In real estate investing there are 3 main things you need to have: Time, Knowledge and Money. I currently have the time and knowledge to invest in/manage rentals, however I'm lacking the money to make any moves. I have found that having the money to get deals done will be my biggest hurdle moving forward. I'm trying to find some private money lenders but I am unsure of the best ways to do so. I know there are many other investors out there in the same boat as me.
I have a W2 job, but I do not make a bunch of money and do not really have the ability to make a significant amount more than I already do even with a job change. I would love to know how some of you find your PMLs and how you structure deals with them. I currently own and manage a duplex, but I would love to add more rentals to my portfolio. Any tips/advice on how to solve my lending/money issues would be greatly appreciated!
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
3y
Top left under the tab 'Build Your Team' there are hard money lenders by state. When I worked I was constantly taking college courses and OJT to improve my skills and be ready for the next gig. It worked very well.
Lender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
3y
Hey Thomas,
For raising Private Money don't overlook the invaluable networks you already have in place: your friends and family. They can often be willing to invest or lend money, especially if they believe in your vision and expertise. To ensure a broader base and professional partnerships, it's essential to heavily network at local REIAs and other real estate-centric meetups. At these gatherings, showcasing your past projects, emphasizing the returns on investment (ROI) you've achieved, can be a persuasive tool to attract private money lenders (PML). Demonstrating a track record of success can go a long way in building trust and confidence among potential partners.
Additionally, don't forget about Hard Money Lenders. They can be a fantastic source of OPM, and are instrumental in scaling your REI business. With their expertise, resources, and industry knowledge, they can significantly streamline the financing process, allowing you to take on bigger projects and expand your portfolio.