Who's your next private money lender??
Who's your next private money lender?
I can't answer this question and I'm guessing that most on here can't either.
I received an interesting email today from one of my tenants. He's a gentleman in his 50's with a great paying job and rents from me due to working about 2 hours away from his actual home. He is considering buying something with cash that would be an easy sell in 3-4 years once he is ready to leave his current job. The goal (I assume) is come out ahead by owning vs. paying rent over that timeframe. He was curious if I would sell the duplex his apartment is in. I offered instead to discuss the possibility of him "hedging" his rent by becoming a private lender for me on another deal(s).
As I await his reply I have no idea where this will lead. It may end up being a 10-15 year lending relationship. It may not go anywhere. However, it was a great reminder that putting yourself out there and letting people know what you're doing, what you need and what you can do for them is one of the key components to success in this business.