I have been hearing a lot about using private lending (hard money, etc.) to acquire more realestate, notes, etc. When looking at private money specifically the lending aspect. Do you get prequalified first like a traditional mortgage or do you lock up the deal first with a contract before you look at private lending.
Thank you for taking the time,
Find private investors- get to know them and find out their requirements then when deals come send them along. Please note 90% of people who say they are private lenders are really scam artists - especially on Facebook. If someone wants $ upfront or rates are equal to or better than regular rates (4-6%) then it’s a scam
Thanks @Chris Seveney
How about hard money do you typically get prequalified first or is it entirely based on the deal and how that deal is secured?
@Christopher Montgomery for Hardmoney is typically based on the deal. After the deal makes sense they underwrite the members of the LLC and procced from there. You can call any HML and tell them about the property you want to buy and they give you an estimate of what they can give you. Ihope this helps.
Thank you@Account Closed ,
That makes perfect sense.
Thank you again for taking the time.
@Christopher Montgomery You Welcome :)
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