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Updated over 3 years ago on . Most recent reply

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Will Parks
  • Investor
  • Greenville, SC
3
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18
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How to Vet a Private/Hard Money Lender

Will Parks
  • Investor
  • Greenville, SC
Posted

What are some good questions to ask a lender to determine if they are legitimate or a scammer? What are some things to look out for? Also, I’m assuming someone with a website is not a private lender.

Most Popular Reply

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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
2,504
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2,872
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
Replied

Go with someone that your friends who are investors have used in the past. 

Go to their office. Dont use someone online. How could you know that they even exist if they are online.

Since I am sure that you are in your local REIA, see who is a sponsor of the REIA, they are legit.

Make friends at your local REIA.

If they only email and will not answer the phone, ever. Or they dont have a phone number, its a scam.

I have used people from out of town, but in a city as big as San Antonio, there are lots of people local to deal with. They may be 1/2 or 1 percent higher, but thats ok. It will not ruin the deal if I paid a little more to get deals done. I am sure there are lots of companies in Raleigh that do hard money also. 

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