Relationships, The Key to Private Lenders
Wanted to share; One of my wholesale buyers, a long term landlord, just called and asked if I had any use for $50,000. Things are slow and he wants to keep his money working. I've sold him a few properties and had lunch with him a few times. I never expected this call though. He said he'd even take a 2nd on one of my small apartment buildings and said he normally would never do that, but he knows me and I have a reputation with him. This works out perfect for me as I have a property going into escrow soon (just waiting on their attorney to write up the contract) that I want to keep and I can use the money to cover my acquisition costs and rehab.
Just goes to show you never know where your private lenders can come from. Whenever I buy a house from someone, I always think about that person as becoming a private lender for my business. I've had some success with it, but have not fully developed a marketing campaign to target those that have sold me properties and received 5 or 6 figure checks from escrow.
Who have you asked to borrow money from today?
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Cool. Relationships are key. By providing them good deals, they want to deal with you. I have the same experience. I provided great deals to my private lender and he became my equity partner. He even helped me raised close to $700K for an apartment deal.