Private lenders for creative financing deals
Hi guys, how would you suggest I go about finding private lenders for my "subject to" deals that I am working on in Virginia who would be open to assume 2nd position, because there would an existing bank loan in place that I am taking over.
@Olga Kostrova talk about what you do to everyone. The first thing most people ask is "What's New?" That is your opening to tell them about your real estate investing. Don't ask for the money directly, simply say "you know I found this great deal that That I can't quite pull off. If I only had the money . . .
If someone has any interest they will ask "well how much do you need?"
Now for your situation, if you are looking for longer term loans because these are going to be more of a buy and hold situation, then I would suggest starting to cultivate people from your network who may want to invest with you as a lender, or even a capital partner. I have a book coming out with BiggerPockets in July about private lending. Being able to talk to them about how their money will be safeguarded and all the steps taken to make sure everything is above board will go a long way to getting people to trust you with their capital.
