Investor · Corinth, KY · Member since 2013 · 3 posts · 0 votes
Im looking to start investing in real estate and I thinking maybe using a hard or private money lender to start out with. Does anyone have any advise or suggestions for a newbie just starting out with with hard and private money? Does anyone have any suggestions on which lenders would be the best place to start looking for financing?
Investor · hampton, VA · Member since 2009 · 428 posts · 249 votes
12y
AH, the days of getting started. Seems like a faint dream in my mind. I so wished I'd got some education before I got myself jammed up in the boom. So, the wrong way to invest:-personally guarantee debt and get jammed into high monthly payments with conventional wisdom and conventional lenders...
. Right way: get private money with no monthly payments and don't personally sign for it. There are all types of thoughts to this question and just like the NFL, every time has "right" way of doing real estate. Search out friends and family members that may have some capital you can get using. If you use hml's, make sure you are VERY knowledgeable about the deal and the market time. I've seen HM lenders take houses back without ever even informing the investor. Get educated and you'll be great. Don't get too many HM loans at once, they are very savvy kats and you will lose if you don't do what you agree to. If this helps, pls vote for my post. You're gonna be great.
Investor · hampton, VA · Member since 2009 · 428 posts · 249 votes
12y
AH, the days of getting started. Seems like a faint dream in my mind. I so wished I'd got some education before I got myself jammed up in the boom. So, the wrong way to invest:-personally guarantee debt and get jammed into high monthly payments with conventional wisdom and conventional lenders...
. Right way: get private money with no monthly payments and don't personally sign for it. There are all types of thoughts to this question and just like the NFL, every time has "right" way of doing real estate. Search out friends and family members that may have some capital you can get using. If you use hml's, make sure you are VERY knowledgeable about the deal and the market time. I've seen HM lenders take houses back without ever even informing the investor. Get educated and you'll be great. Don't get too many HM loans at once, they are very savvy kats and you will lose if you don't do what you agree to. If this helps, pls vote for my post. You're gonna be great.
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Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
12y
Meet some local private lenders and learn what types of projects they are looking for. You will have the best chance of finding funding if your project matches what the local lenders want to invest in. Lenders with real estate experience often attend REIA meetings. Perhaps, you should also.