Deal Going Sour

[Chris Williams]

I am a beginner investor who still hasn't got their first deal. I have spoken with some real estate friends and they have told me about how private money has helped their business grow massively. It is something I believe will help me finally get that coveted first deal and first paycheck. As a beginner, I want to operate an ethical and sound business. With that being stated, what do I do if I borrow funds from someone and the deal goes sour? For those who have borrowed private money before and had a deal go sour how did you rectify the situation? What would you have done different if anything? How can a beginner get over that fear of losing someone else's money? Please make your responses as short or as long as you want and I will read over them. Thanks so much! 

[Erik Estrada]

I would recommend before taking on any project, saving 12 months reserves, 20% down and learn the business by being active in it. 

Most people will not take you very seriously if you have no skin in the game. There is nothing for you to lose, and private money lenders are not in the business of foreclosing on properties....