I'm looking to network with HML local to me but I'm not sure how to go about it. I've done the meet up groups but not many of them attend. Should I write a few asking for informal meetings? Should I pitch myself or should they be trying to get my business? I've not used this form of financing yet so I'd like to learn a little more about the process before jumping in. Thoughts?
A conversation by phone is more effective than email in my experience. Just pick up the phone and start dialing around. Be yourself, explain your business model, and explain your needs. A relationship with any lender is a dual benefit situation. He needs your business as much as you need his.
The hard money lenders are typically not hard to approach. They are in business to lend you money. Jump on the internet and search for a few of the local ones and give them a call. They will most likely have you fill out an application and get you on your way to making offers.
The work "network" when as a verb in this context is always confusing to me. I understand going to some event and "networking" with the folks there. But when you say you want to "network with HML local to me" what do you mean? If you mean you just want to find out their rates and terms, just call and ask. Similar if you want to understand their process for making loans, distributing draws, etc. If you want to discuss whats working in your area and what's not, call and ask for a face to face meeting in their office to discuss that. If you're just trying to find one in your area, ask other investors.
You could also try asking your questions here. While details can vary quite a bit, the basic process is fairly consistent.
Jon Holdman, Flying Phoenix LLC
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