We've become increasingly more focused on the lender/funding portion of our business.
After all, funding is just as important to our business as finding properties is.
Anyways, the more you understand your customer, the better you can serve them, so I thought this would be a great place to better understand the mindsets of active private lenders.
Thus my question:
Why did YOU decide to become a private lender? What problem did (or does) it resolve for you?
Did you want to make money in real estate, but didn't want to be "hands-on?"
Do the profits help you give your retirement a "jolt?"
Thanks in advance for your insight.
Let's first drop back to what a private lender is, someone you know, have had past dealings with, who is not in the business of lending money. Usually their motivation is to earn a higher rate than the get in another investment and to help out in your project, depends on that relationship, uncle Bentley or Jon, your insurance agent.
Now, if you mean a hard money lender, one who expects to lend, does so as a business venture, then it like any other venture, to make money, safely. The first thing any lender protects is their money, then the profit.
Need their mind set, begin with greed, that usually wins them over. LOL :)
Thanks Bill. That sounds pretty congruent with my experiences as well up to this point :-)
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