Looking to Refi my first Rental

[Joel Phipps]

So I bought my first rental property a few months back in a mid to lower income area of Orlando, Fl.  I bought it cash and I am currently renting it out at $700 a month.  I have no active credit as I have never had a credit card and recently bought my car cash (I have never financed anything).  I realized the power of putting my dollars to work so I decided to look for private money as I am willing to pay up to 7% on a $25k loan.  I do not want to deal with banks at this time as I want to start to build credit before doing so.  I recently just started reaching out to my old buyers for my past wholesale deals, family, friends, ect... Any suggestions on how I should approach them?

[Darren Eady]

I would start with finding our their rates instead of telling them what you are willing to pay.  Most HMLs that will look at the asset instead of your credit and income will have a higher rate closer to 12%.  Good luck!