Your 1st private money/hard money deal?

7 Replies

I got conventional lending on my first deal, raised rents, upgraded a few things and I am ready for round 2.  Too bad the 25% down took that chunk of money to fund deal number 2. 

When it comes to private money and hard money lending.  Did you investors learn how those finance options worked and were calculated before networking to find the financing? Or did you bring deals to people and they simply expressed how the loan would work and how you would pay it back, etc...?

Usually private lenders have terms they have pre selected so you basically have to go by their formula. Once I know what my options are with the different private lenders you simply match the project/property up with the right lender.

Good luck

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I am in the same boat as you, kinda..... I recently purchased my first property. It is a two family home which I plan to keep as a "buy and hold". Now I am already planning my second purchase which I plan to be a fix and flip, but I do not have the money to purchase/rehab out of pocket, so I'm looking for hard money lending. I hope you get some good answers! That would help us both.

Hey @Curt Davis would you say real estate associations or meet ups are solid avenues to find partners or lenders?  I never have done that before and my lack of knowledge kind of keeps me gun shy.  The ones I see offered are like luncheons, breakfast networking events, monthly meetings, and random workshops.  Is that where the "elevator pitch" opportunity for new investors comes in that I hear talked about on some of these BP podcasts?