Private Money Lenders vs Hard money lenders

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Private Money Lenders vs Hard money lenders

Daryl Webb
Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes

Can someone suggest to me the best possible way to find Private money Lenders in my area? What is the best approach?... 

and does anyone know if www.privatemoneygoldmine.com is a legit site?... 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

Daryl personal opinion any paid for site or list of PM lenders probably not going to get you what you want or need... I am a private money lender and have been for decades I have never posted on a website and never would... and i know plenty of other PM lenders as well non of us would post there we do deals with people we know like and trust  PM lender = Belly to Belly once you figure that out you will stop waisting time thinking you can just pay a few bucks and buy your way into it.

and for that matter just get with a good reputable HML you will be missing deal afgter deal tgrying to find th\is PM lender who may or may not be cheaper than the HML who is up and running nad doing deals.

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  • Account Closed
    Investor · Blacksburg, VA · Member since 2013 · 53 posts · 10 votes
    10y

    Hey Daryl,

    Start with talking to folks that are currently in your sphere. Family, friends, coworkers, acquaintances. Finding and joining a local REI club would also be another great way to source funding. Also, the Biggerpockets marketplace. No need for the lender to be in your area.

    How much are you looking for? Shoot me a PM.

    0Reply
  • Anthony Beckemeyer
    Investor · Mckinney, TX · Member since 2016 · 26 posts · 8 votes
    10y
    Google self directed IRA's there should be someone in your area who deals with them. Where I live one of the company's who deals in them has training classes every Tuesday and is involved in mixers every week. If you can't find anything PM me and I'll send you the info for the one here. They have online training you can watch. Good luck!
    1Reply
  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    Thank you

    @Account Closed.... I will do just that... and I will also PM you both for more help... The site that I was referring to was asking for $97.00 initial and $29.00 the month there after... Now I do know that this site does have a whole of private money lender leads.... hundreds of them... but I am not sure if payment that is worth it... May be I will reconsider... $100.00 doesn't seem like a lot of money for hundreds of PML all across the country....

    But I do need a bit of training on the subject...

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  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    @Account Closed, I do believe that I may have sent a colleague request to you... 

    0Reply
  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    Hello @Anthony Beckemeyer, 

    I was trying to PM you for that info training but I needed to connect with you... to do that... Is it ok to posted here?...

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    Daryl personal opinion any paid for site or list of PM lenders probably not going to get you what you want or need... I am a private money lender and have been for decades I have never posted on a website and never would... and i know plenty of other PM lenders as well non of us would post there we do deals with people we know like and trust  PM lender = Belly to Belly once you figure that out you will stop waisting time thinking you can just pay a few bucks and buy your way into it.

    and for that matter just get with a good reputable HML you will be missing deal afgter deal tgrying to find th\is PM lender who may or may not be cheaper than the HML who is up and running nad doing deals.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    Thank you.... @Jay Hinrichs, I will certainly take your experience as good advice... I do have a great deal of real estate experience.... and will come up with a gem of a property deal seeking financing...

    TTYS...

    0Reply
  • Anthony Beckemeyer
    Investor · Mckinney, TX · Member since 2016 · 26 posts · 8 votes
    10y
    Hey Daryl Webb just got back on BP. Quest Ira is the local one here. Lots of online training some of it won't really be for real estate but still educational. Also try Intrust. They might be in your area.
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Anthony Beckemeyer  Entrust !!

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    Thanks a million @Anthony Beckemeyer, I will certainly look into it immedaitely....

    0Reply
  • Daryl Webb
    OP
    Investor · Lakewood, NJ · Member since 2016 · 64 posts · 15 votes
    10y

    Thank you too @Jay Hinrichs,....

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    10y

    There is really little if any difference between HML and PML. I know privates that charge high rates which most would call HARD money. Bottom line is what you can get the funds for and if they work in your situation. Ask everyone you know. I found a great guy by asking a local attorney if he knew any lenders. He steered me to a guy that was loaning at 6%. I took it!

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