Long term private or Hard money
Is there any such thing as long term hard money? Do any lenders take a % of the deal, or higher rates for a longer term loan, or is that just a private funding thing. What i want to do will generate about $4,500/month with $180k all in. I guess my question is how long will hard money lenders finance for?
There are lenders and joint venture partners who will do all of the scenarios you mention. Some private money lenders prefer short term deals, some prefer long term deals. The more sources you contact, the more likely you will be to find the right partner.
I understand contacting more sources. When you say joint venture partners, are you talking private individuals? If they are private, i am not completely certain how to find some of them. And when i do I feel like i am just soliciting without knowing them personally.
Potential partners and lenders are everywhere. There are not too many people with money in the bank who are happy with their returns. The easiest way to meet people who are already interested in real estate is to go where they go--auctions, REIA meetings, court houses, etc.. It is always better to cultivate a relationship before asking for money. It rarely makes sense to just ask for money. It is far better to offer an opportunity.