Updated over 8 years ago on . Most recent reply
New Investor / Private Lender
Hello BP! I am a long time lurker, first time poster from the Salt Lake City, UT area.
I have been studying many different aspects of real estate investing and am wanting to get started on the lending side. I was hoping to get some input on the basics of being a private lender. Does anybody have any input for a regular dude that wants to put his money to work? I am wondering
-who are the best players to network with to find good projects? Loan/mortgage brokers/?
- what laws do i need to worry about as a PML? do i need to worry about usury laws?
- What are some common pitfalls that a lender finds themselves in?
-What are the market rates that Lenders charge for a short term deal?
I only have a little bit to probably do one job or a portion of one job at a time, so i don't want to lose on my first deal. I would be looking at primarily doing short term deals (fix and flips)
Any feedback is appreciated. Thanks