Investor · Ewing, NJ · Member since 2016 · 20 posts · 3 votes
This is an interesting topic as most of the top tier real estate investors that I know purchased the bulk of their portfolio using private money while other investors use banks and other creative financing. Which brings me to this question, how do most of the private money lenders out there find which deal they choose to lend on?...and how many deals are you comfortable funding at a time?
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y
@Reginald Lawal I buy 4-5 homes a month and I use probably 20 different hard money lenders. They can vary from 10% with zero points and a hand shake up to 15% with 5 points and they want your blood type and your first born. So my answer is there is no answer. Start working your network and get as many hard money lenders interested in you as possible. Shop around etc... You wont have much leverage until you have a track record then the money will find you eventually with little effort from your end.
Investor · Ewing, NJ · Member since 2016 · 20 posts · 3 votes
9y
@AlexDeacon 4-5 homes a month is what I'm striving to get to. I currently have a 9-5 job which i'm working on replacing with my real estate business. I would assume you are a full time investor. i would love to dig a little deeper and hear some more about what kinds of systems you have in place to steadily buy 4-5 homes a month. Do you primarily invest in PA or do you invest further than your backyard?
I have a hard money lender that I've had success with but to have more than 1 rehab going using hard one can get a little pricey.
Lender · Philadelphia, PA · Member since 2017 · 225 posts · 72 votes
9y
Alex Deacon is right. It all depends on the property, on your experience, your credit and etc. Get to know as many PML as possible. Otherwise you may have a steak deal but cannot find a lender. Good luck!