Private money lenders on bigger pockets

[Ed Moran]

Hi Folks -REI in multi family in Florida and soon in MA. What is the best way to network on BiggerPockets or in general to find private money lenders. (Save family). Thank you.

[Kenneth Garrett]

@Ed Moran

There are private lenders who are actually hard money lenders. Remember a typical private lender is a high wage W-2 earner who you have met. It could be family (I understand why you want to avoid this) friends, business relationships etc. I have met my private lenders through REIA meetings, meetups, REI events and of course BP. The more you post here about your real estate investing you will have individual private lenders reach out to you. Be aware of hard money lenders posing as private lenders. The difference is the hard money lender will charge a higher interest rate, 3-5 points or more typically and other fees. Private lenders in general charge either no points or one or two at the maximum, the interest rate is 8%-12% and there are no other fees.