Using an individual/independent private money lender
Hi all,
When it comes to using an individuals private money to fund deals, how is the money typically handled?
I ask, because I recently met an individual on a real estate investing Facebook group who says he offers private money to investors. (I still have to further vet him before giving ANY of my personal information, because I talked to one a couple days ago who was clearly a scammer).
Since he and I don't know each other and have never worked together, I would think there would be some security blank for him and for me when it comes to handling the funds. I can't really expect that he would just wire me $200k and trust that I do what I'm going to with it?
So does the money typically get sent to a title company or some sort of intermediary?
Please share any and all info you guys have on Private Money Lending.
Thank you!