Privatemoneygoldmine.com - Scam or legit?

Question

Has anyone used privatemoneygoldmine to find private funders? The site costs to gain access to lender information. And I just wondered if anyone has used this site and had success?

Yolonda King · Answer

Hi, I did try this site for a while. You have to go through a lot of calls to get 1 to bite. Once you find someone interested, you need to be able to give them details about your project. Most of the people that engaged me were not interested in just loaning money, they wanted to be part of the project. Also, when you make the calls...don't use their scripts...you need to give details in your emails or messages for people to call you back...they are only interested in the deal, not small talk. If you don't have a deal already on the table that you can give specifics about (rehab costs, expected profit, turn time, etc.), they really don't want to hear from you. I had people wanting to develop partnerships and do 50/50 splits on profit. I had people tell me they would give me the funds only if I offered the property as a owner finance and allowed them to finance the deal for the buyer. Nothing was ever just a loan...there were always conditions.  If you're getting started, you may be able to make some good contacts and you may do some 50/50 deals just to build your assets if you can't get approved for funding any other way.  However, if you can get hard money funding, I'd go that route because it's just a cleaner transaction.  I personally wasn't desperate enough to work with any of the people that engaged me because I didn't care to meet their terms...however, it may work for you...just depends.  The only other thing I would warn you is that it's a bitch to cancel after you enroll. It takes a lot for them to actually cancel your membership.

Jay Hinrichs · Answer

just fyi  private money investors are just that private.. they don't advertise if they advertise then they are holding them selves out as lenders and as such are now Hardmoney lenders...

the last decade or so has seen hardmoney lenders try to rebrand themselves as private money lenders.. to give the appearance that their rates are lower.. as most of you folks looking for private money lenders are trying to find super cheap money .. but most private lenders who actually have capital to lend know the value of that capital on the street or in the market place as it were

Ryan Hanahan · Answer

I am bringing this back up to see if anyone has had anymore experience with this site.. it looks like majority of the people giving negative feedback are hard money lenders 🤣

Cody Beard · Answer

Nevermind - I answered that question on my own after a little further research. Scam for sure.

Nate Marshall · Answer

It's a paid lead generation service like Home Advisor. You would be better off going to Pitbull Conference and finding one there.

Matt K. · Answer

IF the name didn't give it away.... then I'm not sure how the actual site didn't lol. How could you take that site serious?

VInnie Kojin · Answer

Looking for private investors.

Any updates on this site?

Glen Jackson · Answer

Cody I went though the same process.

This "lender" wants upfront and points.. It's funny that I never emailed him.

After a deep dive it is obvious what is going on here.

I suppose I wasted $100 but saved $5000

*Trying to find "private investors for my Church rehab/ conversion is exhausting and I am so over these types of scams.

Unfortunately religious structures are not favored by commercial banks.

David Lessnick

Jatika Manigault · Answer

Once again, I am so glad I am part of Bigger Pockets!  I just got an email from this company today! Decided to do some research and BAM! Here's my answer from BP!  You guys are the best!

Jeff Cichocki · Answer

@Cody Beard, it's a lead Gen site. I've looked at it. All it does is scrub public records to find lender's who are not entities. It assumes they are private lenders.

The trick is to find the lenders that have done more than one loan. If all they did was one, it's wishful thinking that they'll fund you. Most of them sold their house with seller finance. That does not qualify them as a private lender.

Good luck.

Privatemoneygoldmine.com - Scam or legit?

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