Updated over 10 years ago on . Most recent reply
PM and Rentals
Good evening, I have a question about private money and a possible rental property.
Excuse the possible noob question... If I acquired a property using PM and I turned it into a rental property. How would I pay my private lender back? Would it be every month or a lump sum after the end of a set date? or Private lenders dont lend out to acquire rental properties.
Thanks all for any information if wanting to add any addition information that would be awesome. I am trying to understand this a bit better.
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#3 Real Estate Events & Meetups Contributor
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@Alberto Cordova Didn't the lender provide you with the terms of paying them back BEFORE they gave you the money, including information like the interest rate you're paying, etc.?
These are things that I would want to know before I ever agreed to take a loan because it would have a serious impact on my ability to run a profitable property. Not having this information could lead to confusion between the two of you and having a day in court because of disagreement. I hope it turns out well for you. Get it all in writing ASAP.