Looking for Private Lenders in Houston. How do I find them?
@Brad Tabor I feel like this question comes up a lot. Have you listened to the BP podcast, read BP articles or went to local meetups?
It might seem complicated but it's relatively simple - network with folks with money who are looking for partners that want to do all the work (you).
Maybe be a lender yourself first. Find something small, maybe do a second lien deal on a sub2, bring somebody current on a pre-FC deal, and just learn how it works.
I just made my first PM loan on Friday. And I did that not so much to earn a nice rate (which I am) but I am more interested in learning some of the processes involved. We paid the bank current and next we'll sell the place on an OF deal (wrap). Sure we all get how it works in principle, but now I get to actually do one, as an involved participant.
If at some point I ever decide to offer a similar arrangement to somebody, at least I can say with some degree of authority that I know how it works.
Great advice guys! Mark Sewell interesting idea.
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