Talking to hard money lenders
I had an experience last night that I wanted to share. Let me preference this by stating that my boyfriend and I who are both investors are in our late 20s but still look young. I still think we have a lot to learn as always but have been making ground in real estate. We went to a real estate club meeting and to learn but also connect with other fellow real estate enthusiasts. We have been seeking current contacts for private lenders and other contacts to keep expanding our team.
I have always been the cautious one to borrow money as I take it extremely serious. So my confidence hasn't been to the point where I was ready to sit down with a hard money investor, I mean why would they trust me with $300k?! I mean I have all of our documents from balance sheet, investor profile, and even a copy of a generic loan application just waiting for the right time...
Last night we met a hard money guy and once we gave a brief overview that we currently own and operate 11 units and have purchased and sold single family as well as completed renovations on all of our properties, the guy took interest into us. I feel like our venture into real estate by taking a conservative approach having passive income may have taken a few years to develop, it is helping us in the long run to build a reputation. While confidence helps in the business world, trust me I am a confident individual, I also play it on safe side.
My professional job is in social work- so my mind always wonders off to how hard money lenders assess investors. What kind of things are they looking for besides assets and reliability? Curious minds want to know..