Getting into private lender
4 Replies
Stanley Nguyen
Rental Property Investor from San Jose, CA
posted almost 2 years ago
Hi,
I'm starting out and trying to diversify. I have some good funds saved up and looking into private lending. I appreciate any thoughts on how to get it going?
Thanks,
Stan
Jay Hinrichs
Real Estate Broker from Lake Oswego OR Summerlin, NV
replied almost 2 years ago
go to local REIA type meetups talk to flippers and let them know your interested in lending.. pretty simple.
use a lot of caution though as you start out.
Stanley Nguyen
Rental Property Investor from San Jose, CA
replied almost 2 years ago
Originally posted by @Jay Hinrichs :
go to local REIA type meetups talk to flippers and let them know your interested in lending.. pretty simple.
use a lot of caution though as you start out.
Thanks! What kind of contract, risk assessment that I should do, mostly to protect myself from losing the funds? I'm being curious as well on the typical rate you would get being a private lender?
Jay Hinrichs
Real Estate Broker from Lake Oswego OR Summerlin, NV
replied almost 2 years ago
@Chris Seveney Chris is someone U may want to talk with I believe he will let you invest along side him and that is a great way to get some experience without taking on untold risk..
@Bob Malecki has a fund ( not sure if its accredited or not) but they are in the business of managing debt instruments.
So maybe you check into these two as some sort of alternativeto get some experience.
the BP is full of threads of beginner lenders asking for help after the fact..
its not super complicated but experience matters when it comes to lending.. its not like buying a rental home and sticking a tenant in it.. anyone can grasp those concepts.
Stanley Nguyen
Rental Property Investor from San Jose, CA
replied almost 2 years ago
Originally posted by @Jay Hinrichs :
@Chris Seveney Chris is someone U may want to talk with I believe he will let you invest along side him and that is a great way to get some experience without taking on untold risk..
@Bob Malecki has a fund ( not sure if its accredited or not) but they are in the business of managing debt instruments.
So maybe you check into these two as some sort of alternativeto get some experience.
the BP is full of threads of beginner lenders asking for help after the fact..
its not super complicated but experience matters when it comes to lending.. its not like buying a rental home and sticking a tenant in it.. anyone can grasp those concepts.
Thanks!