looking for ideas on investors or private lenders. I am wanting to flip a small home and wanting some ideas of who to approach to secure a loan? Thank you
Search private lenders in your area, and network the heck out of yourself. Chances are there are investors or JV partners just waiting to do a deal.
I think you really just have to start talking to people about it and see where it leads you. Sometimes the people you thought might be the ones to approach aren't the ones you end up working with.
Yes, talk about what you do. People regularly ask "What's new David?" Answer with excitement in your voice about the real estate deals you are doing or considering. Eventually someone will show interest in what you are doing.
Start with high-income professionals that you deal with on a regular basis -- doctors, lawyers, engineers, etc. They probably have retirement funds that they'd like a decent return on. Then talk to family, family and anyone else you are comfortable asking. Lastly, network at local real estate get-togethers.
You might have already done this but the first thing you need to do is thoroughly analyze the property and put together a very clear and professional report with all of the relevant details. It needs to have good potential returns and you need to be able to convey that in a convincing way. Lenders will expect to see that you can demonstrate a very good understanding of the business in general as well as the details of this specific project. If you have a solid project and a professional delivery of the potential profit, you will have a much greater chance of getting the attention of potential investors than without it.
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