How to become a hard money lender?

[Joe Nagle]

I am currently an investor in the Philadelphia market. I have several rental properties paid off and was Interested in refinancing them and loaning the money at a higher interest rate. How do I start? What are some thoughts about starting this new venture.

[David Bokman]

You just start!!! You would be whats considered "private money"....decide on how many points and or interests you want back on your money and start networking with local rehabbers/flippers and build a relationship with people you trust and go from there! That would be my plan. If someone brings you a deal you should be able to tell by the numbers if it works or not (of course doing your own research). I'm by no means a leader but if your looking to give out money I'm sure you'll find a TON of people who would want to take it. 

I've met a lot of "private money" lenders at many of the local real estate meet ups...I would highly suggest you find and attend them if that's your goal. Its all about networking which most people hardly ever do.