All Forum Posts by: Daniel Haberkost

@Kevin Le there are plenty of individual hard money lenders in my market that lend their own money, I’m sure there are some in yours too. That would solve your problem of wanting to work with an individual.

They’re very useful as they will analyze the deal with you and tell you whether the numbers make sense.

Trying to find a private lender (that isn’t a friend or family member) with no experience and no capital is going to be very difficult. It’s not impossible but if you want to go that route you’re going to need to find an extremely good deal.

Start networking and making contacts so when you do have an undervalued deal you have people to call.

@Hjiorst Fjioords as the others have already said, this happens everyday. I have an agent that brings me certain types of properties before listing them all of the time.

There are many circumstances where it makes sense to do so. For example, he had clients selling a house with foundation damage which would not allow it to be financed with a traditional loan. They didn’t want to fix it themselves.

He knew that I was comfortable with that sort of thing so he called me. That’s just one of many examples.

 No problem, good luck!

@Austin V Nguyen

If you’re stuck making that wage then you will have to wait (and should because you need cash to own rentals). But you can save aggressively, learn all you can and try to develop useful skills/experience that will allow you to make a substantial income immediately when you graduate.

Then you can start buying rentals!

@Austin V Nguyen well thank you but my point is that you can do the same!

I learned from BP more than anywhere and went to local meetups. I started by house hacking a duplex so it didn’t require a ton of money down.

Maybe you could do something like that?

@Patricia Yang mmm I understand, do they really go THAT far over on a regular basis.

I could be wrong, but I think if you average it out and just let it be it’ll work out just fine.

@Justin Gottuso we bought it for $200k and it only took $10k (small house - 950 sq ft) but I did a lot of the work myself.

We were lucky because it only needed cosmetic work, it was a very cheap/painless rehab.

@Andres Cardenas so I second what @Moises R Cosme said, I would be careful about asking for more too quickly.

So it’s clear he can help you, but what do you have that he needs? That’s what you have to figure out. Have you done deals or are you brand new? Approaching other investors for money goes much better when you’ve at least started your business with a deal or two. Bringing him a (good) deal would likely be the best way to ask the question.

To answer your question, the private lender I’ve used is someone I’ve built a relationship with over the last two years. And that relationship is not predicated on me trying to get money from him. He’s a friend/mentor and over time it organically got to the point where he’s helped me with funding several times.

@Christian Weathersby we would need more detail to be of any help. Are you looking to invest in rental properties? Are you wanting to become RE agents?

Real estate is a very VERY broad category, what are you looking to do in the RE world?

@Austin V Nguyen I was able to buy my first property at 21 before graduating college. It was one of the best decisions I’ve ever made and has put me very far ahead at a young age.

I did this by working full time throughout school, paying for college myself/not taking out loans and beginning to build my credit when I was 18.

Have you built your credit ? Are you working? It sounds like your tuition is covered for you which puts you in a very advantaged situation. If you put the work in over these next few years you can start your adult life in a very comfortable place.