All Forum Posts by: Andrew Syrios

Welcome aboard David and good luck investing!

For someone's time on such thing, you're usually going to have to offer something of value in return or know the person. But there are plenty of resources on this site all about BRRRR and hard money. Here's an article I wrote a few years back on hard money lending that should be helpful: https://www.biggerpockets.com/...

That's very cheap hard money, so that makes it a lot better. We usually pay our private lenders 8-10% (mostly 10 these days) so perhaps you could try to offer a little less and see if that works. Other than that I would just be cautious about how much high interest debt you have at any given time. (And basically anything but a bank loan is high interest debt.)

With hard money lenders, it depends on them. There aren't nearly as many rules. But hard money lenders are really expensive so I would be very wary of carrying more than one or two at a time. It's just too risky to have that much high cost debt at one time.

The market has certainly softened but I don't think this is the general reality. It may just be the property, submarket or bad luck. I hear from flippers and banks that properties are still moving. And while sales are down, it's not catastrophically down. 

Finding private lenders can be a challenge. You should start with your family, friends and colleagues. Try to make a list of 10 people that might be interested. If 10, can you write down 20? 30? Then put together a business plan and resume with anything that shows experience (even if not in real estate; college, previous job, RE books read, etc.). Then be up front and ask those people if they might be interested and if so, you take them to lunch to see if they're interested. Also, make sure you are always telling people what you do and that you offer opportunities for private lenders. (You should be regularly attending networking events and the like.)

But to be honest, generally it's hard to get private lenders onboard (other than close friends or family) early on in your investing career. People don't want to be first and are generally risk adverse, especially with private loans. That's why I generally recommend house hacking, FHA loans and renting out your first home and moving to a second home as the best was to start.

Welcome aboard Mykiea!

Given all the layoffs going on and new construction slowing substantially, it's all but certain we're going into a recession. (Indeed, that seems to be the Fed's plan to stop inflation.) So bankruptcies going up is not surprising at all. 

Welcome to BiggerPockets Serena and best of luck investing!

A few weeks ago; Kansas City