Private Lenders

From w/I understand PL's usually charge anywhere from 5%-10% & are a group of individuals or an individual that want to lend $ out & one of the best way's to find them is thru local reiclubs. But im sure people on here will know some, where are you in the country?

Hi Toney,

I live in Georgia. Thank you so much for you responding to me and any other questions I have. You are a great help. I am still trying to work on my first deal. I have came close to selling my first property.

I dont know anyone in Georgia but Tony is right 5-12% anywhere for 1-10 years. PM is really an open book where you can negotiate anything This will be an acquaintance of yours. Keep telling everyone you know what you do and the money will come

Most of the time when people have PM lenders, they keep them close to their chest. They are usually family members or acquaintances who have heard what you do and are interested in getting a better return on their $$. Until you have done a few deals most of them will not want to risk investing with you.

Work really hard on wholesaling some properties and REALLY learning what you are doing and people will start to be part of your success. Many people have $$ that we don't even know that they have. When they have some confidence in your ability, they will often want to play in your sandbox!

Karen

Hey Stephanie,
find your own private lenders in your family, among your friends or even at work. You might be surprised who has money and don't forget about self directed IRAs and 401ks.
Now the most important thing is this: You are not borrowing money, you are providing investment opportunities, because in most cases those people are not getting the returns that you will offer them.
Good luck to you, people with money, that is not really working for them, are everywhere!
Thomas

Private Money Lenders are not Hard Money Lenders; PMLs are generally people you know, and they work with you directly and almost always exclusively. Initially, you will have to 'prove' to them that you are a serious, ethical, knowledgeable investor; then, after you do a few deals with their money, and pay them back, they will be less apprehensive about loaning you their money; they will actually be happy to loan you their money.

As Karen says, get some wholesale deals under your belt, gain the confidence, and money will follow...