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πŸ”‘ Financing Secrets Every Investor Should Know πŸ’‘

education financing fix & flip fix & rent getting started May 28, 2024
Private Money agreement

 

A few weeks ago, I invited you all to ask me anything, and many of you did!

 

The majority of the questions I received revolved around financing. The four major options we have to pay for a property are Cash, Hard Money, Owner Financing, and Private Money. In chapter 20 of my book, I go into detail on each topic, but I wanted to share some highlights:

 

- If a hard money lender says no, ask why not.

- Private money lenders are people who know and trust you (and vice versa).

- When making a lending request, you are offering an opportunity to private money lenders, not begging for money.

- Private money lenders are all around you if you tell people what you are doing.

 

Today, private money and owner financing are my main methods of paying for properties. Unfortunately, many investors haven't learned about these options because banks have been cheap and easy to deal with over the last decade and a half. Now that this is no longer true, it’s crucial to build relationships with private money lenders.

 

Many of us get stuck building our first private money relationship. I know because I was once there, and many of you have told me you are currently there. I will write a future article with more details on this topic, but for now, I’d like to hear from those of you with private money experience.

 

**For those who have private money relationships:**

 

- What was it like obtaining your first private money❓

- Do you have a credibility packet? If so, what’s in it❓

 

**For those who lend their money privately:**

 

- What advice would you give to a new investor looking to build a relationship with someone like you❓

- What do you look for in someone you’ll lend money to❓

 

I’m looking forward to hearing your stories and advice. Your insights will help fellow investors navigate the world of private money and build successful financing relationships.

 I'd love to hear your thoughts, EMAIL ME

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