Private Lenders?
I have the Alan Cowgill course to find private lenders just curious if anyone else has taken his course and if you have had any luck with any of his system. Or any ideas marketing to find private lenders to get deals funded
I am looking for the same resources.
While this sounds conceptually simple, I think getting private lending is not so easy. I would like to know how many successful investors have raised money this way... and how many struggle with the process.
No, not complicated. But what you are describing is mortgage or loan dealership.
I do not want to act as a broker of loans, which is a licensed and regulated industry. Rather I am looking for private lenders to fund *MY* deals... and all within the context and meaning of the North Carolina Securities Act.
All private lending is finding people who want a safe rate of return on their investment. One of my collegues does private investing all the time. You will need to get a promissory note, all investors that invest will need title insurance in their name, as well as hazard insurance. This type of lending can work out quite well with rehab projects. In addition to that you can, the promissory notes act as a 1st mortgage lien on the property, which means the lender will have an equitable interest in the property as well. You will need to find a good mortgage broker to write the stipulations of the contracts via private lending for you.
I had one guy that wanted to us a LP structure.
Other wise I have just divided up the 100% ownership of the LLC.