Private Investors
SS Forum, I'm sold on using private money to fund my deals, but had mine that I'd enlisted back out to put their money on another deal, before things where in writting.
I've advertised and been around town seeking private investors and have called all the lenders on TCI.
Don't have buyer for short sales approved and am determined to get the performance accomplished.
Anyone have any private investors ?
Alan
I am seeking to do the same thing. There are two sides of using private money:
A) You use investor money to fund one project. Money goes to the closing table and they get a note and mortgage. They get interest on their money only for the short time it is in use.
Pros-you pay only interest when you need it, you don't have to handle the money
Cons-risk losing funds!
B)Find investors to invest with you and sign them up on the spot. They do not get a mortgage; only a note. You pay interest whether the money sits in your bank account or sits in a property
Pros-keeps you modivated, you know you have the money
Cons-you pay more interest, harder to sell them when they have no real security
This business comes down to trust. Put on the shoes of your investors and solve a need they have.
Don't limit your search to just in your area. Pick up a copy of TWJ, or USA Today and look through the big news papers in your area. Go online and search for online resources in different areas, like the west coast or the east coast or florida...or anywhere you can think of. There are lots of people looking to invest in RE. Good luck
Quote:
On 2004-01-04 19:15, thealmon wrote:
SS Forum, I'm sold on using private money to fund my deals, but had mine that I'd enlisted back out to put their money on another deal, before things where in writting.
I've advertised and been around town seeking private investors and have called all the lenders on TCI.
Don't have buyer for short sales approved and am determined to get the performance accomplished.
Anyone have any private investors ?
Alan
That subject takes a ton of work.....especially to obtain a lender that is expedient and business oriented. You can do a google search for commercial loans etc. I just tapped into this one, I hope you find something.
http://dmoz.org/Business/Financial_Services/Commercial_Lending/
Also there are questions that you may want to ask the lender/broker buried in the thread below (from my experience this is best):
http://www.thecreativeinvestor.com/ViewTopic18655-15-5.html[ Edited by fmmp on Date 01/05/2004 ]
fmmp,
Another believer in the Google search! Welcome! GOOGLE RULES!!! I have found more info on that search engine than any of the others. I am a fan till they come up with a better one.