If the only thing standing between you and the real estate business is money, consider a private lender. If you're looking for financing options with which to buy, renovate, and resell real estate, you can't avoid personal money.
The small private money lender in Los Angeles are usually no credit checks and very few requirements for classic financing.
The right investment opportunity
Private lenders may have "relaxed" criteria and standards for bank loans; however, they are like any financial institution and want a return on their investment. You have a good chance of getting a personal loan if you own a stake in the property and have a fixed payment plan.
Image Source: Google
Private lenders want to know how you will get your money back and how much money you will make on your investment. The more you can convince them, the higher the chances of getting a personal cash loan.
Where to find private lenders?
This type of lender exists in many communities. You can find it at:
• Mortgage companies
• Investment Club
• Real estate seminars
REI clubs are full of audiences holding back with private money: they are investors spending money and looking for financing deals. Clubs meet weekly or monthly and are often free or charge a small fee to join.
Once you find a private lender, have your contact information ready. You never know when you will need it. Private lenders come from all walks of life, including individual investors, hedge funds, institutional investors, portfolio lenders, real estate agents, and REO agents.