Guessing games are fun... when you’re 5 years old, and not a real estate investor.
When it comes to your livelihood and financial security, however, guessing games are not all they’re cracked up to be.
Hey Moguls, Patrick Riddle at your service. Today I want to talk about avoiding guessing games when working with private lenders. Forming connections with private lenders is a crucial part of being a real estate investor. Learning how to handle these deals in a professional and efficient manner will win you the respect of your private investors – and this is exactly what you need to build your reputation and your business.
So, to help you out, today I want to outline the 3 essentials when structuring a deal with your private lender. These are the basics – the fundamentals, if you will – that every REI needs to grasp before conducting business with private lenders.
It’s vital to be as specific as possible when working with a private lender…
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.