I have to share an experience I had this week, lesson learned. When someone tells you they want to be a private lender for you make sure they actually have money to lend. Ask them up front. I ran into someone recently that I did business with a long time ago, and we got talking about real estate investing and private lending.
He said he would like to be part of one of our deals. So I had a deal come up, called him, he said he would love to do it, I gave him the amount and the closing date, we agreed on the terms, I had him review the note and mortgage and everything was fine, then he backed out three days before the closing, right about the time he was supposed to send the wire. He started back peddling with all kinds of excuses.
Fortunately I have lots of private lenders so I just called someone else to do the deal. Just be wary of who you are dealing with and check the facts. For all the information you need on growing your real estate investing business check out my website at www.marketingmagiclady.com While you are there be sure and sign up for my free monthly newsletter.