There are private money lenders out there who are eager to lend money to you. They will do so if you find the right kind of real estate property to invest in. If they see the potential in a property that you have selected, you might be able to get them to lend you the money you require to purchase your dream property.
Obviously, in order for any of this to work you must know someone who has some pretty deep pockets. You are talking about privately financing a real estate deal. Real estate is not cheap no matter where you go, but this is particularly true when talking about a place like Glendale, California.
Traditional Lenders Are Not Nearly As Helpful
There are traditional lending options for real estate of course. These include things like going to a bank or credit union and applying for a loan through them. You might wonder what is wrong with doing exactly that. There are actually a few drawbacks to this method that a lot of people simply gloss over or do not bring up when talking about real estate investing in general.
The problems include the following:
- A Lot Of Regulations
- You Might Not Qualify
- Long Processing Times
Who wants to deal with all of that when they do not have to? There is a whole world of private lenders out there who can help you skip past all of these annoyances. Talking to a private lender might just help you get away from a tough conversation with a credit union or bank about getting denied for a loan from one of them.
Why Investing In Real Estate This Way Makes Sense
“I don’t like to tell a man what to do with his money but if you are investing in real estate you are dumber than a dummy” said Jo Bennett, the character played by Kathy Bates on the smash hit NBC series The Office. She was telling a salesman at a paper company who had a particular good year of sales that he needed to use some of that money to make more money for himself. Her suggestion was to invest in real estate.
It is difficult to ever argue with the wisdom that comes from a show like The Office. That advice in particular really does apply in the real world. People need to take the time to use their money to generate more money for themselves. Failure to do so really does put them in a category of people who are not doing themselves any favors.
Getting property in Glendale, California right now makes a lot of sense. There are just so many who would like to move to this area of California. If you can find something that needs a little work done to it right now then you may be able to get it for a great price and make a nice profit for yourself.
How To Convince A Private Money Lender To Lend To You
There is no golden bullet for getting a private money lender to lend their money to you for your real estate dream. There are certain factors though that these people are always on the lookout for. They want to see that what they are putting their money into is going to pay off in the long run.
A lot of lenders also want to take a measure of you as a person. They want to meet up with you and see if you are the kind of person that they believe they can trust. Trust really makes up a lot of this business at the end of the day. An investor who feels that you are going to take care of your affairs will invest more time and money into you than one who does not. Keep this in mind when meeting with these types of lenders.