Posted by Peggy Wright on October 26, 2005 at 10:34:16:
I have 3 locally I use and there are no brokers involved. Feel free to contact me with info if you like, directly at peggyswright@sbcglobal.net If you can be competative, great. I have found using brokers makes the money more like hard money and less like private money.
I do appreciate the response.
looking for private money - Posted by Peggy Wright
Posted by Peggy Wright on October 26, 2005 at 06:38:52:
Two single family homes downtown Indy.
$138,000 on one $150 on the other. Includes acquision and refianance on both (we have just purchased one of them with cash and would like to free that money up).
both homes are under 70% ltv. Quick closes (2 weeks give or take) and private money only. No brokers.
I am a seasoned investor.
Re: looking for private money - Posted by Chris Macone
Posted by Chris Macone on October 26, 2005 at 10:21:12:
Hello Peggy, I just wanted to let you know that most private money investors use a broker. My private money investors use me.
Re: looking for private money - Posted by John Corey
Posted by John Corey on October 28, 2005 at 19:58:57:
Many private lenders do want a broker in the middle. There are concerns about documentation, legal issues related to RESPA and other reasons that private lenders will not always go direct.
Most private parties who do lend direct tend to be very experienced as RE investors and are looking for a way to keep their money working without the hassle of buying properties.
I commend Peggy for trying to find private parties here. Most who lend directly will tend to be local so a suggestion is to ask around at the local REIA meetings in your area.
John Corey
Chelsea Private Equity, LLC