Private Money Frequently Asked Questions
I am in the process of putting together a series of frequently asked questions from private lenders that I will be adding to a page on our website where I present different private money lending opportunities for private lenders to lend us money to purchase additional properties or to refinance properties that are have with better rates and terms.
If you were going to be setting up a similar page on your own private money section of your website or adding it to your Private Money Presentation (an exclusive resource for our Real Estate Investor Bronze Members), you might want to use these as a starting point.
- Why would I consider lending you money to buy properties?
- What type of interest rate do you pay?
- What secures my investment?
- How am I protected as the lender?
- How is all the paperwork handled?
- Who pays the closing costs when I lend you money?
- Do I need to do any additional paperwork for this?
- Do I need to attend the closing?
- Do I need to collect the payments on loans I make?
- Do these loans pay down or are they interest only?
- What is the minimum I can invest?
- Is there a maximum I can invest?
- Is private lending really a safe investment?
- How frequently do I get payments on the loan?
- What is the term of the loan? Or, how long will this loan last?
- What if I don’t like the property you are asking to borrow from me on?
- Are all the loans in my local city?
- How do I know the value of the property I am lending on?
- Can I use my retirement accounts to do this?
- Why would you be willing to pay such a high interest rate on these loans?
- What if I need to get my money back in an emergency before the term is up?
- How does title insurance help protect me as the lender?
- How does property insurance help protect me as the lender?
- How do I get started?
So, that may give you some ideas of potential questions to answer in advance for your private lenders on your website or in your presentation.
Until my next post,
James
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