19 Aug Private Money Lending (Don’t Get Scammed!)
Finding private money is a key for building your wholesale, fix and flip, or buy and hold business. Blake Selby explains how to avoid bad lending deals, identify brokers vs. direct lenders, the pro’s and con’s of private lending, and how to become a private lender and not get scammed with private money lending. Share this with someone who would value this information.
Video replay of my interview with Blake Selby on Private Money Lending, the Pro’s & Con’s, and how you Don’t Get Scammed:
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More about Blake Selby and private money lending (don’t get scammed):
Takeaways on Private Money Lending (Don’t Get Scammed):
1. Focus on one aspect of your business. You can always expand to others, but have your core focus.
2. If anyone demands money up front to get a loan, they’re scamming you.
3. You can be a private money lender.
4. Trust your gut. If you feel like there’s something wrong with a deal, walk away. There’s always another one.
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About Steve Trang
Steve Trang (https://www.stevetrang.com) is the founder of the Real Estate Disruptors. He started his podcast in the middle of 2018 to inspire wholesalers and real estate agents to double their incomes by adding a 2nd leg to their business. The podcast has now grown to tens of thousands followers with new members of the community sharing their success story every week.
Steve also created the OfferFast Homes app. The purpose of the app is to help wholesalers jump start their career faster by putting all of the buyers in one place. The hope is to minimize the challenge of building a buyer list when getting started in wholesaling.
Steve’s legacy will be to create 100 Millionaires. One of his favorite quotes is from the great Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.” He heard this quote when he first got into real estate, and it has stuck with him throughout his entire career. In fact, it’s essentially one of the core values Steve lives by.
Since starting the Stunning Homes Realty in 2013, the brokerage has over 130 agents. In the greater Phoenix area, SRH has almost 1% market share. One out of every 137 homes in Phoenix metro is sold by Stunning Homes Realty (https://www.stunninghomesrealty.com).