Gain Wealth from Buying and Selling

Don't adopt the mentality that the lender has to fund every
property that you submit.

If the property is an excellent property, and one lender turns it
down go to another lender but don't "burn your bridges".

Remember, it is a RELATIONSHIP game and that same lender that
turned you down may be able to help you on another property down
the road. Don't take getting TURNED DOWN personal. Just find
another lender and find more property!

Private hard money lenders do actually compete for business.

They are already aware of the existence of other private hard money
lenders who loan in their areas and they try to make their loans
competitive.

Many investors are concerned that their credit score will knock
them out of the ball park when it comes to getting funding from a
private "hard money" lender. This is not necessarily the case.

However if you have an "average" or "bad" property and low credit,
most private hard money lenders will tell you to work with a
partner and look for excellent properties. So as you can see, your
credit score alone is not the determining factor with private hard
money lenders. A low credit score plays a major role with
conventional mortgage companies, however and its much "harder" to
get an investment property loan from a BANK than it is to get it
from a HARD MONEY LENDER!

The term "hard money" lender is derived from the fact that these
lenders only loan money on "hard assets", preferably real estate.

It could be a single family residence acquired for the purpose of
selling with a profit.

Or it could be a single family residence acquired for the purpose
of "rehabbing the property" and creating value and then selling. Or
perhaps you want to acquire the property for rental. One of the
most important things is to know your wealth strategy. Are you
planning to gain wealth from buying and selling, buying and
rehabbing, or buying and renting or a combination of the three?