Is Private Money the Right Solution for Your Real Estate
Deal?
 If you've
been finding that money for your real estate deals is hard
to come by - private
money just might be the answer. In today's article
private money broker Shannon Quickfall gives you a good
understanding of what a private lender will look at, and
what you, as a borrower, should know.
I was scrolling through Twitter posts the other day and one
of the people I follow had posted this joke:
A man walks into the bank and says to the bank manager "I'd
like to talk to you about a loan". The bank manager says
"Great! How much can you lend us?"
I laughed because Dave and I had gone into the bank earlier in
the week to make some large cash withdrawals. We owed my
brothers a bit of money for their help with our rental property renovation in June,
and we had to juggle money around to a few different
accounts for property taxes and other upcoming bills. When
we started giving the bank teller the sums of money we were
going to withdraw, she started to panic saying that we
should have called the bank ahead of time to let them know
that we were going to be taking out more than a few thousand
dollars in cash.
"But - you're the bank! If you don't have money, who does?" I
was thinking.
Of course we smiled and apologized and eventually they were
able to round up enough cash to meet our requests.
We had to laugh though - if you can't go to the bank to
get money where can you go?!
Of course, you might feel the same way when it comes to finding
money for your real estate deals! The lenders have added so
many restrictions that people all over North America are
finding it darn near impossible to find financing for rental
properties. In Canada, in particular, the regulations have
changed so much in the past few months that people with
multiple properties (like us!) are faced with a mountain of
paperwork and a whole lot more trouble than ever before.
But, as we've said over and over, we don't focus on the
obstacles we're facing. Instead, we place our attention on the
ways we can get around those obstacles. One way to get
money for your deals is to turn to a private
lender.
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