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Daniel Lloyd, Real Estate training (Issue Records)

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Rainmaker
711,852
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I know of several who use this.  Usually a higher interest rate, but no appraisal and no issues with draw requests. During the recession, these were the people who kept new construction going in our town (and made a bundle of money doing it!).

Oct 31, 2018 10:26 AM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hard money is expensive...Plus they require security for the loan

Oct 31, 2018 10:03 AM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Many of my early investments were financed with private financing.

Oct 31, 2018 10:29 AM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not.

Oct 31, 2018 06:26 PM
Rainmaker
7,836,169
Roy Kelley
Retired - Gaithersburg, MD

Yes. These transactions are often land deals that can be difficult to finance.

Oct 31, 2018 12:07 PM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

cash, quick closing.

Oct 31, 2018 10:41 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I have not but know of people who have

Oct 31, 2018 10:34 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I hve not.

Oct 31, 2018 10:32 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I have not. 

Oct 31, 2018 06:05 PM
Rainmaker
699,874
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

I have not.  Advantage may be that it is an unconventional property.  Disadvantage is that interest ratee may be higher.

Oct 31, 2018 05:44 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.

Oct 31, 2018 04:07 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The term private investor is a bit too broad to answer this question.

Oct 31, 2018 02:55 PM
Rainer
417,221
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Private investor looks at the property - "Do I want to own this after the buyer defaults and messes it up?" With large down payment and high interest rate they close fast in 5 days.

Bank takes 45 -60 days and is picky

Oct 31, 2018 02:31 PM
Rainer
509,449
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I have not.  I'd be very careful in selecting a partner in a business transaction.  Everything should be in writing between you and your partner and I would suggest having an attorney.

Oct 31, 2018 12:50 PM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Usually a hard money situation with a big downpayment and high rata

Oct 31, 2018 12:40 PM
Rainmaker
679,404
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Sorry ... I have not.

Oct 31, 2018 12:09 PM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I have not Daniel Lloyd .

Oct 31, 2018 11:08 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have and the rate is always higher but if the buyer has no other options and is determined to buy, it is a way to get the job done.

Nov 01, 2018 07:05 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I work with hard money all the time. It is quick, it costs more but opens opportunity. It is for short term, most often buy, fix and sell. It should never be used on something you will keep and especially if you will live there, 

Nov 01, 2018 05:16 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

no, I haven't

Nov 01, 2018 04:24 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Nov 01, 2018 03:28 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

If they are willing to pay higher %, it makes no difference to me. Private or hard money investor money is the same as cash= quick closing, usually no contingencies. 

Oct 31, 2018 11:42 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Sure, many times. Hard money lenders.

Oct 31, 2018 08:50 PM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

No, never. Most buyers, Daniel, in our are cash buyers.

Oct 31, 2018 08:13 PM
Ambassador
5,230,113
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

The pro - typically no appraisal is necessary.

The con - the interest rates are quite high.

Oct 31, 2018 07:39 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I've never used private financing ..... I have builders who have large lines of credit to tap into through a private investor....

Oct 31, 2018 03:46 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

You have wonderful answers. A

Oct 31, 2018 02:02 PM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 More than once.

  Advantages to the investor who loans the money:  a higher return on their money, secured by real estate.

  Advantages to borrower:  No "underwriting" to go through, no points or fees.

  Disadvantage to borrower:  Higher down payment, higher interest rate (a couple of points over market).

Oct 31, 2018 01:51 PM
Rainmaker
1,374,373
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Homes

Not recently. Mostly cash buyers or conventional financing. 

Nov 05, 2018 08:40 PM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

never have unless you are talking about my cash buyers that do fix and flip.

Nov 05, 2018 04:43 PM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not, but have listings where the investor used a hard money lender.  Very expensive.

Nov 04, 2018 07:26 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

i tried several times but they were just to expensive,.

Nov 02, 2018 07:36 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

No.

Nov 01, 2018 07:39 AM