Looking for private lender and I located a gentleman who said he is willing to back my deals. For those of you who already have gone this route, at this point are you getting them to sign any documents? Something to let them know this is serious and you’re a professional?
In other words, I’m trying to prevent my going out and locating a deal, making a cash offer because I believe the cash is behind me, and then find out the lender has changed his mind for some reason.
Any suggestions?
Aj,
Stop worrying and get to work. You got someone to want to back your deals, assumably based on just a conversation about what could be. Now you need to get something on paper that is as good if not better than what you discussed and assume the sale, know that they will be as interested in the deal as you are.
So as to not be guilty of a little pot calling the kettle black, I'll tell you that I'm only about a half a step ahead of you. I have 3 people who have made that commitment to me, and am about to use them for the first time. I don't have to use them on the deal I've got right now, but I absolutely will so that I can do two things:
- be able to look people straight in the eyes and tell them my first two deals were done with none of my own money.
2)I fully plan to give my investors a bit more than they expected as a way of saying thank you for being there at the begining. I’ll try to find what “bit more” will likely make it hard for them to resist bragging to others (who might have $$ to invest). :biggrin