Need help understanding what the process is for purchasing rental property using a HML or private lender. I just purchased my third rental property using my own cash for down payment. I am researching how to do this using preferably a private lender. Can anyone give me a scenario of the steps that take place from contract to closing etc. If I use a private lender is there a separate contract between us on the interest rate I will pay them?
Is this technique used primarily when flipping or can it be done for buy and hold properties too. Thanks!!
…I would read this for starters…you’ll like it;)
http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=11736