Hello. I’ve found a great deal that I want to invest in but I lack the initial funding needed to make it happen. I have negotiated down to the last drop and now the terms are GREAT for me and the seller. But now I have a major problem. I have spent most of my money on appraisals, inspections, and things of that sort for other projects that I have working. I do not have the initial funds needed to make this deal happen.
My question is how to find some private money. I only need $15-17k to make this deal work. I am thinking along these lines for looking for private money:
[*]offer Private investor 13-15% on their investment.
[*]pay off initial investor in 1-1.5 years
This would all be outlined in the form of a promissary note and secured by the RE property.
Is this a good offer for private money? What would you require if you were lending private money? How could I entice other private money lenders to help out?
Any help would be greatly appreciated on this!!!
Thanks.
Jason Hubbard
PS- I have many other deals needing private money but I don’t know how to find the investors 