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Real Estate Rookie

342: How to Buy Real Estate WITHOUT The Banks (Private Money Explained)

Nov 23, 2023
Experienced real estate investors Tony and Ashley discuss the benefits of private money for financing real estate deals. They explain how to find private money lenders, structure loans, and protect yourself in a deal. They also provide tips for borrowing from hard money lenders and discuss the importance of creating an amortization schedule. The podcast covers topics such as finding trustworthy renters, protecting yourself as a private money lender, and real estate buying strategies.
44:49

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Podcast summary created with Snipd AI

Quick takeaways

  • Private money lending provides flexibility and opportunities for real estate investors without relying on traditional bank financing or hard money loans.
  • Building relationships and trust is crucial when seeking private money lenders, who can be found through local real estate meetups and networking with individuals looking for passive income.

Deep dives

Private Money Lending: A Deep Dive

Private money lending is a valuable tool in real estate investing, providing flexibility and opportunities for both borrowers and lenders. This episode explores the differences between traditional bank financing, hard money loans, and private money lending. It emphasizes the importance of trust and building relationships when seeking private money lenders. The key documents involved in private money lending are the promissory note, the deed of trust, and the amortization schedule. These documents outline the terms of the loan, interest rates, repayment structure, and the security of the lender's investment. The episode also discusses the importance of protecting both the borrower and lender in unforeseen circumstances such as property damage or changes in the market. It highlights the need to have open communication and a clear plan in place to address any potential challenges.

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