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Considerations Before Becoming a Private Money Lender Part 2
In Part 1, we discussed mistakes to avoid when private money lending. In Part 2, we discuss guidelines for successful private money lending. The as-is value already supports the purchase amount so if the lender forecloses, they should still be able to make their money back. On the surface one deal looks cheaper when the broker quoted 2.5 points and 12% interest, but when you look at all the fees added on, it was basically almost twice as expensive as the private money lender. Private money lending can be very lucrative and stressful at the same time so hopefully this helps you on your path to being a private money lender.
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