Been looking into private lenders lately for financing a rental I'm eyeing. Seems quicker than traditional banks, but rates are kinda steep. Curious if anyone here's gone this route and how it worked out for you?
"Seems quicker than traditional banks, but rates are kinda steep."
Yeah, private lenders are definitely quicker, but man, those rates can bite you in the backside later. A buddy of mine went that route for convenience, and he ended up scrambling to refinance after a year because the payments were eating into his profits. Honestly, I'd rather deal with the slower pace of a bank and keep more cash in my pocket. Speed's nice, but it's not everything, y'know?
Yeah, speed's tempting, but people often overlook exit strategies. If you're set on private lending, I'd map out a clear refinancing plan upfront—know your timelines, credit requirements, and have a solid backup option ready. Saves headaches down the road...
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