Question for Hard Money Lenders - Posted by daveh

Real Estate Investing
1

Posted by NJDave on June 22, 2000 at 10:59:57:

Do your homework, scrutinizing each deal. Take steps to insure that the Borrower won’t seek to over mortgage the property, then split with the cash.

Verify the appraisal by performing your own field/desk review. Personally inspect each property. Confirm cost estimates for proposed repairs. You don’t want to get stuck making a loan on a piece of crap, irrespective of what your yield might be.

Look at the property/neighborhood as if you will own the home. You might!

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Question for Hard Money Lenders - Posted by daveh

Posted by daveh on June 22, 2000 at 10:27:24:

I’ve decided to pull some of my IRA cash out of stocks. I’d like to invest in mortgages. There’s a local hard money lender looking for investors. He originates the mortgage to local fix & flip real estate people then sells the mortgage to his investor (me) at closing.

I get 15% annual interest plus 3 points up front (not a bad yield). This lender has been in business since 1969, member of the BBB in good standing, used by several members of the local real estate investors club.

Question: Any issues I missed and should look out for before investing?

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Re: Question for Hard Money Lenders - Posted by Paul

Posted by Paul on June 22, 2000 at 18:36:38:

sounds good to me also… the replies especially. Mind sharing this money lender also? Thanks and good luck

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Re: Question for Hard Money Lenders - Posted by JeneanNC

Posted by JeneanNC on June 22, 2000 at 15:57:48:

Do you mind sharing who the hard money lender is with me? I would like to explore this option as well. Thanks!