What process did you personally take to pay back your private money lenders (monthly payments, lump some after selling home, after a few years with interest, etc..)? Thank you for your time
@Gabriel D. Zapata All of the above. But for me, most commonly for a shorter term 6 month - 3 year loan, straight interest and monthly payments, then the full amount due at the end of the term. So as a real example $25k loan at 7% = $145.83 per month. At the end of 3 years, $25k due.
Hope that helps,
@Tom S. this idea helps out a tremendous amount! I will keep you in my book of random beers to buy for people who helped me out ! 🍻
@Tom S. Just wanted to thank you for the simple explanation. New to the site and to the idea of investing in property. Just trying to get an educational foundation of all these concepts. I had just finished reading Chapter 5 of "No and low money down". I was a bit confused at the end of the chapter about when to start initiating payments to the hard money lender, but your post cleared things up.
@Rommel Umali No problem to help out and welcome to BP!
@Tom S. Thank you. A bit overwhelming with the amount of information to learn, but fun at the same time.
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