Updated almost 6 years ago on . Most recent reply
- Property Manager
- Clarksville, TN
- 210
- Votes |
- 443
- Posts
Private Money Lending
I want to start using my self-directed IRA to lend money on various small to mid-sized projects. I was planning on creating a website to offer various products and terms.
For example, my page might say something like "Borrow $50,000 at a 10% interest rate for 12 months."
The goal is to serve as a small-time "hard money" lender. Am I allowed to offer these kinds of products? Do I need any kind of license? Are there certain advertising rules I have to follow? Are there any kinds of restrictions as far as what kind of products I can offer?
If there is anyone out there who self-directs their IRA or lends privately? I'd love to chat and pick your brain a little bit!
Thanks!
John
Investor from Clarksville, TN
- John Williams
- [email protected]
- 931-272-3065
Most Popular Reply
You won't need a website and I doubt you need any license in TN to lend your own money. You will absolutely want to learn the foreclosure process and laws in your area. Then spend some time at local meetups and REIA's to get to know the really good players. These people will become your borrowers.