Private lender says no triplex houses

4 Replies

I know most here deal with all kinds of stress in our lives, so I had to share this funny story.

Last night I was taking to a potential private money lender, a sweet old widow, and she was finally at the point of committing. Then she says "but I don't want to hear anything about those triplex houses". But the way she pronounces it is like you would say XXX houses. And after a little discussion I find that she thinks triplex homes are essentially porn centers, and she "wanted nothing to do with porn, being religious" and nothing I could say would convince her otherwise. So finally I replied that I would not be investing in any porn houses, with her or anybody else's money.Since I invest in SFRs only I was willing to commit to avoiding XXX houses, I guess if I come upon a great deal for one I'll have to see if I can find a XXX buyer to wholesale it to.

An individual who really doesn't lend as a business operation, making more lending than other income sources (etc.) can do what she likes. Elderly are contrary at times, some often feel that laying down some type of guideline is a way of maintaining control of their money. They may not have any legit basis for their demand other than being able to set some rules.

What this is however, if it were a person that could be defined as a lender is a form of red lining setting a class of single family properties in a category and refusing to lend on them. No one would try to nail some little old lady, they would or could some registered guy in the business.

Go with the flow! :)

Just call a triplex a "3 unit apartment building".

Originally posted by @Steve Babiak :
Just call a triplex a "3 unit apartment building".

Or duplex...with a "bonus unit"...

Actually, it's a single family home with maid's quarters and a mother-in-law suite. :)

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