Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
Hi everybody. I'm a full time investor. Real estate is a key part of my portfolio. Currently I have private equity positions in multi-family properties located in Austin and Carrollton, Texas. I also own a portfolio of SFR rental properties in Jacksonville, FL. Recently I've been looking into offering hard money loans to fix and flip investors in northeast Florida and north Texas (I live in both places). Never loaned hard money before, but given my financial and real estate investment experience, it seems like something I could do well. We'll see how it goes...
Hi everybody. I'm a full time investor. Real estate is a key part of my portfolio. Currently I have private equity positions in multi-family properties located in Austin and Carrollton, Texas. I also own a portfolio of SFR rental properties in Jacksonville, FL. Recently I've been looking into offering hard money loans to fix and flip investors in northeast Florida and north Texas (I live in both places). Never loaned hard money before, but given my financial and real estate investment experience, it seems like something I could do well. We'll see how it goes...
Welcome to BP!!
I'm a investor/wholesaler in Jacksonville,Fl and may I say we can always use a HM lender with a investor background that understand the actual needs of active REI.
Well if you decide to lend do share your lending criteria.
Hi everybody. I'm a full time investor. Real estate is a key part of my portfolio. Currently I have private equity positions in multi-family properties located in Austin and Carrollton, Texas. I also own a portfolio of SFR rental properties in Jacksonville, FL. Recently I've been looking into offering hard money loans to fix and flip investors in northeast Florida and north Texas (I live in both places). Never loaned hard money before, but given my financial and real estate investment experience, it seems like something I could do well. We'll see how it goes...
Welcome to BP!!
I'm a investor/wholesaler in Jacksonville,Fl and may I say we can always use a HM lender with a investor background that understand the actual needs of active REI.
Well if you decide to lend do share your lending criteria.
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
10y
@Athol Dickson, welcome to BP. Real estate experience will be helpful but if you wish to be a lender make sure you learn the lending laws in the States you wish to lend. Understand your documents and seek an opinion from a local lawyer who knows the lending laws. It will be important to know your options if a borrower does not pay as agreed and the foreclosure laws. Best wishes.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
10y
Thanks for the feedback everyone. Jeff, I have indeed been researching the legal situation in the markets where I want to lend (Texas and Florida), and I plan to use a local real estate attorney and title company in both states to draw up the documents and provide guidance. Mocellie and Jimmy, given the slow pace of lawyers, I'm probably at least a couple of months away from being set up to lend money, but if you'd like me to get in touch when the time comes I'd be happy to do that. Just not sure how to send a direct message on BiggerPockets yet (or if that's even possible or allowed).
Thanks for the feedback everyone. Jeff, I have indeed been researching the legal situation in the markets where I want to lend (Texas and Florida), and I plan to use a local real estate attorney and title company in both states to draw up the documents and provide guidance. Mocellie and Jimmy, given the slow pace of lawyers, I'm probably at least a couple of months away from being set up to lend money, but if you'd like me to get in touch when the time comes I'd be happy to do that. Just not sure how to send a direct message on BiggerPockets yet (or if that's even possible or allowed).
That be great!!! You'll need to send a colleague request or accept a request. From there one can communicate via PM system, just be sure to read the do's and don'ts of our wonderful community.
Real Estate Agent · Austin, TX · Member since 2015 · 110 posts · 29 votes
10y
@Athol Dickson you seem to have a solid handle on your situation, I wish you all the best in your adventures in hard money. Have you you determined any kind of personal guidelines, such as loan limits or total loans out that you are comfortable with? If you are successful will you leverage yourself to provide more leverage or are you only comfortable lending your own money? Just some things to think about.
Real Estate Transaction Engineer · Jacksonville, FL · Member since 2014 · 271 posts · 74 votes
10y
@athol dickson
I'm a Jacksonville local and involved in Real estate partnerships with a fix and flip and some wholesale deals. I'd like to provide a competitive lender resource to my buyers, if needed.
I also am seeking funding for any upcoming fix and flips that I don my own or with other partners. I would love to get your lending details once you've set up shop.
My contact info is in my signature and profile page. Feel free to PM anytime.
I'm a Jacksonville local and involved in Real estate partnerships with a fix and flip and some wholesale deals. I'd like to provide a competitive lender resource to my buyers, if needed.
Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
10y
Thanks for the tip on the colleague requests, Moicelle. I just accepted yours. There's a lot to learn about the BP site, that's for sure.
Leonard, I'll send you a colleague request in a few (if I can figure out how) so we can get in touch when the time comes.
Those are great questions, Matthew. I'll be focusing on 1-4 unit detached residential fix and flip or buy and hold deals. No double closes or assignments (for reasons which are hopefully obvious). I'll be experimenting with the average loan size at first, until I can get a handle on how much effort each loan requires to originate. Then I'll decide what minimum principal and minimum points will make the effort worthwhile. I'll probably limit the maximum to about $200k in order to keep the portfolio diversified. The plan is to sell enough of the notes to maintain liquidity, and hold the rest. I doubt if I'll look for leverage. Hard money lending is risky enough without taking it to that level.
Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
10y
@Athol Dickson Hi and welcome to BP! I have been doing some private lending to a a large turnkey company in JAX for the last 3 years, although I don't currently have any loans with them. They have never failed to make payments on time and never defaulted on any loan in their 10 year history. They handle all the necessary paperwork - loan docs, etc Straight 10% annual interest. If you want info on them, PM me.
Lender · Fort Lauderdale, FL · Member since 2015 · 117 posts · 22 votes
10y
Welcome to BP @Athol Dickson! We work closely with Real Estate professionals all over the State of Florida. Feel free to reach out, maybe we can work together in the future!
I took an excellent HM course a couple of years ago. Get in touch if you need further info.
By the way . . . if you press the "@" key, and then the first few letters of the name of the member you're replying to, you'll see their name appear at the bottom of the "Post a Reply" window. Click on the name to insert a link in the reply.
Responding this way sends an alert to that member and they'll know when you've replied or mentioned them.
Why not start a new post with your adventures into Hard Money Lending in Florida when you get started!
I'm yet another investor who may be interested in using your services at some stage - if your terms are favourable of course!
Investor · Sachse, TX · Member since 2015 · 223 posts · 66 votes
10y
@Athol Dickson You never new you could make so many friends until you offered to lend money. :) Welcome to the neighborhood. How often are you in North Texas? Maybe you can stop by a REI meeting?
Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
10y
Wow, y'all sure do know how to make a guy feel welcome.
@Steve G. thank you very much for the tip about the auto-links. I was wondering what the "@" thing was in several posts. I thought it might be a Twitter thing, but I don't do Twitter because I'm afraid that could make me a twit. :-) It should come in handy here, though.
Real Estate Investor · Glen Burnie, MD · Member since 2017 · 58 posts · 21 votes
9y
Athol Dickson good morning Athol! Thanks for marketing your goals on BP!
My bro-in-law and I are looking to jumpstart our REI path in Jax, FL in the next 1-2 months. We have been doing research throughout Jax and we both agree the market there has great potential. We are entertaining using private money to purchase 4-6 unit bldgs in Jax. What would be your potential terms? Thanks Jorge