Updated almost 5 years ago on .
My first private loan
Investment Info:
Single-family residence private money loan investment.
Purchase price: $38
Once I joined to military, my investing in real estate came to a complete stop. I was so busy with training. Going off to basic for 12 weeks, then to Gagetown N.b. for about 20 weeks. I set a goal of 20 units in 2018 but I haven't bought a single property now in 3 years. Instead I've focused on military training exercises, and courses and ive been deployed on 2 domestic ops. OP lentus to Bracebridge and most recently on op laser to the long term care homes.
So I refinanced a property and used to money for my first private load. I loaned 39$k at 15% for 2 years. With a monthly cashflow of $480. It is a much smaller capital investment with a return on par with a rental property.
What made you interested in investing in this type of deal?
I was so busy with military training that I dont have time to commit to a full duplex reno.
How did you find this deal and how did you negotiate it?
Actually I met the person on B.P.
How did you finance this deal?
Refinanced a rental property