All Forum Posts by: Brian Plajer

Hello,

  I am wondering if it's possible to buy two residential properties that total 6 units in order to package it as a commercial purchase. Does anyone know if this can be done? The reason for considering this is to avoid the 25% down required if buying them separately as residential properties from the same seller. thanks

@Aaron J Latal thanks so much!

thank you @Beth Johnson and @Jeff S. for the wealth of info. It really helpful and much appreciated. 

@Rob Pattison I have heard a few people mention that option and have heard the topic on a few podcasts. It's definitely something I want to learn more about. If you'd be willing to share your experience I'd love to know how you got started, requirements to get started, etc. 

@Beth Johnson the article has some great advice. a few general questions if I might:

What amount of capital is required when starting out as a private lender?

In the book "The Bankers Code" it recommends keeping funds in a tax advantaged insurance type fund. Is that a customary practice for private lender and is the money easily accessible for lending?

I joined a local real estate group, and I am aware of a hard money lender. I was hesitant to speak with him about my interest in lending for fear that I'd be viewed as competition although your article suggests working with another lender in the beginning. 

Thanks again for taking the time to respond and provide the link. My access to Lend2Live FB group is pending!

@Beth Johnson Thanks for the info and the link to your article. I'll go read it right now!

@Scott Wolf Thanks! I just requested to join that group. I hope you are having a positive experience as a private lender. 

thanks Steve! I read through the entire thread, and I plan to message the original poster although it was 5 years ago.

Hello Everyone,

  I am learning about the process to become a private lender and wondering if others who have done so are willing to share their experiences. How difficult is it to start and did you have a mentor to help develop your criteria and initial deals? 

I've always heard it's not worth it unless you can save at least 1% on the interest rate.  I guess it really depends on if you're going to put the additional income to work for you. If it's going to generate more money then maybe it's worth it, otherwise probably not.