All Forum Posts by: Darren Eady

I prefer performing notes that pay you monthly without a servicing fee and with very little risk involved.  The lender sets the terms with the borrower and you take assignment of that loan by becoming the lender after the loan is created.  Instead of the lender being the bank and receiving the interest, you do.

You may be looking for the crowd-funding site if you are here only to ask for money.  I've found BP to be extremely helpful if you are able to assist others with their needs.  Many people on this site have significant dollars and will tell you that they are interested in investing with you after you answer their questions.

Totally depends on your situation.  It would be like asking BP participants to suggest the best girl for you?!  Can you please give us the deets?

For conventional loans your funds need to be sourced or seasoned. Seasoning is typically 2 months and sourcing only needs to papertrail the money to your account. You could collect on a real debt or sell a vehicle. You could possibly borrow from a 401k, and include the payment to the 401k into your DTI (debt-to-income ratio). Be aware that you cannot use hard money for money that needs to be sourced or seasoned for a conventional lender. Good luck!

As you can probably already imagine, you will be limited to pulling cash out of a property for most likely one full year, even if the value is higher than your purchase price.  As a private money lender, I value a property, in the first year of ownership, as purchase price, and most banks do the same.  The thinking is, if you can buy it for that price, anyone can buy it for that price.  If you rehab the home, the value in the first year is still the purchase price + rehab costs, at best.

One thing most people do not know is that private financing can actually speed up the process of getting a loan at a bank.  Banks love helping you refinance an existing mortgage (rate/term mortgage), but they don't like giving you cash (cash-out refinance).

My company would lend on four properties for one person at one time, less than that for a new client.  Each loan must be individually insured and have the ability to be released at the time of sale.  I would talk moer to @Neil Aggarwal about a blanket loan if his company can do that for you.

I've got a great niche source.  Hit me up through BP and I'll give you their info.

You might also speak to the HOA president and find out the information before involving an attorney or title.

I can't imagine you would jump into the lending game for a return of 8% and a risky situation. Most of us lenders go through a couple years of mistakes before feeling like our loans are safe and even then, there are still ways we can be taken advantage of. I would suggest you purchase performing mortgage notes that an experienced lender has created and get a return of 12% through your IRA rather than potentially making a big mistake. Feel free to contact me through BP and I'll tell you about the happiest IRA investors I know. I know thousands of them!

This has been my business solely for the last five years.  It would probably be best explained over the phone.  Please contact me through BP and we'll connect.  Thanks!