All Forum Posts by: Darren Eady

Please feel free to visit my website.  I've loaned over $200m in the last five years without needing a full appraisal, credit check or income verification.  $1,000 per month rent with a $50,000 purchase price sounds like a great deal.  Usually the purchase price produces about $700 in total rent.

The wrong property, the wrong location and the wrong lender.  Make sure you do due diligence on the value and the title of the property, the area and the condition.  If you do not have a great lender who is experienced in rental properties, you'll want to work with someone who IS an investor, owns property and notes, and also lends.

For conventional lending look-up WJB Mortgage in your area.  They will lend on more than four properties.

I typically find that people chose hard money loans instead of conventional loans when they are lacking credit, income or time.  Any one of these three will keep a borrower from going to a bank for a loan.  One other reason can be the PITB (pain-in-the-butt) factor, because hard money lending actually quite "easy" compared to qualifying at a bank.  

I can help.  Contact me on BP and I'll provide the info. you need.  Thanks!

There is almost no way that one division of the bank will know anything about the other division and the bank would not, most likely, ever call a loan due because you quit your job.  Just keep making your payments and focus on your employment situation and you should be peachy!

If you are looking for private money, instead of institutional money, and own your properties free and clear, I can probably assist.  Please reach me through BP.  Thanks!

Better than putting together a new lending program would be to join the lenders in holding a mortgage note / trust deed.  Please contact me directly and I'll get you some super helpful information about being the lender without making a bunch of initial mistakes that new lenders make.  Thanks!

Hey Shane, I thought I would reply since I'm also in Utah with you.  I'd be happy to discuss your transaction and help where I can if you would like to contact me through BP.  Thanks!

As a note buyer, I personally wouldn't be interested in a 7.5% yield.  The discount you're providing helps with the low rate of return, but, like you mentioned, there is not much skin in the game from the buyer to make up for the collateral, if it fails.  You haven't mentioned the value of the property.  If the value was significantly higher than the sales price of $120k, the deal could be more interesting.