All Forum Posts by: Hen Ley

I've got a property under contract (as the buyer) and would not like the sales price reported in the MLS. I live in a non-disclosure state, so the MLS is generally the only avenue people have to obtain sales price information. The MLS imposes a fee to the agent for not reporting, for which I've volunteered to pay. However, the brokerage has decided they do not want to go against MLS policy and not disclose the price.

Any suggestions as to how to navigate this?  In my experience buyers often try to leverage your purchase price against you, so I'd prefer that information not be available.  This is in addition to the fundamental right to privacy for the members of a transaction.

I'm looking at private/hard money lending in the US after years of lending internationally. An opportunity has presented itself through a local title company and, according to them, their lenders do not typically request credit reports/scores from borrowers. They also require that the borrower borrow in an LLC, rather than their own name.

The potential borrower in this case asked if a personal credit report/score was needed for financing through an LLC. I'm not sure how many members are in her LLC.

Thoughts on this? Value/significance of running credit for a person if borrowing in an LLC?

@Jamie Bateman, Thanks for the suggestion regarding the umbrella insurance policy-

Thanks so much for the super helpful feedback!

Looking at lending via a title company. The borrower will be in an LLC, however, I'm wondering if myself, as the lender, should lend in my own name or an LLC?

Looking at carrying a note-  Thoughts on getting the credit score of the potential borrower?  I've heard some hard money/private lenders say it doesn't matter what the borrower's score is as it's the property that's providing collateral for the note, however, banks require a credit check for borrowers because they're not in the business of owning homes and don't want to be, and want to make sure borrowers will pay/not default.  

@Robert F strain, Thanks for your reply.  Part of my thought/concern is that sending a letter to someone who's in the real estate field won't elicit a good opportunity because, presumably, they know the market.  Also, usually part of the selling points to my letters is that it allows a seller to avoid commission, which also wouldn't apply if I'm sending a letter to someone who's licensed.  

Do you still think it's worth it to send?

I live in a resort town with many out of state owners.  Occasionally I drive by a property and, because it looks like it has some deferred maintenance, I'll consider selling the owner a letter expressing interest to purchase.  Given it's small town, I typically do preliminary online search-  Sometimes I find that the owner is actually in real estate, but in a different state where they live, and also potentially not specifically in residential real estate.

Is it worth sending a note to these types of owners or better to avoid?

@Natalie Kolodij, Thanks so much for your insights, much appreciated!

@Steve Vaughan, thanks, but to clarify, the primary would be a purchase, jut like buying any primary residence from a stranger and making it an investment property.