All Forum Posts by: Julian Buick

Anyone know any investors in Chelan or Leavenworth? Seems like they would be great places to own vacation rentals. Leavenworth has so much going on all year. There must be plenty of run down houses needing some TLC.

@Tony H Truong have you tried going to meetup.com? There are lots of local meetup groups in the Seattle area. 

@Troy Fisher you didn't tag everyone like you normally do. You're slipping man, you're slipping!!

@Bill Leonard I've done a bit of gap funding. I've only done it for people I know and have a relationship with. I would never lend to someone I don't know. I think the reputation of the rehabber is a lot more important than the previous success of the hard money lender. I agree with @Jay Hinrichs and @Charlie Fitzgerald that the rate is way too low. I've been getting 20% annualized in 2nd position and have not had any problems yet. I only lend locally so that I can go look at the progress of the rehabs. Maybe I've got lucky so far. 

@Frank Celio unless it is a licensed broker do not give anyone money up front for a loan. You will not get your loan and you will not get your money back. Private lenders do not lend at 4% unless it is someone near and dear to you, like your grandma. Expect to pay anywhere from 8 to 12% or higher for private money. Hard money lenders will charge loan origination fees but that will be deducted from the amount they are lending you. You will not have to pay them money before they give you a loan. 

Thanks for the suggestions. @Jay Hinrichs & @Kim Martin I'm at Washington Federal right now opening an account. 

I just talked to Columbia Bank and they assured me that they sell all of their mortgages to FNMA and do not hold any in house. They told me they do not know of any local banks that hold any of their mortgages in house. They all sell them to FNMA. I just started picking up properties as buy and holds and will be limited by the amount I can get fairly quickly. Does anyone have any recommendations in Washington State (Western Washington) for local banks that keep their mortgages in house and don't have to abide by the FNMA guidelines. I'm not as concerned about the downpayment as I am about the 6 months of reserves required to be held in an account for each of the properties.

Thanks @Dion DePaoli I know the borrowers and have worked with them before. I have a lot more info and documents on the property and borrowers. This is the first time I've used an electronic signature so I was curious if other BPer's had used it. I'm not concerned about fraud with these guys. The closing was all overseen by a title company that I've worked with before and one of my friends works for. 

@Account Closed I have the email with the note that has the borrower's electronic signature. Only the borrower signs the note so my signature wouldn't be on it. I'm just wondering if that would hold up in court as being an original document. I keep all my original documents in my safe. It seems weird to just have it on email. I guess I can make multiple copies of it and store them on external hard drives and thumb drives etc. 

I just made a loan that was secured by a deed of trust and promissory note. I got the original deed of trust back after it was recorded. I asked for the original of the promissory note and was told that I already have the original. It was emailed to me. The note was signed using authentisign. Anyone ever heard of that? Is it legit?