All Forum Posts by: Account Closed

No. Everything is in Arkansas. I made enough in California to start a lending business here. I am a private lender but consider my little business a success. I guess our family was meant to be real estate lenders.

Another approach:  If the equity is there talk to the holder of the first. If you can take over his payments and get the property in your name you should be able to sell the property and recover your investment. Note, I say if the equity is there.

I have a son who was a loan officer at B of A. As he started telling me of some of the loans he was making I started hoarding cash. When the crash hit I was in a position to get some very good deals in Cali. He is still a loan officer with B of A. They are not making crazy loans.....yet. Expect appreciation to continue for a while.

The lender on a bridge loan will want something for security. Often the house the seller has a mortgage on it and the property the seller is buying has a mortgage on it. What will the lender use for security?

If you want to start a lending company I assume you have money to lend. Suspect your need to find good deals is so you do not make a loan that is not fully secured. The first thing I would do is set your criteria.  Do you have a license to lend to the general public? If not make part of your criteria is lending only to investors as direct lending to homeowners could be illegal. After that get your name out there. Find a broker who will work with you. If you get a borrower who meets your criteria get with a broker to get his opinion on the value of the property. Be sure the deal goes through a title company or escrow. There are other things I could go into but hesitate in that I may not have the correct understanding of your situation. Feel free to PM me.

@Justin Jones We have a RE investor meetup in Hot Springs every month. Believe there are some people who have experience in mobile parks. The next meeting is Sat. @ 6:00.

If interested go to MeetUp.com and join for more details or PM me.

Had to foreclose on a hoarder house in Cincinnati. Had to take it down to the studs. The only good thing was there was a fireplace in the living room that added to the value of the rehabbed house. Still lost about $10k. Advise buying very cheap. There is no way to run the numbers if you can't assess the damage.

Come to Hot Springs next Sat. at 6:00 at Smokin N Style. We are in one of the side rooms.  No need to let me know. Just show up if in the mood for a drive and great real estate conversation.

There are "check book IRA's" Some custodians allow them some do not. Such IRA's are very convent for taking care of repairs that must be immediately addressed. But beware. As @Brian Eastman said there must be arm's length transaction. For example, if the toilet needs repair you may not buy the parts, charge it to the IRA and fix it yourself. You may, however, hire a plumber to fix it and pay him from the IRA.

@Jesse Pierce I'm not in Little Rock but in Hot Springs where we have an active real estate investor group that meets the third Saturday every month. Check out MeetUp.com or PM me if interested.