All Forum Posts by: Kathie Riedel

@Kyle Tipton

I'm the Lone Ranger in my business. Lend only within a 2 hour drive of Hot Springs. No website.

@Kyle Tipton If you come you might want to visit Hot Springs. We have a monthly MeetUp with no agenda. We just sit around over a meal and talk real estate. Some deals have actually been put together at the meeting as well as discussions of some great and not so great ideas. In addition Hot Springs is a touristy town so you can find many things to do.

Kathie

I sent a PM.

Consider setting up an LLC with each owning 50% of the LLC. Make the loan through the LLC.

You need a mortgage along with the note. The mortgage must be recorded to be effective. Suggest having a title company do a title search and act as an escrow.

@Bernicha Reid Can't suggest how simple or hard it is to find a hard money lender but certainly look around and give him the deal. You will learn how simple or hard it is. All lenders have a set of criteria and they are not the same criteria. You may need to talk to multiple HM lenders.

This is also true of the percentage of the mortgage needed for a downpayment. Each lender has different requirements.

Generally on a buy and hold you will want to refinance with a bank because of the much lower rates. A flip or wholesale should not need a bank loan.

@Steve K.  It sounds like he wants you to lend the downpayment and someone else will finance the rest. If so the 80%  lender will want to be in first position and you in second. I would not do a loan unless I am in first position. Clarify his intent and proceed accordingly.

@Kyle Myers  Not able to give you a reference. As a private lender friends bring me their deal and we negotiate terms. Hope I am understanding your question correctly.

Members of our MeetUp in Hot Springs have done lease options. Not sure what part of AR you live in but if near Hot Springs plan to come to our meeting this Sat. You can ask questions and get their ideas. 

If you can get to Hot Springs there is a Meetup this Saturday. There is no program we just talk real estate and make deals. Go to MeetUp.com for details.