All Forum Posts by: Nicholas Mann

@Travis Hill

Great job! Looking forward to seeing the results from this deal!! What were the terms and interest rate?

@Jeff S.

Thank you guys for the input I am going to review all of the paperwork again and speak with many lawyer regarding this transaction. I will also reach out to the borrower and see if he will add himself as a personal guarantor. Last question I have is does it matter if we are in different states? My lawyer mentioned having a NY choice of law clause?? Not quite sure what that means. Ohh and btw the house I would be lending to already has an accepted offer and should be sold shortly, not being naive as I realize it could fall through but mainly the deal was to just get us started as I can see myself doing deals with this friend going forward. Supposed to be a kind of stepping stone but yes my money is still at stake.

Either way thanks for the responses. I’ll keep everyone posted

@JD Randall

Didn’t realize you had a partner, if your doing an all cash deal then state that to your agent and sometimes I believe the selling agent may want proof of funds on cash deals. You could let your agent know that you are a cash buyer or you could always reach out to the listing agent and make your offer directly to them, which would be more enticing because they would get the full commission, especially if you have an all cash offer with less contingencies you may be low balling but your offer should still come off as strong. Granted you have proof when the listing agent asks.

@Kobi Nagar

Great job Kobi!! Keep us updated on when it sells!!

Hello all,

I am considering doing a private money loan tied to a mortgage to a friend of mine. The mortgage of the property will or should protect my investment just like a bank mortgage (or so I hope). I received the mortgage paperwork and had my lawyer review it. My lawyer said that the note should also have the personal persons name on it as a guarantor as the note only has the LLC on it. My question to any hard money or private money lenders is it ok to do a loan just for the business or should it have the business owners personal name attached to it. Thanks for any replies

@JD Randall

Sounds like you have a good solid plan in place just execute on it. As far as finding an agent that is willing to put in offers for you just get a pre approval letter showing you actually have the funds available and let them know that you are serious about investing. Start by looking in your local REIA group to see which agents are investor friendly or connect with someone on BP.

@JD Randall

Hey as other people are saying on here just make an offer where the number works for you. I made an offer of $482k on a property listed at $565k the seller countered at $550k, it’s been sitting for 6 months. I think I might make another offer at $489k soon because I don’t see any activity with the property.

This is a temporary slowdown for a market such as NYC. Manhattan has access all around it from millions of commuters daily, people don’t just live in the city to work there they live there because it’s one of the greatest cities in the world. As people panic and move out for a couple of months maybe year, other people will see an opportunity to get NYC housing at a more affordable price and your typical supply and demand cycle will continue. Detroit market crashed because of a city that was solely tied to the auto industry, and has since bounced back with other business seeking opportunity there. NYC which is the epicenter of the world will and should continue to prosper. Might be a great time to buy. Just my opinion tho.

@J Usmonov

A hard money lender would do his due diligence on the deal and offer whatever rate is worth the risk to him. Private money could be from friends and family, or your personal network. For your first time flip it could be best to seek private money from your current network. If friends and family don’t want to lend you money then seek the hard money route but you will not know until you try.

Best of luck

@Jay Eubank

Hey Jay,

I’m currently in the process of lending out my own private money and am following this topic to pick up any tips and knowledge. I did buy a property from my grandma a couple of years back where she held the Mortgage and we did a promissory note. I believe we just used a real estate attorney and it was a simple process. Not sure if it relates but hope I can gain some info from this as well.