All Forum Posts by: Jim Fell

Hi Jenny.  How're things panning out with TrueCredit?  Did they help you to build your business credit?

Thanks for all the helpful feedback.  Does anyone know if I need to use the same title company who originated the mortgage to complete the Satisfaction of Mortgage paperwork, or can I shop around?

We structured a two year note, 12%, no points for $15,000 with the mortgage placed against one of his rentals, worth about $60K, with good, long-term tenants.

My first private loan has been a great success!  I'm expecting to receive the final payment from my borrower--always on-time--in a few days.  My question is, what now?  I think the county Register of Deeds (Wisconsin) needs to be notified that the note has been satisfied, so they can remove the mortgage from the property, but what exactly do I need to send them?  Is there a form, or list of information, that they will want to see?

I spoke with my attorney this afternoon, and he told me that Illinois is about the pass laws that will "crack down" on self directed IRAs and require private lenders to be certified.  Has anyone else heard about this?

Can the buyer of a property that is under land contract put a mortgage on the property in first lien position? I would think that this is not possible because, as I understand land contracts, the seller of that property still holds the deed. Your feedback is much appreciated. Thanks!

If lending with tenanted property as the collateral, is it reasonable for me to request a copies of the lease agreement and management agreements and copies of insurance policies covering the property?

Thanks, Brian!

When funding a rehab deal in first lien position, is it customary to order title insurance?

Thanks, Kyle! That's very helpful!