All Forum Posts by: Renee Ren

@Russell Brazil It was lent to an LLC.

@Kyle J. Thank you. I'll do more research. 

@Russell Brazil It was made to an individual(me) not an entity. That's why I got problems. I'll use my entity next time. Thank you. 

Hi Kyle, thank you for the reply. I read the link you sent. It looks like loan secured by a real property is exempted by CA usury law. I checked with my husband. He is a real estate attorney and he never heard of penalty. I'll ask around. Thank you for your help. 

Depends on your area. Some experienced flippers are still doing hundreds of deals every year in today's market. Los Angeles is crazy but investors are still flipping houses. There is always business out there I can't say it is dead but definitely so much difficult for a new beginner to find any decent deals. 

Hi folks, I lend money to a friend last year in April for her flip in Mountain Baldy, San Bernardino CA. She couldn't get the property sold because of the lease land and some title issues. I signed a promissory note with her. She was supposed to pay me interest every month but she only paid me two months interest till now. I was ok with her last year but it has been 15 months and I don't think she can get the property sold so I want to put NOD on her property. I'm the 2nd TD. 1st TD is my friend as well he is ok for me to start foreclosure process.

I was in contact with a foreclosure trustee. I sent them my promissory note last week. Because I was charging 15% interest on my note she said it is usury and there is a penalty for that. She doesn't know how much the penalty is. I asked my husband(he is a real estate attorney). He said never heard of the penalty. 15% is usury but it causes problem only when borrower comes back suing me then if I go to court judge will ask me to lower it down to 10%. A person can only charge max 10% interest rate. The lady at trustee is not comfortable of working for me unless I lower my interest to 10% and deduct the interest I received from my principle. She heard that from a client's attorney. She doesn't know any code No. of penalty. 

Does anyone know the penalty of usury. I'm also looking for other foreclosure trustee. Can anyone give me a referral. Thank you. 

I'm an agent and investor. I know NAID number is required to submit an offer on HUD homes. However, can I use hard money lender's pre approval and their bank statement as a proof of fund when making an offer. Anyone know it please share your experience. Thank you.

Hi, is it still available? We are looking to buy a property to fix and flip. If you have a property to wholesale, please email to [email protected]. Thank you. 

Hi Christopher,

I'm looking to buy a property to fix and flip in Orange County or LA. Purchase price is around 500k-600k preferred. If you have any properties you want to wholesale, please email me at [email protected]. Thank you. 

It shows active online because we just opened escrow today. 4 beds 2 baths 1,530 sqf. The property is located in Jefferson Park HPOZ(Historic Preservation Overlay zone). Rehab cost is 80k, ARV is 780k. Seller has to take possession 20 days after close of escrow. Buyer has to close in 10 days. Please call 714-310-6908 or email [email protected] for details.