All Forum Posts by: Rodney Miller

Hello,
Can anyone point me to a solid San Antonio real estate attorney to handle a foreclosure action for me? Thank!

Yes. Reach out to me and I can recommend a couple. Talk to you soon!

Quote from @Yangyang Jin:

Quote from @Rodney Miller:

I suggest your friend find a good coach, mentor, or training program.  They will collapse time frames and avoid the many pitfalls that could add to costly mistakes. That being said, private lending or hard money lending can be a gratifying and extremely profitable business if done right.

 Thank you Rodney, is there a program you can recommend? Or any coach that you've had great experience with? 

I love this topic.  I have a friend that was an "all cash"  Investor.  I, on the other hand, was a " have as little in the project as possible" investor.  I wasn't irresponsible.  I always kept my Invesment to value at around 70-75% all in.    I secured local bank debt on 10,12, and 15-year amortization schedules. My friend received immediate cash flow every time he purchased a new property.  I had to wait what seemed like forever to get cash flow on my leveraged properties.

After about 12 years my friend had accumulated 20-something free and
clear rentals. I wound up with 110 free and clear rentals.

That's the power of leveraging other people's money to get rich.  Every day 110 families got up and went to work to pay off my properties. 

It's a slow grind and definitely not a get-rich-quick plan....but a get-rich eventually plan.

Great answers here. I think a flow-through LLC is the best entity for lending money. I agree with Doug on being very careful when entering this business. The fact that you were going to go straight into 2nd lien position lending threw up red flags for me. I would suggest finding a legitimate coach or program to teach you the ins and outs of private lending/hard money lending. They're out there...you just have to find the one that's right for you and you might have to part with a little money. Either way...the education or lack thereof will cost you money. Good luck!

Removing a co-signer from a loan increases the lender's risk.  It's very doubtful that they would do this without you making some other concessions like replacing the co-signer with an equal or better one, paying down the loan, etc....

You can do a package loan with a hard money lender with the agreement that the lender will release properties as you sell them off and pay down the loan.  Happens all the time. Good luck!

We've loaned on several transactions where the seller was willing to subordinate their lien position to the 2nd position.  We as the hard money lender were able to secure our first lien position,  The borrower got into the property with little or zero out-of-pocket, and the seller got their property sold.  Please use a qualified attorney to put this together.

Run away!

As a full-time private lender, I would advise that you not exceed 65% LTV between your 2nd loan and the 1st lien position. My two cents.