All Forum Posts by: Loc R.
Loc R. has started 59 posts and replied 645 times.
Post: How to become a Hard Money lender?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
Originally posted by Terry P.:
Lawyers
Post: What is the best RE strategy for people with a "full-time" day job?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
I spend about 50 hours a week running my practice and I spend about 10-15 hours per week doing note buying related activities.
When I bought my first rental property, I was running my practice 60 hours a week, and spending my entire weekends supervising rehab projects.
Post: How to become a Hard Money lender?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
You need:
1. Money
2. Borrowers
3. A broker
4. An escrow company
Rates vary depending on what part of the country you're in. In Southern California hard money for SFRs is 12-14.5% with 2-4 points.
Post: 100% commercial financing?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
100% financing is only going to come from private money, and should only occur if the LTV is 50-60% or lower. Otherwise, buyers need to have skin in the game.
Post: What defines a good RE agent?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
IMO, a good agent is one that is on the same page as you. If you want to be a lowball, vulture type investor, then the agent should funnel desperate listings to you (90+ on the MLS, owner will carry, etc., major fixer). Just like if you were a high-end buyer who wanted 2000+ sq ft, 4+ bedrooms with a view, you should expect the agent to bring you just that...
Post: New Here and Just want to Say Hi.
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
Welcome...and yes, Life is Good (it can always be worse)
Post: Short Sale Private Money
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
Really? Why would they care? If anything, they would be the first people I would think of that stick to the motto "all money is green..."
Post: UFB Direct 1.15% Money Market
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
I like owning paper...if inflation occurs I have a big enough spread where rates would have to hit 15%+ for me to lose out.
If deflation occurs, my notes have become more valuable.
I don't disagree with the gold comment, though I'd rather have gold and silver.
Post: UFB Direct 1.15% Money Market
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
I've never had to determine how safe my money was after a bank went under...knock on wood.
Post: What do you want Mr. Notebuyer?
- Note Investor
- Pasadena, CA
- Posts 849
- Votes 544
Originally posted by Alfred Bell:
I'm sorry but a 40-year amortization with a 5-year call is a horrible loan, for both the borrower and the lender.
In 5 years, the borrower will have paid next to NONE of the principal down, and the lender is realistically looking at a situation where he is going to have to extend the loan.
If you take 20% down, you should be able to sell at a 14% yield pretty quickly. Depending on how you structure the note, that require as little as a 10% discount on your part.