All Forum Posts by: Udaya P.

Thanks for all of your advice.

Thanks

--uday

A follow up question.

How can verify that a private lender is "legitimate" ?

I am trying to deal with private lender, met through e-mail

and he is remote.

Private lenders is asking for upfront fees of approx. $2500.

I would like to verify the private lender, before paying the fees.

Is there a foolproof way to verify the legitimacy of private lender ?

Thanks

--uday

Can anyone explain me the difference between Private Lender and Hard Money Lender ?

What are the Pros and Cons of each ?

Usually, what will be difference in terms and conditions between them ?

When do you chose Private lenders vs Hard-Money Lenders ?

Any feedback and insight is appreciated.

Thanks

--uday

I have not met the lender. I talked to him over phone. Seller agent also talked to private lender over phone. He also issued my pre-approval letter.

Private lender needs PPI insurance from CNO FINANCIAL GROUP.

I am skeptical as well, but trying to take a chance with the lender, as private lender is providing more than 80% LTV for rental property. Lender provided the copy of Driver's license of the receiver of the funds.

Can I assume that this is safe transaction ?

Are there any red flags to watch out for ?

Any feedback/information is appreciated. 

Thanks

Can BP experts educate me on PPI policy ?

How does this work ? Who does this protect ?

How the premium is calculated ?

I am trying to work with private lender and he needs me to buy PPI policy, before funding.

Is this normal for private lenders to require the borrowers to buy PPI policy ?

Any information on PPI policy and private lenders is appreciated.  

Thanks

--uday

Has anyone worked with Aloke Lohia for private funding.

I would like get BP members feedback, before I start working with him. 

Thanks

--uday

How does the loan process with private lender works ?

- Can anyone let me know the step-by-step process of private money ?

- What is usual amount of points for private money ?

- What is the usual interest rate for private money ?

- At what point, we do we usually pay the fee ?

- How can we verify the legitimacy of private lender ?

Any suggestions or information is appreciated.

Thanks

--uday

Thanks for the responses. 

Private lending needs continuous work. I am looking for completely passive income, with no effort from me.

Regarding rehab, I do not have any experience with rehab. Being new, I do not want to take the path of fix-and-flip model.

I am long term buy-and-hold kind of person, looking to use the money in best possible way and not requiring me to put in any effort after 5-years.

Thanks for all your suggestions. Looking forward to use the money in best possible way to generate 10k/month passive income.

Thanks

I have $100,000 with me.

My goal is to earn $10,000 per month in positive cash flow(Passive Income) in 5 years time frame.

I am a new bee and new to investing in real estate/rental properties.

I am looking for strategy/suggestions from all the experts in BP in order to achieve my goal.

Some of the ideas, I am exploring are:

-Buy 3-4 properties for 35-40k in mid-west, which generate $500-$600 positive cash flow

-Use 100k as down payment(25%) and use leverage to buy 1 or 2 properties in high priced areas.

-Invest in REIT or other funds

Any suggestion/strategy is appreciated.

All suggestions/strategies are welcome to achieve my goal of $10000 in passive income in 5-years

Thanks

--uday

I have $100,000 with me. 

My goal is to earn $10,000 per month in positive cash flow(Passive Income) in 5 years time frame.

I am a new bee and new to investing in real estate/rental properties.

I am looking for strategy/suggestions from all the experts in BP in order to achieve my goal.

Some of the ideas, I am exploring are:

-Buy 3-4 properties for 35-40k in mid-west, which generate $500-$600 positive cash flow

-Use 100k as down payment(25%) and use leverage to buy 1 or 2 properties in high priced areas. 

-Invest in REIT or other funds

Any suggestion/strategy is appreciated.

All suggestions/strategies are welcome to achieve my goal of $10000 in passive income in 5-years

Thanks

--uday