Info on Being a private lender

[Dutch Langley]

Looking for detailed resources on steps I need to take and to avoid if I am acting as a private lender.  Any detailed books, webinars, podcasts, etc.  I want to make sure I have everything covered when I choose to do this.

Thanks in advance for you advice!

[Jay Hinrichs]

Originally posted by @Dutch Langley:

Maybe I'm being unclear...I am sure I am going to lend money to people who need gap funding for their own flips. Even though I may have a relationship with them I want to make sure I protect myself. I will fund out of my LLC or Solo 401K.

just check with the state to see if there is a license required and what usury is..  

like in Oregon any loan under 50k you can only charge a certain rate. 

Also dont get over your ski tips.. your taking a junior position and as such you should make VERY Big interest like 20% or higher. or part of the profit.. because in essance your person is doing the deal with no skin in the game cash wise.. 

what happens in a water landing.. and the first goes into foreclosure can you stroke and check and pay the first off.  if not then your taking  risk