New to Private Lending

[Lisa Eckman]

I'm new to Private Lending.  I've been concerned about how to cover myself in a transaction, but am now asking about if there is anything legally I need to do to be a private money lender.  Anything legally required?  Rules, regulations, guidelines?  As far as reporting interest, I believe I just report it on the 1040 on line 2b - taxable interest.  Any and all information is welcome.  Thank you!

[Allan Smith]

My private lenders didnt have to do anything like that. I signed a note, they secured first lien position, and they sent a wire.

I would recommend you go find your next loan and handle paperwork at that point. If you aren't careful you'll spend months posting on BP before you realize you still haven't done a deal. Start with the first step: get a deal lined up.