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Updated about 8 years ago,
Loaning money from self directed ira
Not sure if this is the forum to ask, but where could I find information on loaning money to investors for say rehab loans? I don't want to loan for more than 9 months. I have about 30K to invest. I recently funded a small loan through a realtor friend of about 5K and charged 10% for the interest on a monthly basis. It was to fix certain things for a seller to be able to sell his home at a good price. It closed within 8 months etc and I made a pretty nice return on this, but how can I offer that up and make sure I lend it right etc. The amount I have is not quite enough to invest in real estate for etc, but would like to grow it via this strategy, and am willing to use it to fund small deals for investors, such as rehab for short term etc. What are typical terms? Interest rates, documents etc needed? Where can I find more information on this? I felt comfortable loaning through this realtor friend, because I knew the comps and possibility of selling etc. I drew up a simple contract for the terms of the loan, and the realtor placed it as part of the escrow process, where I got paid once everything closed. I based it solely on the home and the possible selling profit amount to make loan. Any leads for this would be helpful. OR if anyone is doing this at a small scale and help is appreciated.