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All Forum Posts by: Aleks Gifford

Aleks Gifford has started 15 posts and replied 99 times.

Post: Investing in a Hard Money Lender

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

So I am in Indiana and have several grand moving to a custodial self directed roth ira in a few weeks. Excepting for tax sales not much you can do with that. I thought why not invest it in a hard money lender and make a return until it grows to a useable amount. I want to stay local.

Thoughts?

Legalities?

How do you vet a hard money lender?

What ROI should I expect?

Better alternatives?

Post: Do you disclose you're an agent if you're marketing out of state?

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Legal Disclaimer: I am a licensed Mortgage Originator in IN, FL, OH anything I say may not be applicable to other states. NMLS#1157855.

 General rule of thumb if you are licensed than over disclose not under disclose. Do you really want to risk your lively hood over a few extra words? I don't.

Post: How to remove name from mortgage loan!

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Legal Disclaimer: I am a licensed Mortgage Originator in IN, FL, OH anything I say may not be applicable to other states. NMLS#1157855. You are not getting out of the mortgage and you have relinquished your rights. But you kept all your responasabilities and liabilities. The estate needs to have the heir or the owners as designated by the probate court refinance the loan which can be done and does not require a purchase money loan.

Get a Real Estate/Probate Attorney involved now. If she defaults she walks away with out injury you on the other hand suffer all injury.

Unless the property was willed to her she is a squatter and has little if any legal rights beyond normal tenant eviction rights. Get an attorney. Get the property sold off or the heir to refinance ASAP.

If you ever get divorced never agree to a quit claim deed till the other party closes a refinance removing you from the loan. This quitclaim is best done at their closing.

Demand a must refinance or sell by date as part of your divorce agreement.

With any divorce demand specific dates for everything; ambiguity allows them to cost you money.

Post: New member from East Central Indiana

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Welcome. You have a lengthy commute as I do. I recommend downloading the podcasts off here and get you daily education in a varity of topics related to this field.

Post: Hello from Tracy, California

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Welcome. I live in Indianapolis and sit on two development boards in the area. I am also a residential loan officer: NMLS # 115788. I would be glad to help or answer questions in any way I can. It is a good market and it helps to have boots on the ground.

Post: Lender in Indiana

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Welcome Josh.

I would recommend you check out the podcasts as well as the tab in the toll bar titled "Learn". Keyword alerts and the search features are great ways to get quick information on things as well.

Post: Realtor for First Home Purchase

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36
Originally posted by @Andy Wayne:

Hello Everyone,

I am currently in an apartment on the northeast side of Indianapolis. I am looking to purchase my first house in the coming months. I have had some experience in real estate (purchased 22 acres of farmland, rented it out for a couple of years, then subdivided it to keep 10 acres for a future home site). With my first house investment, I am looking for something to live in for 1-2 years and do some fixing up / renovating projects myself. The plan is to have a couple friends rent bedrooms from me during that time. After a year or two, I would plan to move out and rent the entire house out and move onto my next house (maybe rinse and repeat if it was a good experience). 

What I am looking for right now is a good realtor in the area. I have talked to some local ones (Castleton), however I haven't found one that I liked yet. I am wondering if anyone is or can recommend a good realtor in the area I may be able to work with. Any recommendations would be greatly appreciated!

Thanks,

Andy

As a Lender I have a roster of agents. What area, price point and unit count are you looking for (1 unit? 4 unit?)?

Post: Selling Farmland

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

You need to get a survey and then contact you city/county assessor and get it reparcled/subdivided. Each county has its own process to do that,

Post: A Big Fat Hello

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Welcome... feel free to ask question, check the podcasts out and remember this site is nearly 10 years old so the search bar will give lots of information on nearly every subject.

Post: Looking For Guidance In Real Estate

Aleks GiffordPosted
  • Lender
  • Indianapolis, IN
  • Posts 107
  • Votes 36

Welcome... feel free to ask question, check the podcasts out and remember this site is nearly 10 years old so the search bar will give lots of information on nearly every subject.