All Forum Posts by: Bienes Raices

After reading these I've decided I don't want to get involved in hard money lending after all. It sounds like way more trouble than it's worth.

@Jeff Rabinowitz 

Gah! What a nightmare! Thanks for the real life example...I know the risks of landlording, not of being a lender...better to know the risks beforehand than to get involved blindly and learn the hard way later.

@Jeff

Thanks--the reason I am asking is I have an LLC that's not doing anything and I would like to dissolve it and stop paying the annual fee because I consider it a waste of money. However I thought maybe I should keep it Active if it was necessary to use if I go the hard money route.

I know you can be sued for anything -- I phrased my OP poorly -- but is it common for the hard money lender to be sued? What would be the basis for such a lawsuit, if the borrower had a well-prepared legal contract with the lender?

This might seem like an odd question, but if you are the one who is going to be loaning the (hard) money to another individual(s), is it safe to loan it from your own personal name, or should you use an entity (LLC) to make the loan? Is there any risk of being sued as the lender? Thanks.

Things have been fine until a couple of months ago when they didn't send me the payment coupon on time and I had to call them. They said there was a changeover in their billing system and I would have to pay over the phone with a credit card in order to get the payment in on time, which I did.

Now I just received a coupon (way early) for the July 1 mortgage payment due date??? Maybe it isn't a big deal, but it seems something is off with their billing process now.

At least the P.O. will still be running so that we can still get our rents on time (as long as our tenants aren't gov't/military, that is...)

@Roy N.

Yes, I know it's not the same scenario as an interview and I wouldn't turn someone down for doing this, but I still find this kind of behavior a bit lame. I have also had some people do this and then pull a no show at the new time. I think I'm going to just do what you do from now on and tell them to come at the next group showing.

I schedule in groups so the no shows don't bother me anymore. The new problem I'm having is when someone is scheduled to come at noon and then they call me at 11:45 and ask if they can reschedule at 2PM because their running late. It's good that they called but I don't care for this because sometimes it screws up other things that I had planned. If they were going to a job interview would they pull something like this? I doubt it.

I can't imagine any prospect here in Orlando being willing to do that. Maybe it works in a hot market like Manhattan?

Yes. Unfortunately for those of us in this situation right now, I think it's not just the rent--it's the time of year, which stinks for trying to find a tenant.