All Forum Posts by: Clifton Kaderli

I am seeking input/feedback on a list source, www.currentforeclosures.com. Has anyone used this list/database?

What I have experienced is that most databases for foreclosures like Realtytrac, Zillow, and others are very unreliable and out of date. By months. We populate our own data directly from trustees for our local market, but that is labor intensive. We would enjoy a resource that would allow us to scale our efforts more efficiently. 

Currentforeclosures.com is being marketed through www.myhousedeals.com. Access for $1 for 30 days... If the resource is anything like Kent Clothier's vacant property resource, I expect a whirlwind of marketing. I know resourses like this aren't perfect. I am seeking to determine if useful, and to what extent.  Thanks

I have used the credit lines like you mention.  They can be a good resource, but do use caution.  You can get some great benefits of using them with discipline (travel miles, cash back...).  It can be enough rope to hang yourself though.  I obtained enough to conduct significant renovation or construction on a residential level.  Very useful, because that "gap" is the most difficult thing to fund. Most of the money you spend is at places like Hope Depot, that accept cards.   

As far as notes, I recommend an attorney-owned title company that specializes in serving investors.  They will know and explain the basic components and assist in drafting notes.  Make sure and plan for the disaster and then you are less likely to have one.   

www.notemls.com is a good marketplace for notes, and they should have some resources as well.  I would encourage a mentorship from someone active in notes.  I have some experience in working transactions with the note carried by a private lender(s).  Happy to answer any questions.  

To bring the two topics together, if you use your credit lines to place money active in an asset you protect your money and yourself...from yourself.  Enjoy. 

Staying away from the owner occupied residential units will keep things very simple. 

Lending to an owner occupant for a residential purchase is what triggers much of the mayhem.  

Lending to a fix/flip or buy/hold that is for investment purposes can be very simple. This can also be done in your IRA. Know how to underwrite your deals or at least double check those who underwrite your deals. Let the collateral carry the load.

I borrow from private lenders and IRA holders. Happy to share thoughts on a PM if you are interested in any business activity.

Happy to answer more detailed questions not specific to any business in the forum.  

I would have an interest in a JV in that area. I am mainly in Virginia though. I do have relationships with others in that area. Please email or PM

What separates a Hard Money Loan from a Private Money Loan is often as simple as the rate charged. PML can charge HML rates, so they get called HML.

PML are usually "kinder and gentler" and are individuals lending their own funds.  

HML usually are business oriented and have a hierarchy and overhead. Many are brokering deals to PML and/or using their own credit lines or fund.

A good question to ask is "are you lending your own funds, or are you brokering this deal?"

Let them know you are happy to work with a broker, because many add value.  If you access someone lending their own money, you will usually be able to have the flexibility to create a win-win for you both.  

Several PML can be on a note together.  I have done this with PML that know each other, i.e. Husband, Wife, Children.  I would not advise putting lenders together that don't know each other even though it can be done.  The risk is not worth the gain.  Better to find that one PML with enough for your deal. 

If you have a large deal that warrants the legal expense, then you can look at a syndication or other options similar.  Not on a small to mid sized flip though. 

I know this is an old thread, but one that can be current.  I have used myhousedeals.com and found similar scams AND legit lenders.  I encourage calling.  I advise on a strong BS filter when approaching those listed.  Most are scams, some are good.  I'll take that any day. 

Some of the Self-directed IRA custodians have networking opportunities.

Like Quest IRA and Equity Trust

The more you let people know that you are providing a stock market alternative in direct real estate investing, then people will come to you. 

Sounds interesting.  I will PM and follow up about this and other deals.  

Try notemls.com

We hold some notes and have considered leverage against them and/or selling them.  Cash is king.  If you win the lottery, do you want the cash now or the payout?  

Looking for the same.  Happy to work together.  I will PM and follow up.