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All Forum Posts by: Danielle Hammond

Danielle Hammond has started 12 posts and replied 89 times.

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Darrell Lee:

What is the sale price?

Downpayment?

Why a hard money lender vs conventional?

Your credit score and income?

Income/expenses of the property?

Maybe you can qualify for a conventional loan? I guess you've already been turned down by them?

I used to own a mortgage company and have originated thousands of loans. But, I'll admit I've been retired for over 15 years and just getting back into the market this year. Without a steady income I cannot get loans though I have mid six figures in the bank so I have to pay cash.

The investor lenders I know need at least a 35% cash down. But their rates are sky high so I'd just rather pay cash.

 loan is for $50,000

Poor credit for hospital bills in collections

more than enough income to cover such a small loan. And loan covers building and repairs. 

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

he wants me to send him my plan with a copy of my license/identification.. that is my concern.

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

@Mindy Jensen... thank you kindly for your advice, I will look into joining!!! :)

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Darrell Lee:

I doubt you will be able to get a loan with your conditions.

I wonder what "conditions" you are referring to?? Although your reply is slightly negative and rude, I wonder if you meant to word that a different way, or have a little more input as to WHY? you think this... Do you "DOUBT I WILL GET A LOAN?" all together??? maybe I should give up?? Quit looking? Or do you mean you doubt, this specific loan I have posted about will go through? I would love to hear more negativity if you have  more to offer... that's great. :) thanks for the input.

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

@darrell lee... what does that mean?? and how does it answer my questions or help... I havent even mentioned my conditions so what are you referring to?????? 

@nick.. its one guy, did not do a background check.. thats why I am asking for advise.. is that the way I should go?.. I dont kniw how to search him as I only know first and last name.

Mindy, he replied to one of my posts.. I put out in the local newspapers. I will look into going pro

Post: how do I know if an offered private loan is legit

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

ok guys, 

I have found the property of my dreams. Ive went threw twice, set up a business plan for the 3 rentals, had a professional heating and plumbing company go threw and give me an estimate. I have everything I need and I want it!!! I went out seeking a hard money loan/ private loan. I recieve many scam emails, that i could pick out instantly as half of them couldnt put a sentence together in english.

one man has contacted me and sounds very upfront, blunt, and legit, but he is from a different state.. he offered me the loan at only5 percent?? I asked for credentials or a website or more information on him, he says hes certified by Georgia gov. And is not a company. He has offered to get the contract written up and signed and money sent out monday so I can seal the deal on the home. I told him I will be opening a seperate account,so I can protect my personal account and he was ok with that. He said he needs some ppersonal information a long with the plan for the money and repayment. For personal info he wants a copy of my drivers license... no soc sec # or anything. But I for some reason dont want to send a copy of my id to someone. Lol I cant do it... how do I find outif its a scam??? I hate to ignore him and end the deal if he is actually legit?? :/ I have told him I will not send out my personal information with out some sort of protection... but I have no idea how this all works or how to go about that!!??? how can I protect myself and find out if he is for real??? Help me out please. 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

there are washer and dryer hook ups in the basement. Debating on letting all units use them.. laundry matt is right down the road, so putting that off for now. All appliances are gone, tubs and sinks are there and nice.. toilets are gone. Roof and exterior stuff all updated in 2006. Look good. After my walk thru today I realized there are many different ways to take this. floors and carpet all need replaced. It looks like such an extremely fun project. The top apartment was an attic that they converted lol. Its small... but perfect for a single person!!! I know many men that would love the lil bachelor pad. That kitchen is my biggest worry tho. If this all processes I will post all of the pics. 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

barbara, that is exactlly what ive been doing. Its working so far

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

plumbing and heating guys are doing a walk threw with me tomorrow morning. (For free, love my small town) 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

@barbara.... 

the collections WERE 40,000... I should have filed bankruptcy... I only owe 10 more :/ dropped the ball there. 

so the deal I have with my contractor is that I handle all the business aspects, he does the work.. it is my sisters fiance and they are getting married in 3 weeks and started building their home last week. So hes crazy busy this month, and im jumping the gun on him, told him id fill him in afyer the wedding. So I had my other BIL who flips houses and has rentals about 40 miles from me do a walk thru, he came up with the numbers for me. I am heading over to the house now, but unfortunately no one can join me, so I am taking video and photos to show the guys later. I am contacting the local plumbing and heating guys now to see if they have anyone to come with me. Anyway you can private message me????