All Forum Posts by: Tek Chai

Thanks @Joshua Dorkin for this post, even though it's six years old. Lenders scams never grow old. It is prevalent six years ago and it is now. It's out there and I am experiencing it myself.

As our late president, Ronald Reagan said, "trust but verify". It's easy to trust someone but one needs to verify and ask, "show me the books, the portfolio and references" when someone simply verbally blurted out in his podcast that he did 300 deals in the past. I fail to do this. I simply trusted him, just because, he is a smooth "talker" and used to be a well known person in the BP community, but now as far as being a real estate investor is concern, he is out of the picture, according to a hard money lender. 

If you are a local landlord or buy-n-hold investor looking for a renter, I have an honest and trusted student who is looking for a short-term place to stay on a month-to-month basis beginning Dec. 25, 2017 to possibly Sept. 2018. 

She may consider single room rental of a single family home. If you have any accommodation available on Christmas, please contact me via BiggerPockets email. Thank you ~ Tek

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Click this link below to check it out!
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Mark J Kohler, who I follow will be doing workshops around the country and has provided me a lot of valuable tax and legal tips. I highly recommend you go to this thing and check him out! The link below will take you to Mark's Workshop page.

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If you haven’t heard of Mark yet, he is an author, radio show host, entrepreneur, speaker, and family man. He is also a partner in his Law Firm

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Last year, I've attended Mark Kohler's workshop in Bellevue, WA and have learnt valuable tips and information on how to build and protect wealth through wealth management strategies. He is an engaging speaker and a best-selling author on asset protection, creative tax planning/strategies especially for real estate investors and entrepreneurs.

Join Mark Kohler in his Wealth Transformation Workshop on . . .

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I've attended Mark Kohler's workshop in Bellevue, WA last year and have learnt valuable tips and information on how to build and protect wealth through wealth management strategies. He is an engaging speaker and a best-selling author on asset protection, creative tax planning/strategies especially for real estate investors and entrepreneurs.

Join Mark Kohler in his Wealth Transformation Workshop on . . .

Sep. 23, 2017 in Seattle (Renton, WA)

Oct. 7, 2017 in Sacramento, CA

Oct. 21, 2017 in Chicago, IL

Nov. 18, 2017 in Hawaii, HI

Dec. 2, 2017 in Irvine, CA

You'll learn about:

1. Making money
2. Saving money
3. Debt reduction
4. Saving and Investing
5. Asset protection
6. Estate planning

Click here To learn more the early bird special today.

I've attended Mark Kohler's workshop in Bellevue, WA last year and have learnt valuable tips and information on how to build and protect wealth through wealth management strategies. He is an engaging speaker and a best-selling author on asset protection, creative tax planning/strategies especially for real estate investors and entrepreneurs.

Join Mark Kohler in his Wealth Transformation Workshop on . . .

Sep. 23, 2017 in Seattle (Renton, WA)

Oct. 7, 2017 in Sacramento, CA

Oct. 21, 2017 in Chicago, IL

Nov. 18, 2017 in Hawaii, HI

Dec. 2, 2017 in Irvine, CA

You'll learn about:

1. Making money
2. Saving money
3. Debt reduction
4. Saving and Investing
5. Asset protection
6. Estate planning

Click here To learn more the early bird special today.

@Roman M. The property is a duplex. As mentioned Zoning Code: LR3. 
I'm just a 2nd position lender. The borrower left Seattle.
According to the borrower, there may be some L & I liens (about 70K - according to another investor). That's why when he is trying to refinance the loan, he couldn't.

Thanks @Roman M. for your input and time. I've added the appraised value of the property above.

After listening to a BiggerPocket Podcast #---, I've decided to do business with this Seattle's real estate investor/podcast guest, as a 2nd position private lender. He suggested if I'd want to consider as a JV partnership but told him that I'm not comfortable with the terms. Incidentally, there are a few other JV partners who are all looking for him, according to one investor, but he left the Evergreen state since early 2017.

Now, I'm hit hard with the reality that my 60K loan is at the mercy of the 1st position lender. On hindsight, I should have listened to my inner voice that if he could easily blew away his relative's money in the past, I should not have invested with him in the first place.

The 1st position lender have already initiate the foreclosure process. Auction sale will be at the Seattle's court house steps on 9/8/2017.

If you are in my situation, would you . . .

1. Payoff the 1st position lender 485K and foreclose the property yourself?

2. Go bid on foreclosure sale, win the bid and sell the property?

3. Do nothing and hope for the best if you can get all if not some
   your 60K back

I appreciate your comments and other solutions.