All Forum Posts by: Susan V.

Too good to be true?  I happen to communicate with 3 this week.   2 of them use namecheap.com to register their domains.  Was there some type of "guru" pitching and people got into this private money game around the same time with similar concept but have no idea what they're doing?  Are they really equipped with private funds but are new to lending? 

The third "private lender" stopped communicating after I asked too many questions -- maybe I'm tough to deal with?

Any insight?  If you truly have a private lender that does not look at credit score or equity, please let me know.

I need to get contractors paid and units rentable -- no time to waste.

Has anyone here done business with is this company? Private lending

Has anyone here done business with is this company?  Private lending, no escrow.  

@Yingchun Li Sounds good.

@Jerry W. Wow, all very good ideas. I am buying any and all real estate that makes sense to me. I do not like to use my own cash for down payment and I avoid high interest hard money. It looks like the best I can find now is 10% down which I do not like particularly, but will do if I need to. I am building relationships with people I can trust.

I have mostly been a buy and hold person, but it depends on the location and type of property. I have often aimed for cash-flow and equity at the same time--that is not going to change. Looking to foreclose on NPNs nationwide so I need to build up some cash for that.

How many partners do you have when you have partners? How do you keep disputes to a minimum, especially when there is an imbalance or knowledge or capital investment?

You need to know how to foreclose, have the funds to foreclose and enforce the liens. High stakes involved, but worth it at the end if you are able to brave the worst legal nightmares.  Worst, especially for people who have no idea or very little experience with court procedures and process of evictions, criminal justice, etc. Also, foreclosure is not the same in every state. You should also know about "rights" that occupants have and your rights. I know some people got lucky because they had the money and hired people who can do all of it for them. But for those who are not as lucky, you are learning hands-on. 

Have you tried upper NY or NJ? $35k is pretty good. I know a few sharks out there who say that is not enough. You could probably lend that to someone who would be able to do something with that. Don't get discouraged. Come on, New Yorkers don't give up that easy. I sort of consider myself East Coast (lived in Philly for 1 year and braved the cold), I cannot accept "no" for an answer. Have fun in this business or you will gain more than just wrinkles. 

I administered a few of these sheriff/private auctions.

Tips:

Know what you are getting into.

Make sure you have the available and necessary buyer opening bid (aka premium, etc.); break it down to $5k each one in a cashier check or money order -- yep, those are valuable.

Read all the fine print.

Get pre-approved before going so you know you can close on the deal, supposing you are getting a deal.

Make sure you know the local market -- very important, so if you have to flip, you can without losing too much.

Positive:

Less people attend compared to the larger ones that are heavily advertised.

Might get a good deal, especially if you are one of the few with cash on hand to purchase. "Cash is king" is true.

Negative:

Bidding war still likely

Limited properties (sometimes as little as none to 20 or so)

You might have to bid blindly without having the opportunity to do the inspections (i.e., occupied by tenants, squatters, owners, etc.) and pray you got a good deal.

Susan Vanderburgh

@Austin Fruechting

That is wonderful! How did you first started?