All Forum Posts by: Jennie Berger

@Jose Miori I did not.

Quote from @Huyen Ngo:

Does anyone know if we can charge 15% interest for promissory note in TX?? I have someone asking $35K for 3 years and offered 15% annual return...but I looked up TX and the most you can charge is 10% without violating usury law...help???

Someone correct me if I'm wrong here - and I'm not familiar with TX - but from what I've read in IL is as long as you're lending money to an LLC / Corporation (not an individual), you can charge higher amounts (maybe even any amount you like).

Quote from @Danielle Cage:

I am closing on my first rental that is in Kane County IL and am looking for a quality IL lease agreement to use. BP offers one that looks ok. Does anyone here use them? Aside from that, are there any recommendations for another lease template? 

Thanks!

We use the CAR form. I am a licensed IL broker however, so I am unsure if that is available to you. Might be worth looking into it. Otherwise, I would always suggest hiring an attorney to draft one up for you, or at the very least, find a template and have an attorney review it to be sure you've got your bases covered.

Good luck! 

Jennie Berger
Property People

@Jesse LeBlanc are virtual hugs permitted here on BP? :D Thanks so much for the kind words. Love your business philosophy!

Quote from @Jesse LeBlanc:

Quote from @Jennie Berger:

Thank you both so much for your insight. Seems like a pretty straightforward way to do business. Minimal risk. How do y'all find your clients in need of this type of funding? @Jesse LeBlanc @Joe Davis

 A LOT of marketing & referrals.  Non stop action taking and never giving up plus always making sure we give our absolute best to clients and always reply never making anyone wait and go to a competitor :) 

I have Ads, I have a lot of social media posts and updates on all social media platforms daily.  I am constantly reaching out to provide value to other wholesalers out there and in turn others see my company name.  I work with a lot of other real estate related businesses and closing teams that refer business to us.  We have blogs and articles out there working for us.  CONSTANT non stop SEO.

 Amazing. Sounds like you have a great system in place. Thanks (again) for sharing and being so forthcoming with your strategies! I believe transparency and integrity are the foundations of any good business, and it's refreshing to see others are aligned with that mindset and practice as well. The BEST lenders I have ever worked with (as a borrower) are, as you say, quick to respond, reliable, honest, and never leave me hanging. 

Thank you both so much for your insight. Seems like a pretty straightforward way to do business. Minimal risk. How do y'all find your clients in need of this type of funding? @Jesse LeBlanc @Joe Davis

@Sean McKee Do you have a link to your listing you can share? You might not be able to post it here as BP will remove it, but you can DM me. I'd like to take a look. As for Airbnb - there is also a mid-term option (as opposed to short term) that you might consider. This layout makes it very attractive to traveling medical professionals, digital nomads, and other types of travelers who need temporary furnished housing for 32+ day stays.

@Jesse LeBlanc & @Joe Davis 

How do you protect your investment with transactional funding? From my research, it seems that the best way is to ensure the end buyer's funds are at title in escrow (with the clear to close) before you approve the release of your funds. I imagine you also ensure the amount you're lending is less than the ARV of the property. Are you researching this yourself or asking your borrower to provide documentation to support this?

It would seem like a promissory note and recorded lien might not be necessary in cases where the transaction funds in the same day. Am I mistaken? 

What percentage of your loans would you estimate for the transactional funding to occur on the same day, at the same title company, where end buyer's funds are in escrow?

I appreciate all your insight!

Hi @Joe Davis, thanks so much for your reply! I could have been clearer in my post. :) I'm looking to get into lending to those who need it. Would you be willing to share what you charge for your transactional funding loans? And are they all for same day double closes? Or do you offer this type of funding on a transaction that could potentially take a few days, or even a week or two? 

Hi Y'all:

I'm exploring the possibility of getting into Transactional Funding and would love to hear your experiences from both the lender and borrower perspective. I've done some preliminary due diligence (as the lender) and feel I have a pretty firm understanding of how it works. Being that I'm new to it, though, I'd appreciate hearing unique experiences from anyone with valuable information to share.

Thanks! :)