All Forum Posts by: James Golden

Agree, I would do extensive due diligence to make an accurate decision.  What is your upside? Are you buying the note at a big discount? How long is the term?  If you're not being compensated in the form of economics then I would pass (based on the little info I have)

 Stanley,

We should chat, I’m looking for loan originators that want to work under my company license.  I'm currently lending in CA, OR, WA and CO.  My focus is private money loans and other non owner occupied rental loan programs. 

Pad your numbers...

I've done 2 properties with fire and/or smoke damage and I ended up underestimating the demo on the 1st one.  The smoke damage was difficult to gauge and hard to get rid of.  But I agree with Tim, they can be very profitable.

Rate is too low for private money / hard money.

There are some creative loans out there that can get you in the 7% range if the collateral fits the box.  These loans are in between private and bank loans.  If you provide more info about the deal, I can get a better idea if it would work.

Hi Diana,

I can't speak for all lenders but here are some answers on how I structure my loans:

- Monthly payments are interest only. No principal is due until the loan pays off.

- Monthly interest payments = Loan Amount X interest rate divided by 12.

- My standard flip loan is a 6 month term with options to extend for a fee

- If the flip is rather extensive or higher-end property, I can offer a 12 month term

- Interest rates depend on many factors. loan to value, credit, experience, collateral, etc.  They start at 7.50% and go up from there.  Points and lender fees also play a factor into the rate.

Hope this helps

Hi Josh,

I know I'm late to game on this one, but I'd be happy to quote out future deals for you.

Good Luck

David,

I run a small boutique Private Lending platform and we fund our deals "in house".  I don't have a big set of guidelines that i have to follow - if the deal makes sense, we wire the money.  We can traditionally close in 5 days from putting together a loan package. James Golden 949.500.2196

Hi Donn,

I have several loan products that your scenario could fit.  I'll send you a contact request.

LMK if you're still looking for a loan.  thanks!

@Steven Escobedo

Can you provide more info? I might be able to give some advice.

@Benjamin Cordero

You can set up an LLC and treat your buying/selling notes as a business. You'll write off your expenses to reduce taxable income.