All Forum Posts by: Juan Santos

@Kevin M Finley Oh okay I misunderstood. I thought you were answering from a lending out point of view. No wonder I was a little confused. The text document still helps though.

@Neil Schoepp Cool I’ve just set the alerts. Now I have yet to create posts of where I’m going to be once I know. Thank you for the advice and tips!

@Kevin M Finley @Kevin M Finley I like format. I will probably start using yours so thank you. My question now to you is have you ever had anyone not pay you back. And if yes, what happened?

Also, you mentioned showing the documents to your lenders. What is the point behind that? Or are you lending out money that the lenders lent out to you?

@Don Konipol I appreciate your straight fowardness in this. I’m just wondering then, what’s the difference in trying to collect the money without a judgement and with a judgement then if at the end of the day, it’s still up to me to do it anyway?

@Andrew Postell But even if I don’t have any kind collateral for the money I lent out and a judge rules that they must pay, I’ll get it back somehow no? Like maybe it’ll automatically start coming out of their paycheck until it’s completely paid off. Anyway, thanks for your reply.

Hello, so I am writing today because I was asked for a loan since they are short $1000 of deposit money for an apartment they are moving into. I’ve searched topics on here and online as well but most of the things I’ve come across deal with big money and not in small amounts like $1000 or less. I have several questions about loaning out my $1000.

1.) Is a simple text message from them that they will pay me back by x amount of time and for x amount per month interest sufficient or must I have documents ready for them to sign? Obviously, I think the latter is more secure but I ask because I’m out of state and I don’t know when I’ll return to see the person, yet I can send the funds electronically from anywhere, anytime. I’ve also seen Judge Judy episodes where the text messages sent between plaintiff and defendant are actually taken into account and impacts the outcome of the case. That’s why I ask if that would be sufficient proof for me too.

2.) Must there be collateral or can worst case scenario be that the judge orders them to pay me back?

3.) What is good interest rate for $1,000 over the course of 6 months? How about a year? The lender they first went to wanted to charge them $4,000 for the loan and that’s why they came to me next. Their credit is bad so I know I can be at risk but at the same time I think I can do less than $4,000 and still be okay. But since I’ve never really done one of these before and what I see online mostly deals with 5 figure numbers, I don’t know what any ball park number might be in my case that would be reasonable.

I think I had I had more questions but I can’t remember them now. Anyhow, any input on any of the above things would be helpful as well as anything I haven’t covered or am overlooking. Thanks.

@Neil Schoepp Hey thanks for the reply. And yes the route I take is the same one each week without deviation. It is from Los Angeles to Salt Lake City/West Valley City Utah and back. Once in Salt Lake, I have about 3 hours of free time before I have to start driving back. So yes there’s plenty of time for coffee and lunch. On the weekends I am at home in Pomona which is near L.A.

I like the idea of networking. Seems that’s where I should start. I just need to know how to get started. Like who do I contact out of the blue who would be willing to sit down and talk to me? Especially since I’ve never done a deal nor am too savy though I’ve been doing my part in reading books etc. (Just ordered the book on Estimating Rehab Costs and should arrive tomorrow.) AnywAy, I’m glad to hear that it CAN be done within a busy schedule such as mine.

Hello, this is my first post as I am looking to become more active on this website. But as the subject says, I am currently a full time truck driver and I am wondering if investing in real estate consistently can be done. Primarily because the more I read books about real estate, the more I notice that it says it will require hours upon hours of work in a given week especially when starting out. That being said, I sometimes wonder how people make the transition while at the same time relying on a paycheck every week to keep up with their necessary expenses. Fortunately, I do have enough money in my savings to cover some months of living expenses but I am definetly not confident enough at the moment to do just that. There are still many questions I have and some things that I don’t understand. I’d love to join a real estate club but I see no listings near me at all on the weekends which is pretty much the only times I have off. The plus side to my job though is that I have a lot of down time to read and look at videos and websites, only that I’m in another state. I am hoping to make connections on this website since I lack the time to do so in person, unless it’s on weekends. Real estate is something I definetly want to do and I do believe I have what it takes. I am excited to be here and look forward to learning more!