All Forum Posts by: Kathie Riedel

Your approach sounds like a Hard Money Lender rather than a Private Lender. You should be a licensed mortgage broker. Although if you use only your own money and lend only to investors you will probably get away with it.

Yep. You found a scam. Never, NEVER, never pay money up front for a loan to a lender. It should all be gathered by an escrow or title company and documents, money, etc correctly sorted out and finalized (closed). Tough lesson but bet you won't let it happen again.

I second @Jeffrey Holst's suggestion.

@Zach Barber Since you have one successful deal under your belt you are in position to be able to offer investors the opportunity. Listen to Podcast 290. It will give you a direction to start.

@Adam Allard It is a very common way to quickly lock up a good deal. It works especially well if you have already established a relationship with a HML.

@Mark Emsley Kathie Riedel here. Arkansas is a "minimum wage state" and most of the state is rural. Just as in most rural areas there is a big gap between the haves and have nots. The northwest and Little Rock areas seem to have the most activity. I do not say this from statistics but from conversations with other real estate investors. My personal experience with rentals in Hot Springs Village is that it is no problem renting in the spring, summer and fall but finding qualified renters in the winter is a bear.

There are a number of REIA's, Meetups and Landlord Associations throughout the state. All are good sources of recommendations for property management, etc. It would be wise to consider a trip to Arkansas and wander around the state a little to understand the market here and make some personal contacts. Let me know if you do.

@Rachel Fazio Thanks for the mention.

@Mark Emsley Kathie Riedel here. Arkansas is a "minimum wage state" and most of the state is rural. Just as in most rural areas there is a big gap between the haves and have nots. The northwest and Little Rock areas seem to have the most activity. I do not say this from statistics but from conversations with other real estate investors. My personal experience with rentals in Hot Springs Village is that it is no problem renting in the spring, summer and fall but finding qualified renters in the winter is a bear.

There are a number of REIA's, Meetups and Landlord Associations throughout the state. All are good sources of recommendations for property management, etc. It would be wise to consider a trip to Arkansas and wander around the state a little to understand the market here and make some personal contacts. Let me know if you do.

@Rachel Fazio Thanks for the mention.

@Greg K. Have you ever read "Chain of Title"? It sounds like we are back in that world. The slicing and dicing creates these situations. It seems like a small thing to major movers and shakers but we will again have a reset or worse, crash, from a thousand little pricks. I'll sit at my little desk and make my little loans smiling and having fun every day.

Thanks for the explanation.

@Greg K. Would the holder of the  note on the "terrible current mortgage" be willing to sell the note at a discount?

@James Russell One group you might be interested in meeting is the Hot Springs Real Estate Investors MeetUp. We have a few members from Benton. Go to MeetUp.com and check it out.