All Forum Posts by: Martha Daisley

 lol thanks Ray

Hi guys

They did end up being wholesalers.  I went to go see the property in person and they had a realtor involved and also a title company. They may have been fairly new or not well established. I ended up not getting the property for other reasons. 

Martha

Hello

Some time ago i started getting emails from a wholesaler called "Equity IO" (Equity Investment Opportunities).  I dont remember how i got on their list. Anyway, I always scan their deals but they always seem overpriced. Recently, there was a deal i was interested in but as i communicated with them about it, their communication seemed strange. No names attached to the people responding to the emails and texts at all. I am scheduled to go see a property of theirs tomorrow and the person responding to the emails told me to say im their manager's business partner.  This seemed really weird to me. I looked them up on google and nothing comes up under their name. The business address they have listed on their emails is a vacant lot.  I cant find them on sunbiz either. Has anyone ever heard of these people or done business with them?They are in the Orlando, FL area.

thanks

Martha

hi @Jaren Woeppel I dont remember if I ended up talking to an attorney because this was a couple years ago. But after doing my research , I do recall reading that if they stay longer than 30 days, they are considered a long-term renter and that they would be subject to eviction laws if they dont leave. I ended up deciding not to rent to this guy.  Partly because of my concern that he wouldnt have a place to go after 4 months and I could potentially be left with an eviction situation and partly because i was able to get a reference from the realtor that was dealing with him on behalf of the previous landlord and apparently they were having issues with him leaving when it was time to sell the place. 

Hello
For any real estate attorneys in the group. What is the liability in holding a note?

I am getting ready to start buying notes from a private lending company. The notes are all backed by investment properties and the borrowers are all investors. The third party private lending company would be servicing these notes on my behalf and doing all the paperwork. They have an attorney on staff that oversees everything. I would have no contact with the borrower.Im just starting with one note. So what would be my liability in holding the note? Im asking because im trying to decide if to hold the note in an LLC (for liability protection) or if to just hold it personally. My tax accountant is advising me to just hold the note personally because its less paperwork and theres no liability involved since the third party company is handling everything. Just want to make sure if this is correct.

thanks!

Martha

Thanks Basit!

i am buying real estate notes from a private lending company. my tax accountant is advising me to just hold them personally because its less paperwork. He says since they are going to be bought through a company the company im buying them from assumes liability so i dont have to hold them in an LLC. Can anyone speak to this and confirm if thats the case? Also, what kind of liability would i need protection from since its just a note?

thanks

martha

@Scott thanks!

ill message you

Hi @Scott Wolf, good point.

Can anyone shed light into how the payments are calculated. The guy thats looking for funds said he wanted to do interest only for 6 months (with option to extend) at 8.5%. The loan amount is 45k. So how do you calculate that?  If its for a 6 month term, then would it be taking the 8.5% of the 45k and divide by 6 to get the monthly interest payment?  Thats how i understood it to be but then he asked for it to be amortized over 30.  How do you calculate the payment?

Hello!

For anyone here that has lent out money as a private lender , I have a few questions. How do you vet the person you are lending to?  What type of agreement/contract is needed ?  And finally, if they dont pay, do you get the property they are working on or does what you lent them just become a lien against the property?