All Forum Posts by: LIpeng Wu

It seems like I am pretty strange in your guy world. Please don't just put only irony word. Let me know your number, I will work mine to capture yours. 

I am an investor in MD. I am wondering whether there is private loan with interest rate 4-6%, 30y, above 40k. If you are interested in lending in MD, please contact me at [email protected] 

Thank you very much!

Charlie, Thank you for your response. However, you may misunderstand my points. I keep honest to my private lender. I am just confused how can I persuade seller with my personal loan. There are several critical points I would like to talk with you in terms of private lending:

1. Do you provide a pre-approval letter to the borrower? So he /she can use it as a financing resource in their offer bid to house. 

2. What kind of the method are you using to secure your loan? Are you signing a note with the borrower or do you ask for some collateral?

3. For house purchase, are you sending the money to settlement directly after the contract is accepted, or you prefer to give money to borrower who will handle rest of transaction? 

It is my first time to use personal loan, so thank you very much for your information  

Thanks to bigger pocket, I got a personal loan from bigger pocket network. However, I am not sure how to handle personal loan in house purchase.

• 1.Should I ask for a preapproval letter and attach the letter to my contract offer? Or I don’t need mention that this is the loan, just write it as all cash?
• 2. Not like the conventional loan where the loan will be sent directly to settlement company, my loan lender would like to send the money directly to my account, and then I will handle the transaction with settlement company and lender. Is that routine in the case of personal loan? Is there any other way to handle the personal loan related hours purchase transaction?
• 3.Once the offer is accepted and the transaction is finished, the deeds entitled with my name will be sent to loan lender as evidence that the house under contract is the collateral to the loan. I am wondering whether we need to set up the note to secure the personal loan. How do you guys deal with collateral problem in personal loan?

Thank you for your ideas.

 So much information, and a wonderful talk. Thank you very much. 

I have not invested in SDIRA, but I believe, even if you do flipping, you have to use general contractor, but you are not able to organize your team to fix the house. The general contractor fee would be a killer for your deals, too. Please correct me if there is something wrong. 

As my understanding, if you want invest in with SDIRA, you have to use a property management company. If you can find a good one and make number works, it will produce very passive income. Otherwise, it kills you deal. 

Just make my meaning clearer,

If I purchased home with hard money, then did HELOC in 3 months after rehabbing, am I still qualified with conventional refinancing in another 3 months?

Generally, conventional refinancing needs seasoning time more than 6 months. I am wondering whether there should be clear of any mortgage, including secondary mortgage as HELOC or home equity loan in this 6 months gap. If I purchased home with hard money, then did HELOC in 3 months after rehabbing, am I still qualified with conventional refinancing in 6 months? Thank you for the answering.

I bought a primary residency house few months ago, so far my front DTI=27% and End DTI=33%. It seems like these number will scare off the conventional loan. I am wondering whether local back portfolio lender or even hard money lender care it or not. Do they only care about the deals, or they need a better DTI number of applicant? Thank you guys very much.