All Forum Posts by: Lisa Eckman

Thank you both so much for your timely response!  I'm going to talk to the potential borrower and title company tomorrow.  

I'm looking at offering private money loans and wonder if you can provide some advice on what's really necessary for me, as the lender, to protect my interests. Everyone's trying to keep costs to a minimum, so a lot of the safeguards might go by the wayside:

 - Is it really necessary for me to have an attorney involved?  

- Is it really necessary to have a new title policy when you have one dated within the last 6-12 months (for example, when the owner purchased the property initially and is now rehabbing)?  Yes, I know that something could have changed during that time.  But you can say that about a property that has a title policy as of a week ago. I guess the difference is that the title policy would pay up if necessary were you to have a current policy?  

I would have a 1st lien recorded on a property that has 65% LTV. However, tax and mechanics liens take priority. So there are always risks. Just trying decide what is truly necessary.

Thanks for your advice!

Lisa

Thanks Vicky.  Let me know how it goes if you don’t mind. 

@Jeff Petsche thank you so much for posting- great information. And really great details. Thanks for taking the time.

@Dan Arteritano wow - really good information. Thanks for posing.

@Luciano A.Good to know. Thanks for the info. 

Thanks Rachel. All good points. Have you done any mobile home deals?

@Dave Klein I think you gave some good creative options/ideas.

@Chris Mason HML?

@Vicki L How do you plan on rehabbing the property long distance when you both have FT jobs.  Do you have a local team in place to handle it or ?

I'm beginning to think I want to focus on doing flips, but also need to do it long distance as I'm located in So CA.  I'm still trying to figure out if that's really viable to do long distance not having a team I can depend on long distance.  And, frankly, not really sure how to go about putting a good, reliable team together long distance.

@Bruce May I spoke to someone today who said that you couldn't do this in our park because it would be competition for the park owner.  I could do it in another park possibly.  To pursue, I need to start by re-reading the park rules.