All Forum Posts by: Lisa Eckman

What are you offering in terms of interest rates, points, term, and loan amount?

Thank you all for you advise.  How would I go about finding a private lender that I could team up with to learn the ropes?

@Ronan Donnelly Peerstreet - you have to be an accredited investor. I am not. The second reason is interest rate. I'm looking for more that 6-9% ROI.

@Ronan Donnelly I’ve never heard of Peerstreet.com. I guess I’ll need to check that out. What is your experience with them?  Are you a PML (private money lender)?

I'm new to Private Lending.  I've been concerned about how to cover myself in a transaction, but am now asking about if there is anything legally I need to do to be a private money lender.  Anything legally required?  Rules, regulations, guidelines?  As far as reporting interest, I believe I just report it on the 1040 on line 2b - taxable interest.  Any and all information is welcome.  Thank you!

@Kelvin McNeil Jr Thank you so much for the list.  Wow.  I'm surprised.  I could see a conventional lender asking for all of that, but private lending?  Don't go by what I say, because I'm just learning.  But that surprises me.  Thanks for answering.

I've been wondering how you would report interest received (if you are a private money lender) on your tax returns.  Sounds like it would be just that - interest received.  Basically taxed as any other income.  Is that correct?  Taxable Interest, line 2b.

@Kelvin McNeil Jr If I may ask, what are the items they are asking you for?  Thanks!

I'm not sure what you're getting at.  I know at one point I had a loan recast by the lender.  It's simply a way to reassess the loan and also change terms if necessary.  I don't know of a "risk".  It's similar to refinancing the loan - you just need to keep in mind if you originally had a 360 mo loan, that's been paid down 5 years, if you recast/refinance it now for 360 mos, you'll be paying a lot more over time.  I'm not sure if that's what you were getting at (??)

@John H. Hill Jr. When you initially said 10% for 30 days, could you give me an example of the scenario?  ie:  loan amount, interest rate, interest paid (with loan amount) after 30 days?  Thank you!