All Forum Posts by: Nathan Moore

good advice from all. thank you for taking time to review and respond. much appreciated.

I'm looking for advice on how to structure a personal loan for a friend so they can consolidate credit card payments. They have 9 open lines with retail store credit with a balance of $9,000. I'd like to use my Self-Directed IRA to loan them the money and I am curious of possible terms, interest rates, and agreement structure that members may have used before.

The friend can afford about $400/mo so that would be a ~24 month term if that helps. 

The current avg APR they are paying across all credit cards is ~25%. So, I was thinking 10 or maybe 12% for a 2 year term... not sure if that is too high or not.

Any advice or tips are always welcome from the BP world.  Thanks in advance!

David M.- Yes, we own all of our properties in our LLC. That could be a problem as you point out.

We own 5 SF rental houses outright and have for a few years. We own 3 with adjustable int loans (very low debt to equity rations on all 3) from a local/regional bank that will not do cash out refis. I've approached another local/regional bank in the area and they were not interested in doing that either. I think for a primary home they will but not for investors. 

We also purchased a "5 plex" (2 duplexes and a single unit all together) last year with seller financing and a 5 year balloon that i'll need to get LT financing on in 3-4 years. All of our properties are stable, not over leveraged, and well seasoned. I have a very good W-2, superior credit, very little personal debt, and my wife is a very successful realtor in the area. So, banks do not see us as any sort of lending risk.  

We have >$1MM in equity tied up in these units right now. I have some cash reserves and a LOC to operate with but our philosophy of carrying very little debt has slowed our ability to scale up. I'm just wondering what banks or lenders other investor have had success with when deploying their BRRRR method (i would never mention "BRRRR" to a lender). Cash-out-refi is what i'm looking for but striking out with my two local banks and Fairway Mortgage.

I'm looking for a bank or banks in Texas that are interested in working with the BRRRR method of investing. The local/community banks dont seem interested and they all want to use variable interest loans. Does anyone have bank recommendations for cash-out refi with fixed interest loans in TX?

My wife and i own rental properties and my wife is also a Realtor and her broker told her that we need our own E&O insurance because the broker could be liable for our own personal business activities.... sounds far fetched to me and areal stretch. if you have experience with this please let me know if this sounds right.

i am in the process of signing a contract for a HomePath Fannie Mae house. I'm an investor and they accepted my offer once the investor period was opened. The house needs a FULL remodel and lots of issues with it, code violations, etc.... Has anyone had experience or suggestions for taking advantage of the Inspection period to renogiotiate with the seller (Fannie) to cover some of the issues? Are they flexible at all or an i risking them pulling the contract and reopening the house? The Purchase Addendum says we have 10 days to inspect but after closing it is considered As-is.