All Forum Posts by: Marcy Albrecht

Property is listed for $75,000. AVR is $ 120 - 125. Best school district in county!
Bank owned!
I would like to get it for $ 60-65 and wholesale it btw $ 70 -75.
Built in 1990 - Ranch - Sewer assessment of $ 5000 plus needs to hook into sewer, so probably another $5000.
Finished basement has black mold and has water on floor. Bank didn't winterize until March and has no electric. So who knows how long it sat like that. Other repairs are new garage door and carpet on first floor. Those are all the major ones.

Should I get it under contract or let it go?? Thanks!

@DionDePaoli, I am sorry you think that I am being cavalier. My simple questions (that was answered by Jon) was how to get the whole 12% interest on the loan. Possibly my "seed money" was not the right word to use. Should have just said "money". "Unsecured" was not from the hip. I do understand the difference between secured and unsecured money. My husband and I discussed this when I was given the opportunity to earn some money on my money sitting and earning 1/2 percent in savings!

I appreciate your looking out for my best interests in this question and you have given me food for thought.

I have printed out the Ohio regulations and will read those in between 4 basketball games and 4 musical performances this weekend!!

And by the way, when I spoke to my hard money lender here, whom I have borrowed and paid points to last year, he said he didn't care about regulations until he got caught ( but he is 80 and probably thinks it wont catch up to him!) Which is why I posted the original question here to get some good, solid answers!

Keep them coming!!

Are you sure about the "grandfathering"? When I bought my park, I was told not to let any homes leave b/c I couldn't put a new one in b/c it is a small park and dimensions had changed between lots. When I actually looked into the state and county regulations myself, I found this wasn't true.

But everyone wants Owner financing, so this may be your best bet! Good Luck!

Thank you all for your information. What a great site where I can ask a dumb question (IMO) and get brilliant answers!!
It is an unsecured loan. I know it isn't the best way to go, but since it is such a small amount, it is hard to lend in a first position on a property. I would like to eventually build it up to be able to lend in first position.
I have bookmarked the sites you referenced, but there is a reason, I am not a lawyer - they don't make much sense to me!! I do have two money lenders here that I can get some good answers from on how they do it. One actually charged me points, but I think he may be regulated and can do that!
Thanks!

Jon Holdman Thanks! We knew it was something like that!! It is just different when you are lending and not paying it back!!!

Guess we will do interest only with principle at the end.

I am looking to lend some money to a RE friend for one year for her seed money to buy an investment home. I am coming up with two different amounts of interest. Help!
Let's say: $ 10,000 x 12% int x 1 year
When I put it in my RE calculator the interest is at $ 661.87 with payments of 888.49. Total repayment of $ 10661.87
When I do straight 12% on $10000 the interest is showing at $ 1200.00.
Why is it different and what am I missing??
Thanks!

Hi everyone! I am looking to ramp up my rentals! I have a mobile home park and some SFR's. Been in the biz for awhile now(with the hubby!). Worked in property management, bookkeeping and realtor!!

Finally in my 40's I know what I want to do!!

Looks like a great site!