All Forum Posts by: Mark Andrews

Hi all,

I am thinking about starting a Hard Money Lending company and was just wondering if writing a 30-year hard money loan is even an option? Does anyone know if there is a maximum duration on these types of loans, or does it vary by state? Thanks in advance!

I am looking to get into Hard Money Lending but don't really know where to start. From what I understand, it is not required to be licensed in TX to do Hard Money? If that is true, how can you legally claim the 1st lien position on the property if the borrower defaults? That's really the only thing that worries me - placing an invalid lien on the property or having the lien undone somehow. Is it really as simple as just "filing a promissory note" like every attorney I've talked to claims? There has to be more to it than that, right? 

Also, does anyone know any Hard Money lending attorneys in the Houston area that specifically deal with Hard Money loans? Any help would be appreciated. Thanks!

You held the property for under a year so you fall under the short-term capital gains rate, which means the 40K means nothing in this scenario. The profit you make gets taxed as ordinary income. So basically, whatever your ordinary income is taxed at...add on the gain from the sale of this property, multiply it by that same amount, and that's how much you'll pay in tax.