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All Forum Posts by: Rogelio M.

Rogelio M. has started 10 posts and replied 90 times.

Post: Thinking of becoming a private money lender? Vet your borrower properly!!

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
Quote from @Chris Seveney:

@Jonathan Chan

I am all for communication - but how do you enforce that communications policy? You gonna put someone in default because they didn’t answer a phone? I

when underwriting we also want to know the exit strategy of the borrower to make sure they are not limiting themselves to a single exit

Excellent! .... review the borrower's exit strategy!

Post: Thinking of becoming a private money lender? Vet your borrower properly!!

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
Quote from @Jonathan Chan:

If you're interested in adding real estate lends as another tool in your toolbox, these are the steps I've learned you should take to vet your borrower before looking at any of their opportunities!

  • Background check
  • Credit check
  • Past performance. Look at purchase HUDS, statement of work if it was a renovation and the sale HUD to make sure they made money on the deal.
  • An organized and easy to navigate borrower's package.
  • Security documents to collateralize the loan against real, tangible property.

I also like to throw in some communication clauses with consequences for ghosting.

Cheers!

Based on personal experience, I would add assuring the lender is specifically authorized to perform an on-sight property inspection, at the lender's discretion / convenience.

Post: Thinking of becoming a private money lender? Vet your borrower properly!!

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
Quote from @Jonathan Chan:
Quote from @Erik Estrada:

Can you elaborate what you mean by communication clauses?


Weekly updates AND a requirement for the borrower or someone from the borrower's team to respond within 24 hours of being contacted.


This is a good one!  Although I am not sure how to enforce this one, there should be active, on-going communication from the the borrower to the lender .... as one would expect from a GP/Operator to the LPs in a private equity syndication.  Due diligence on the borrower should include a review of the borrower's previous communication patterns with previous lenders.

I personally live this one with one of my borrowers, who basically ghosted me once they received the moneys from the loan.

Post: Active Energy Account?, with CPS Energy in San Antonio, Texas

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

Thank you kindly Justin!  I will give it a try.
@Justin Brickman

Post: Lender Seeking Foreclosure Attorney in San Antonio, Texas

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Chris Seveney

Thank you kindly Chris.

I will put in the effort to preserve my interest. 

If you can share who you use, please DM me.

Thank you,

Rogelio

Post: Ref: Lender Seeking Foreclosure Attorney in San Antonio, Texas (Bexar County)

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Pedro González

Thank you kindly Pedro.

I will check them out!

Rogelio.

Post: Ref: Lender Seeking Foreclosure Attorney in San Antonio, Texas (Bexar County)

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

Ref: Lender Seeking Foreclosure Attorney in San Antonio, Texas (Bexar County)

I am a Private Lender looking for an attorney to move forward with a foreclosure on my borrower.

Can someone refer me to an attorney experienced with the foreclosure process in San Antonio (Bexar County), Texas?

Please DM me.

Thank you.

Post: Lender Seeking Foreclosure Attorney in San Antonio, Texas

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

Ref:  Lender Seeking Foreclosure Attorney in San Antonio, Texas

Greetings.

I am a Private Lender looking for an attorney to move forward with a foreclosure on my borrower.

If you are an attorney experienced with the foreclosure process in San Antonio (Bexar County), Texas, please DM me.

Thank you.



Post: Lender "Mortgagee Clause" vs. "Additional Insured" on Insurance Policy to Property a

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Michael Norris

Thank you kindly Michael!  I appreciate your input!

Post: Lender "Mortgagee Clause" vs. "Additional Insured" on Insurance Policy to Property a

Rogelio M.
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Farley Youman

Great observation Farley ! ... One, as a lender, could require the use of an insurance company selected by the Lender!