All Forum Posts by: Wendy Busa

I am looking to do my first private lending to an investor and a very wise investor from Bigger Pockets recommended that I need a lawyer that specializes in lending. I am in the Madison area, but I am not sure that it even matters.

So if anyone has a lawyer that they can recommend, I would greatly appreciate it.

Thank you. 

Thank you. That is excellent advice.

Very newbie question. I have a borrower who is a member of our local REIA, that needs $50,000. I want to make sure I understand the process of being a private lender. I have my lawyer draw up a mortgage and promissory note. I get my name on the home insurance.

I thought I should be mail wiring the money to the title company, but this borrower will be writing a check at close to the title company and then wants me to wire him a check direct. That sounds risky. 

I would greatly appreciate your thoughts on this.

Thanks James! Are you making calls from the skip trace service that Propstream offers?

I would love to see your video, please send me the link.

Hello,

New too investing and looking to wholesale.

Would anyone be so kind to share their Purchase and Sale Agreement form for wholesaling contracts?

I have one, while it does say that it is assignable,  it does not have a partner contingency listed.

I am based out of Wisconsin, but that should not matter.

I am looking onto doing direct mail marketing and was wondering where investors are purchasing their lists from?

I am looking to do my first private lending. They are in need of $75,000 for repairs, unfortunately I would have the second lien on the mortgage. Sounds risky to me and they’re offering 8%. Whereas the first lienholder they offer 12%. The D/E Is .70
Should I ask for 10%? And how Risky is being a second lien holder? Thank you

Thank you. The high fees were quoted from a speaker at one of the REIA meetings.I do realize the $7000 is not enough. I agree I would want first position. Sadly, I am not self employed, so I thought my max contribution for a single would be $7000.

I would love to get a recommendation on an advisor/steward.

I am looking to become a private lender and have heard about setting up a self directed IRA so that the interest can go back to the IRA and grow tax free, but....

What about the set up fee, which I understand can be $1200+ and then quarterly fees? I am already 58 years old and would only be able to contribute $7000, does this make sense?