All Forum Posts by: Wendy Busa

Last year we had a speaker come to our local REIA meeting to discuss self directed IRAs. I am interested in becoming a private lender and thought setting up such an account could save me some money come tax time.

I am looking for a referral for a custodian. The speaker mentioned an admin fee of $1250, plus what other fees there are, I am not sure, but that seems high. 

Any recommendations for setting up a self directed IRA would be appreciated.

Thanks.

Hello, I am looking to do my first private lending deal, I hope. I have vetted the property. The mortgage at 60% of ARV. Good exit strategy. Good neighborhood.

Concerning vetting the borrower. He has been a member of the local REIA for 5 years and has done 17 rehabs/flips.

I will get a referral from his hard money lender. I will also ask for an example of past rehab and financials.

When asked if he would supply me with his credit report, he stated that he could screen shot his credit score, but that it was not great. Since this is asset based lending, and I feel the deal is sound, should I be concerned with a low credit score?

Also, my concern is that he has 3 projects that he is currently working on, should that be a concern?

Thank you for your input.

Thank you, but I am new to investing, do you use apartments.com or do you have a preferred service?

Correction, not a hard money lender, but a private money lender.

I am a new investor that is a member of the local REIA. One of the investors is looking to find a hard money lender. I am interested in becoming a hard money lender but I do know the best way to vet the borrower. What are the best sites to use to do a background check and a credit check?

Also, any other insight to this topic would be greatly appreciated.

Thank you,

Soon to be new landlord. The unit is basically a single family home  2800 sq ft and 950 sq ft, mother in law apartment. Current tenants take care of large shared yard and driveway. The current lease is a joke and does not specify anything. Drawing up new lease for when the old one expires.

I am adding specifics to the lease and wonder how I should divide up the lawn care/snow removal. Would it be fair to make the larger unit solely responsible for all of the lawn and driveway? The tenants are mother and daughter. They plan on staying.

Any ideas would be appreciated. Thanks

Thanks everyone great feedback.

New investor, have a duplex under contract. It's built in 1955. Had the inspection today and other than some electrical seems like most appliances and mechanicals are operating fine, but are about 16 years old, is it worth investing in a home owners warranty?

I have my first property under contract, it is a duplex. I just received the leases, if you could call them that. They are not signed. When inquiring about credit checks and background checks, I was told none were done because these are their friends. It gets worse, no rent rolls, supposedly the one tenant, paying the $1200 has prepaid months in advance. Another red flag. 

Plus the current tenants have dogs, but there is not a security deposit for that. 

I am getting my inspection tomorrow, if that goes well, I am set to close the end of February. The leases expired end of May. 

When my realtor asked about contingencies, I mentioned one for rent roll, but she just ignored it and I did not press the issue, so now what?

I will reach out to a lawyer tomorrow, but would appreciate any input. 

Thank you. Thorough is what I want.