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All Forum Posts by: Joy Suh

Joy Suh has started 4 posts and replied 16 times.

Post: Private Lending question

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

Thanks Jon.

Thats the answer I was looking for. So high single digit numbers are considered reasonable.

Id be very willing to do the deal at 9% even 10% i think is reasonable. But the hard money lenders don't even consider anything under 18%.

Im really glad to hear that there are some people who still consider that the 9-10% return is satisfying. Now, I just need to find that person ;)

Post: Private Lending question

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

and my main question is at what rate does the private money lender meet their satisfying guideline?

Post: Private Lending question

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

sorry, I must clarify.

I too, am just a broker. I am a real estate broker. So I fully understand the importance of knowing the right pieces of the puzzle to put together.

I reread what I wrote and realize that it may not have been written well.

I guess what I meant to say is I'd rather find the primary source that would be happy with reasonable rates and fees, then the secondary lender who wouldn't be happy e anything less then the numbers I had stated above.

I hope my original statement didn't offend any brokers as I know they do provide a very legitimate service

Post: Private Lending question

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

Ive talked to some hard money lenders and there number seems to be around 18% which approximately breaks down into about 4 points and 12-14 % rates.

The thing that I disliked the most about talking with them is the fact that they seem to be just a broker. Borrowing money from somewhere else, added a couple points and re-selling.

In the case of private money what are some guidelines that private money lenders use that would make it 'worth it' to them? Lets just say on $100k loan.

Also, what is the ideal length of time that private money lenders like to be repaid?

Thanks in advance

Joy

Post: Brand New from Chicago

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

Ryan.

The main reason conventional won't work in this case is that I just found him a home about 6 months ago for his family in Wilmette, Il. We just found a great condo in Morton Grove, IL that is a GREAT price and that after he would buy, my parents would rent there (currently they rent in glenview) These are all very nice areas, and I have made some calls to hard money lenders and that is just not the route I think I want to take.

I would like to meet a private lender who can appreciate healthy returns, not some brokers who will just tack on more points and raise the rate.

I really appreciate all the responses. ***********, did that answer your question?

Caroline? Would you be interested in knowing more?

Joe Gore, Thanks, im quite liking that I found this site ;)

Cheers

Joy

Post: Brand New from Chicago

Joy SuhPosted
  • Morton Grove, IL
  • Posts 17
  • Votes 0

Brand new to bigger pockets. ;) My name is Joy. I am a real estate broker. I am working on a family deal for my brother so I am looking for options. I just closed a single family home for him in Wilmette, Il about 6 months ago. Now we found a great deal on a condo in Morton Grove, Il that he would like to buy. $185k is the price and he can put $80k down. He can pay the remaining $105k off in 2 years. Open to all options. Thank you in advance.