All Forum Posts by: Robert Trazo

Also make sure the borrower is insured himself and you being put on the policy as an interested party (if I’m stating that right) in case something unforeseen happens to the borrower, you would receive a check from the insured’s insurance company

0 Votes

Thank you, @Brian Hughes. Good things to keep in mind.

Originally posted by @Brian Hughes:

Attorney time.

Make sure the person is reputable and experienced obviously. Figure out if they are coming to you because other HMLs are saying no.

Make sure that whatever contract includes an option for you to take ownership of the property for the value of money loaned + whatever the person put down.

Make sure the property is worth (at wholesale prices) what is being suggested.

Or, just offer instead to pay the person a finder's fee and buy the place yourself if so inclined.

Or, find other HML's and offer to work with them for a while to learn the ropes and ignore this guy.

Caution in any case.

0 Votes

Good afternoon all, I got approached for the first time to be a hard money lender on a deal in the state of Washington. I've never done this, before. I would appreciate any advice you may have on making this happen while protecting my money. Basically, the investor is purchasing the property for a $1.2mil and essentially wholetailing it after a month or two. The investor already has a buyer under contract. It'd be a double closing and I'd get a fee for the use of my money for a couple of months. I am a complete beginner regarding hard money lending and 'd like to protect my money from loss. Any and all advice would be appreciated. Thank you, Rob

0 Votes

All Forum Posts by: Robert Trazo

Robert Trazo has started 1 posts and replied 3 times.

Post: First time approached as a hard money lender - Washington state

Post: First time approached as a hard money lender - Washington state

Post: First time approached as a hard money lender - Washington state