All Forum Posts by: Suzanne Lee

I have a question. I am a small lender just lending to investors for flips and refi's. I need to ask anyone that does the same type of lending a question. How long do you hold money for if someone asks you for a loan and you hold the amount that they need? My investors usually close within a month but recently had someone doing a short sale so the process took two months just for them to agree on the sale amount with the bank. I havent charged any fees in the past but I feel my money is just sitting there not making any money. How long do you hold? Do you charge fees during the hold time? How do you handle these situations. I know banks hold money when approved for loans but that is different than me. I also dont know if I am considered a private lender or hard money lender. I think I am a private hard money lender! :) Thank you for any input!

@Daniel Dietz @Alina Trigub Thank you both for your responses. I have talked with Sense Financial. They don't do the custodian controlled. I am new to RE investing so I don't know what is entailed with all the transactions, paper work and reporting. What I wanted to do was find a company that does both then start with custodian controlled and later switch to checkbook controlled after I am comfortable with what I am doing. Thanks again for your input! There seems to be a lot of conflicting information. I have watched webinars from Advanta that say you can partner with your solo 401k but I saw where Dimitri wasn't telling someone that's you shouldn't. So idk about all this conflicting info. I had one person at a company say that I did qualify for solo 401k and person at another one told me that I would have to go with IRA. First one tells me that the second one is wrong and he is the owner. 😳😳

@Michael Plaks Thank you!

@Brian Eastman Thank you for all the info. I can use all I can get. I do know both Advanta and IRA financial group offer both kinds but I was looking for some feedback from people that have used them.

I am in search of a company that offers both custodian controlled and checkbook controlled solo 401k plans without alot of extra fees and provides good customer service. I would like to hear from actual customers with experience and not sales people that work for the company. Thank you!!

You are exactly right. I have gone to a few meetings and I have talked to several lenders. I need a hard money loan or private loan due to my situation of not having any current cash flow or income. The rates are really high so I was trying to shop around. I do have excellent credit and have never had to pay such high interest but I guess I may have to . I have seen some that say they will do 85 to 90% and 5 or 6% interest. Some have reached out to me on some of the REIA sites and BP but I don't know anyone that has used them so I don't feel comfortable.

@Pat Heidingsfelder Thank you! I will try to be there!

Has anyone ever used the connected investors exchange site,

https://cix.connectedinvestors.com/ to find a private lender?

@Matt "Roar" Gardner I cant open the link for some reason