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All Forum Posts by: Steve Hiltabiddle

Steve Hiltabiddle has started 18 posts and replied 117 times.

Post: Recommendations on Self Directed IRA's

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Brendan Connolly   I'm including a BP Profile Link to Alan Johnson who I connected with on this very topic:   https://www.biggerpockets.com/users/alanj36  For some reason I can't pull him up to tag him in this thread.

We spoke about my specific needs and he provided a report with a variety of parameters for perhaps 2 dozen different SDIRA Custodians.   Ping him and see if he's still offering this service.

Good luck,

Steve

Post: Getting Started in Private Lending—What’s the Lowest Amount You Started With?

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Steve Chaparro Take your time and get educated.   There are some good resources that can help. Seek them out, read the many many posts on BP in this section.  

Also, I can't speak more highly on the posts made by @Jeff S. I have found he provides no-nonsense guidance on this topic.  

Again, be patient and learn.  As a Lender, you have the most capital and risk in any deal.  To minimize that financial risk you need solid docs, borrowers, properties, deals and markets or you'll be out of business in no time.

Best of luck,

Post: New Private Money Lender Seeking to Fund Small Deals

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Stanley Yeldell.   What @Jeff S. said.  Every single thing he said.   

If you haven't accessed some of the resources on BP (posts, etc) or the reading material available about Private Lending, do so.  Lend to Live by @Beth Johnson is a place to start.  Find good borrowers with good deals and ensure your capital is protected by both with documents prepared by a knowledgeable real estate attorney.  

Best of luck in your journey,

Steve

Post: Actual Cash Value versus Full Repair Cost

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@John Jacobs I require my borrowers to have policies that cover replacement cost.  Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss. Replacement cost would be what it costs to replace the structure.  

good luck

Steve

Post: What is the Best Way to Grow as a Private Lender

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Chris Seveney While I'm not at that level to be able to provide personal experience I will follow to see what others respond with.

One question I would have is, 'What is your current loan volume today?'   I'd also want to know the average loan amount to determine how many more loans are needed to go from today to $5m/month.  Finally, access to funds. Is that available to scale up and if there are investors,  resources to manage that side if the business.

I imagine a $60M/year Lending business will need systems in place and more than 1 extra person. Acquisition,  processing, etc. perhaps.  Obviously one would still need legal and accounting support.  And your #3 touches on Marketing.  I would think a significant focus on marketing to fill the funnel would be needed to keep the volume coming.

Again, I can't share from experience but $60M/year isn't a one man show using Excel.  

Looking forward to other responses.

Thanks,

Steve 

Post: Seeking Attorney for Private Money Lending Business

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Benjamin Finney. Check with Geraci Law. They specialize in private lending. I personally have used their Lightning Docs platform for a number of loans

 https://geracilawfirm.com/

good luck,

Steve

Post: How Do You Celebrate Wins as a Private Lender?

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59
Quote from @Erik Estrada:

The biggest win is when your borrower comes back to you for more LOL


 Yeah, I do a happy dance when a borrower becomes a repeat borrower.

Post: Hello BP Community!

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Mike Grudzien. I agree with your point.  I feel like there had been an increase in these types of broad open ended type posts.  I'm not sure if folks are phishing for something or what but I appreciate you taking time to challenge the initial poster's post.

Steve

Post: Looking for hard money lenders for foreclosure property.

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59

@Devin Peterson   I was curious what responses might be to this question as I've had folks ask about lending on a Foreclosure at a Sheriff sale (I'm in Pennsylvania).  My issue with this, again based on PA rules and my limited understanding, is you are basically providing an unsecured loan for a period of time as in PA deeds typically aren't issued for 30 days.  Additionally it's extremely difficult to fully understand the condition of the property, can often be occupied, potential title issues or defects etc.  While I'd be happy to cross-collateralize, often the borrower is looking for funding against the foreclosed property.  

Please share how you overcome the risks I'm familiar with when lending funds for the purchase of a foreclosure.

Thanks,

Post: Notice of Default - Process and options

Steve Hiltabiddle
Posted
  • Lender
  • Pennysylvania
  • Posts 121
  • Votes 59
Quote from @Chris Seveney:
Quote from @Steve Hiltabiddle:

@Chris Seveney   Point well taken.  I think my father might have called my thinking, "A penny wise, a pound foolish."   

Thanks,

Steve

if you ever need attorney referrals let me know I have a laundry list of attorneys

 Chris,  That's a very nice offer and I'll keep that in mind in the future.  Right now, I think I have some folks who can help me through these 2 I'm dealing with now.  However, if I feel they are coming up short, I'll reach out.    Again, the offer is greatly appreciated.    Have a great day.