"Before borrowing money from a friend, decide which you need most".

.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

one thing is your lending your money way under what private money should charge. unless your just doing your friends a favor..

I've had tax companies lie to me about this and I ended up wasting money on unnecessary entities.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

Their ability to recover their money should you default is much lower in this position.

I am a hard money lender and need advise if an unsecured loan I made through the Solo 401k defaults and is uncollectible are there tax write-offs as a result of the uncollected loan?

You’d be shocked by how little actual screening many PMC’s do!

We've seen this soooo many times in our Detroit market:(Have actually had owners choose not to do business with us because their previous PMC didn't require it - so, they thought we were the incompetent ones.Have also seen incompetent PMCs wiring funds internationally to owners - and these owners not having an ITIN, EIN or SSN!

Their focus is actually to buy rentals for people that already have money to invest, I had to go around asking about wholesaling.