With that, we became the American Association of Private Lenders—and we began spreading the word.Finally, Some DefinitionsUnderpinning the concept of minimizing the use of “hard money” in our industry is a recurring theme of standardization—that the root of the issue is too many interpretations of what the same terms mean.We offer up the following definitions for discussion, debate, fine-tuning, and eventual consensus [last updated 5/9/2022]:Private lender: Any non-depository individual or entity that primarily originates business-purpose loans secured by hard assets, generally real estate.Hard money lender: A subset of private lender where creditworthiness is determined solely by the securing real estate collateral.Correspondent lender: A subset of private lender where the closed loan is sold to investors.Portfolio lender: A subset of private lender where the closed loan remains in the lender’s portfolio.Fund manager: A subset of private lender where, depending on the fund structure, the deployed capital is sourced by offering exempted securities to accredited and occasionally non-accredited private investors.Private investor: An individual or entity that seeks a return by deploying capital through a private lender or fund; the investor may or may not be named on the loan’s promissory note.Private money broker: Any individual or entity that acts as an intermediary between a borrower and a private lender without directly originating the loan.

Here nearly every auction is on a Tuesday, 1st Tuesday of the month, so they will get paid on Friday/Monday...and occasionally 5 mins before the sale.You are correct $500,000 properties rarely get sold for $10,000.   

Does anyone know an agent who wouldn't mind running comps for me occasionally?

My business partner and I own a number of properties throughout the Hudson Valley, some of which we renovate and flip, some of which we're holding long term as rentals.I am looking to develop a relationship with a professional insurance agent that has access and familiarity with a number of surplus lines policies that can cover rental properties, as well as vacant properties and some occasional builder's risk.If you have interest and experience with this, and can handle 20-40 different new purchases a year, please reach out to me.Thanks!

My business partner and I own a number of properties throughout the Hudson Valley, some of which we renovate and flip, some of which we're holding long term as rentals.I am looking to develop a relationship with a professional insurance agent that has access and familiarity with a number of surplus lines policies that can cover rental properties, as well as vacant properties and some occasional builder's risk.If you have interest and experience with this, and can handle 20-40 different new purchases a year, please reach out to me.Thanks!

I set it up to collect rent payments online (via cozy.co) and do regular yardwork, where I occasionally see them.

I have a question for all the FHA Expert lenders out there..My second (freelance) job takes me out of state occasionally.

I'd like to invest in San Diego, but it will take a lot more capital than say back in the Chicagoland area (where I'm from).From a flipping standpoint, it is recommended to be relatively close to your properties, as you may want to check progress occasionally and don't want to spend most of your time traveling to your projects.

But the reality is that you'll occasionally come across bad apples, despite them looking good on paper. 

Talk to some real estate agents in the area and let them know that you occasionally have 'pocket listings'  ( houses that are not on the market or the MLS) for them - they may have buyers who are interested in picking them up from you.