|
Prev Blog << |
Hard Money? |
Next Blog >> |
 |
Category: Need Advice Current Grade: B Total Views: 470 Member Comments: 1 |
Posted on: 01/15/2008 Posted by: jndoumy Blog Points: 33 View all blogs >> |
Hello Fellow Investors:
I am considering doing a hard money loan and understand it is pretty straight-forward.
Being that I haven't done this before I would like to ask for help in this arena. I understand the basics, but
1. Should I ask to go on title for the property as collateral or is a contract enough.
2. What are the terms, what works? What doesn't, i.e. is a 30-60 loan better or more than 90?
3. How do you collect your money?
4. What do you charge? Points vs. interest?
Thank you in advance if anyone can help a "newbie" like me. I really appreciate any feedback, comments or suggestions.
Julie
Las Vegas Investing
"Do not fear to step into the unknown for where there is risk, there is also reward." Lori Hard
I am considering doing a hard money loan and understand it is pretty straight-forward.
Being that I haven't done this before I would like to ask for help in this arena. I understand the basics, but
1. Should I ask to go on title for the property as collateral or is a contract enough.
2. What are the terms, what works? What doesn't, i.e. is a 30-60 loan better or more than 90?
3. How do you collect your money?
4. What do you charge? Points vs. interest?
Thank you in advance if anyone can help a "newbie" like me. I really appreciate any feedback, comments or suggestions.
Julie
Las Vegas Investing
"Do not fear to step into the unknown for where there is risk, there is also reward." Lori Hard
Loans can be anywhere from 10-18% interest. And can have 1 to 5 points. These loans very greatly. I've never used hard money so I can't help you beyond that. You have to remember that your paying for instant money. And that you shouldn't use hard money for buy and hold strategies.
Hope this helps some.
B