Hard money lending

[LivingAlmostLarge]

Interesting so you are basically a bank for flippers or people borrowing bridge loans?

[riverwed070707]

Interesting so you are basically a bank for flippers or people borrowing bridge loans?

100% - specifically I lend to flippers in Missouri, mostly in the KC metro. Lots of cheap property and good ROI on flips, but I don't care to buy and flip myself.

[Petunia 100]

Yes! It's a self directed IRA and I can lend for real estate as long as I personally don't own or have involvement with the investment (hence why I needed a trust because if one of the borrowers were to default, the trust can foreclose but I personally cannot). Investopedia info on it

And then what? Is the trust able to handle selling the home or turning it into a rental? If it were me, I would want to figure out this sort of detail, just in case.

[riverwed070707]

And then what? Is the trust able to handle selling the home or turning it into a rental? If it were me, I would want to figure out this sort of detail, just in case.

Yes I can foreclose and sell. I think I could also turn it into a rental as long as I was not personally hands on in renovations or management and didn't comingle any non-trust funds in the process. I don't manage my rentals that way, so if this were to happen with one of my loans, selling would be the plan.

[Petunia 100]

Yes I can foreclose and sell. I think I could also turn it into a rental as long as I was not personally hands on in renovations or management and didn't comingle any non-trust funds in the process. I don't manage my rentals that way, so if this were to happen with one of my loans, selling would be the plan.

That's good.