Payments Coming In

Escrow for the property securing hard money loan #7 closed on Monday. I should have my interest payment by the end of the week. My partner is looking for a new loan to invest my principle in.I received another quarterly payment from the Houston apartment complex today. Back in March, they said they expected they would be able to increase the quarterly payouts over and above the guaranteed 9% return because the property was performing so well. Well,...

More Details on Newest HML

Last week, I wrote about the latest hard money loan I made. I have some updated details now.The original analysis was done figuring the units were bringing in a total of $3,550 in rent per month. The actual amount is almost $4,000. The borrower is a retired attorney. She plans to "season"* our note for 6 months and then refinance via a conventional bank loan. This means we will likely be out of this investment in 6 months rather than 1 year.* To...

That Was Quick

We got the payoff demand for hard money loan #7 today. That didn't even last two months. Oh well. Better than no money. And we knew going in that this would be a short one. Escrow should close in a day or two. I'll letting my partner keep my funds again for the next de...

Another Hard Money Investment

I have entered into another hard money lending investment, which seems to be my preferred investment type lately. This is a first mortgage on a property that was bought at the courthouse steps (i.e., at a foreclosure auction). Purchase price was $181,000. The buyer put up $100,000 of his own money and we (myself and some other investors) are pooling our money to create the $81,000 difference and write a first mortgage. This is a 1 year only note,...