March 12, 2011
Flip rules frustrating a resale? There is no need for this. A little planning and doing the right things can avoid it. /// Many of us evaluate our finances around tax time. Details below if you want to consider (IRA) private money lending as an option. /// This week I helped people who had to go bankrupt due to identity theft. More on that below also. /// Make it a good week folks! - Paul
Flip rules
I learn (usually too late) how flip rules frustrated a sale or refinance. This is what you can do to minimize, or avoid the effect of flip rules:
1. Structure the flip project so that the added value at time of resale can
be recognized.
2. Avoid conflicts of interest as defined by under mainstream lending
programs.
3. Select the right loan program to finance the resale
4. Do not involve lenders that apply additional conditions.
(Involve me right from the start, and none of this will be an issue -P)
How to become a private money lender
Yes, you can become "the bank". You may be surprised how simple, safe, and profitable this can be. You need: Good investments - and cash :)
Investments
I have a narrow focus on fix-flip projects at the moment because that is where the opportunies and returns are. Information.
Raising the funds
You can invest from cash on hand or liquid investments. If you need to raise funds a Heloc or fixed rate mortgage may be an option. Apply.
Self-Directed IRA
IRA money lending is a legitimate way to use an IRA, an option not promoted by securities dealers for obvious reasons. Here are links for two prominent self-directed IRA services: Pensco Trust Company, and Equity Trust.
Bankrupt due to identity theft?
Unbelievable, but true. I come across identity theft victims all the time. This week I helped an 80-year old couple that went bankrupt due to identity theft. You may want check the two major providers of Identity Theft Protection Services: LifeLock and TrustedID. If not for you, protect your elderly friends and family!
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"Well done is better than well said."
- Benjamin Franklin
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