Daniel Lloyd, Real Estate training (Issue Records)

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Rainmaker
382,467
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I know of several who use this.  Usually a higher interest rate, but no appraisal and no issues with draw requests. During the recession, these were the people who kept new construction going in our town (and made a bundle of money doing it!).

Oct 31, 2018 10:26 AM
Rainmaker
2,423,272
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hard money is expensive...Plus they require security for the loan

Oct 31, 2018 10:03 AM
Ambassador
4,054,019
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Many of my early investments were financed with private financing.

Oct 31, 2018 10:29 AM
Rainmaker
1,024,052
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not.

Oct 31, 2018 06:26 PM
Rainmaker
5,262,294
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Yes. These transactions are often land deals that can be difficult to finance.

Oct 31, 2018 12:07 PM
Rainmaker
983,928
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

cash, quick closing.

Oct 31, 2018 10:41 AM
Rainmaker
732,084
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I have not but know of people who have

Oct 31, 2018 10:34 AM
Rainmaker
2,971,618
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I hve not.

Oct 31, 2018 10:32 AM
Rainmaker
2,763,009
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I have not. 

Oct 31, 2018 06:05 PM
Rainmaker
526,320
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

I have not.  Advantage may be that it is an unconventional property.  Disadvantage is that interest ratee may be higher.

Oct 31, 2018 05:44 PM
Rainmaker
1,210,414
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.

Oct 31, 2018 04:07 PM
Ambassador
1,610,853
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The term private investor is a bit too broad to answer this question.

Oct 31, 2018 02:55 PM
Rainer
221,871
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Private investor looks at the property - "Do I want to own this after the buyer defaults and messes it up?" With large down payment and high interest rate they close fast in 5 days.

Bank takes 45 -60 days and is picky

Oct 31, 2018 02:31 PM
Rainmaker
349,160
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I have not.  I'd be very careful in selecting a partner in a business transaction.  Everything should be in writing between you and your partner and I would suggest having an attorney.

Oct 31, 2018 12:50 PM
Rainmaker
3,164,988
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Usually a hard money situation with a big downpayment and high rata

Oct 31, 2018 12:40 PM
Rainmaker
442,346
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Sorry ... I have not.

Oct 31, 2018 12:09 PM
Rainmaker
1,563,250
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I have not Daniel Lloyd .

Oct 31, 2018 11:08 AM
Ambassador
3,981,938
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have and the rate is always higher but if the buyer has no other options and is determined to buy, it is a way to get the job done.

Nov 01, 2018 07:05 AM
Rainmaker
2,940,637
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I work with hard money all the time. It is quick, it costs more but opens opportunity. It is for short term, most often buy, fix and sell. It should never be used on something you will keep and especially if you will live there, 

Nov 01, 2018 05:16 AM
Rainmaker
1,817,056
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

no, I haven't

Nov 01, 2018 04:24 AM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Nov 01, 2018 03:28 AM
Rainmaker
1,477,456
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

If they are willing to pay higher %, it makes no difference to me. Private or hard money investor money is the same as cash= quick closing, usually no contingencies. 

Oct 31, 2018 11:42 PM
Rainmaker
1,446,263
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Sure, many times. Hard money lenders.

Oct 31, 2018 08:50 PM
Rainmaker
1,022,897
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

No, never. Most buyers, Daniel, in our are cash buyers.

Oct 31, 2018 08:13 PM
Ambassador
3,183,831
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

The pro - typically no appraisal is necessary.

The con - the interest rates are quite high.

Oct 31, 2018 07:39 PM
Rainmaker
4,866,958
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I've never used private financing ..... I have builders who have large lines of credit to tap into through a private investor....

Oct 31, 2018 03:46 PM
Rainmaker
4,310,474
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

You have wonderful answers. A

Oct 31, 2018 02:02 PM
Ambassador
2,344,089
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 More than once.

  Advantages to the investor who loans the money:  a higher return on their money, secured by real estate.

  Advantages to borrower:  No "underwriting" to go through, no points or fees.

  Disadvantage to borrower:  Higher down payment, higher interest rate (a couple of points over market).

Oct 31, 2018 01:51 PM
Rainmaker
1,134,984
Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

Not recently. Mostly cash buyers or conventional financing. 

Nov 05, 2018 08:40 PM
Rainmaker
3,063,681
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

never have unless you are talking about my cash buyers that do fix and flip.

Nov 05, 2018 04:43 PM
Rainmaker
4,019,713
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not, but have listings where the investor used a hard money lender.  Very expensive.

Nov 04, 2018 07:26 AM
Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

i tried several times but they were just to expensive,.

Nov 02, 2018 07:36 PM
Rainmaker
4,796,451
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

No.

Nov 01, 2018 07:39 AM