I have about 600k from selling a couple of properties that I want to start Hard Money lending…however it has taken me a lot of work to build up this equity and I don’t want to lose it…I want to be careful going into this…
Should I be using a Title Company to Record my HML liens? Can I do this myself?
What is the max LTV I should use? I have access to comparables in my area so I can see what things are selling for…but should I pay for an appraisal on all of these deals so I know what LTV I am working with?
Is it better to lien both the subject property as well as another property to secure the money?
Is there any way I can have the property held in Escrow so that if the borrower does default on the HML I can just have the property immediately deeded over to me without having to foreclose?
Thanks for your time…