It would be only on homes in zips 90274 or perhaps 90275.
Thing is, and this might seem a bit odd or like really odd.
I’m not at all interested in getting my money back.
No I am not going to lending to readers of this blog unless in those zips.
I would only lend on a house I would be interested in owning and at some future date moving into.
Question is what is a fair interest rate to ask on say a loan up to 200K.
I know about title reports, not to be a 3rd or less and holding foreclosure sale as far way from property and still be in same LA county.
And is there any reason I would care about borrowers credit report as my plan is that borrower does not make his payment on time so I can foreclose?
Oh and if I only get interest and loan is repaid I’ll have to deal with it.
If the buyer quits making loan payments then there are probably other problems happening with the house. Maybe it is getting trashed. Appliances stolen. Water leaking and destroying the floors. Mold growing. Meth labs contaminating the building. Windows broken.
All of these things are going to cost thousands to fix. That impacts the equity you would foreclose on.
So I am not following your plan for being a hard-money lender for houses that you want to foreclose on. Maybe I am missing something?
cheaper and safer to lend on well established investors that know what they are doing. At least they’ll have a vested interest in keeping the properties up and secure
rhlender - are you trying to get other people to pay part of the purchase price of the house through their down payment? They get the loan from you, make their down payment, than they can’t affor to repay you, and you foreclose on the property… Very smelly business…
I respect the fact that you are trying to find a deal. You may want to use a bird dog to find you a deal. This way you get your deal and nobody gets hurt.