note investing: Michigan Hard Money - Order a Desk-Top Appraisal First - 10/10/10 10:19 PM
 
As I'm sure many do, some of my experiences in business (or life) becomes a story to pass on to friends, clients and business associates, hopefully we can learn something from each other when we share these tid bits.  Here's one I'd like to pass on to you.

My business has been private mortgage loans, sometimes known as "hard money" for the past 24 years and in our type of lending it's all about the appraisal.  With values all over the place (mostly low) the independent appraiser we use has suggested we ask the borrowers to order a desk-top appraisal first to find a probable value before we … (2 comments)

note investing: Hard Money and Self-Directed IRA's - 05/22/10 09:24 PM
My question is, why do we rarely read or hear anything about the Self-Directed IRA industry?  I moved my 401K from my prior employer in 1989 into a Self-Directed IRA where I can invest in private investments like private mortgages, which I personally prefer over the traditional stocks and bonds, mutual funds, etc.  There are several Self-Directed companies, like Pensco Trust Co., Equity Trust Co., Guidant Financial Group, Entrust, Sterling Trust Co. and others who only perform custodial and administrative duties, they can't advise or direct you.  Because I've worked in Private Lending since 1986 Private Mortgages are what I know and … (2 comments)

note investing: Hard Money Investor Expectations - 01/30/10 10:49 AM
If you're looking into buying mortgage secured Hard Money Notes, or any type of Note for that matter make sure you receive as much information as possible.  When buying mortgage Notes you should require all of the information a conventional lender would expect, a recent property appraisal, full loan application (1003 is best), borrowers credit report, income documentation, title insurance commitment or policy, and all of the borrower's loan documentation, ie: Note, mortgage and disclosures.  Make sure you receive assignments for both the Note and the Mortgage, the later must be recorded.  The more information you have the more likely you'll be able to … (0 comments)

note investing: Detroit Hard Money Investment Note that's available for sale, short term bridge-loan 1st mortgage at 15.9%. - 01/24/10 05:08 PM
Metro Mortgage Investments LLC has a new 1st Mortgage Note available for sale.  We are a Michigan licensed mortgage lender, originating, processing, underwriting and selling short term investor bridge-loans on houses in and around Detroit, self-directed IRA's are welcome.  Our latest 1st mortgage Note that's available is $90,000, the house is 5,034 sq. ft., 4 bedrooms, 4.5 baths, 4 car garage, built in 2006 in a gated community and recently appraised for $195,000, that's 46% LTV on the CURRENT VALUE.  Along with our 1st mortgage our borrower brought in $73,000 cash to close on this purchase, middle credit score 700.
Due to … (0 comments)

note investing: Diversify your portfolio with a Secured Investment - Hard Money Mortgage Notes - 01/03/10 06:21 PM
Hard Money 1st Mortgage Note, $30,000 bridge loan for a real estate investor, 13 month term, 46% LTV, 15.9% rate!  Please consider these details:
Here's the information on our latest 1st Mortgage Note. The loan amount is $30,000, the house appraised for $65,000 after-repair-value, that's 46% LTV.  Due to the lack of available lenders real estate investors are willing to pay higher rates, the rate to the Note buyer is 15.9% ($397.50 a month), term is 13 months and 3 points ($900) are paid back to you when funded.  Taxes are impounded with mortgage payments through the servicing company, servicing management is … (0 comments)

note investing: Hard Money Investing 101 - 12/19/09 02:40 PM
An investment not mentioned often enough is Hard Money Notes, and I would suggest sticking with individual 1st Mortgage Notes secured by real estate (not a pool or fractionalized interest, I'll explain why in my next article).  Many Mortgage Note investors have been real estate investors in their past lives but are now looking for a more passive real estate investment.   
Purchasing the right Mortgage Note is the trick.  Do you want high returns with a security feature such as an investment property?  If so, then Hard Money 1st Mortgage Notes are what you should consider.  You can find individual Notes as small as $15,000, … (0 comments)

note investing: Video on Private Hard Money for Real Estate Investors - 09/19/09 09:18 PM
Copy and paste the following link into your browser - http://www.youtube.com/watch?v=HsmIPgWyc4Y
Or, just go to YouTube.com and type "HardMoneyMi" into the search field for several videos on Hard Money for Real Estate Investors, Using a Self-Directed IRA for Investing, How to Price the Rehab Project and Hard Money as an Investment.
Trent Dalrymple
Metro Mortgage Investments LLC
Trent@HardMoneyMi.com
(248) 547-3006
 
 
 
 
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note investing: Banks or Investment Advisors, what they don't want you to know about your IRA! - 09/12/09 05:14 PM
One of the most misunderstood and under-utilized IRA's is the "Self-Directed" IRA.  Here's why: a true self-directed IRA will be one that allows you to purchase Private Mortgages, investment property or invest in private companies.  These are different than the IRA's offered at your bank or investment broker's office that provide the usual stocks, bonds and mutual funds.  Here are a few Self-Directed IRA custodians:
Pensco Trust www.penscotrust.com
Guidant Financial Group www.guidantfinancial.com
Equity Trust Company www.trustetc.com
The Entrust Group www.theentrustgroup.com
Once you decide on your custodian you can roll-over your 401(k) from your previous employer or transfer your current IRA and start making an annual return of 14.9% … (7 comments)