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Not at all tech related, but my friend and I loan money for mortgages to people who likely wouldn't be able to get one from a bank. Mostly fix and flips, intere
by EpicEng 7y ago
Not at all tech related, but my friend and I loan money for mortgages to people who likely wouldn't be able to get one from a bank. Mostly fix and flips, interest only, two year term. Make 12% on each one.
- iends 7y ago12% a year?
- EpicEng 7y agoYeah, it's a mortgage. Interest only though, so it's a flat 12% / 12
- monoideism 7y agoWhat happens is they haven't sold at the end of the two year term?
- EpicEng 7y agoSometimes they pay it off, sometimes they extend. Defaults are rare, and we're first in line.
- monoideism 7y ago> Defaults are rare, Because we've been living through a lengthy real-estate boom that will likely bust in the coming year or two. I'm sure you've kept that in mind, but that's the reason defaults have been rare. I like the idea, however. How do you find your flippers?
- throw03172019 7y agoInteresting! How did you get into this and how much capital was needed to start?
- ks1234 7y agoHow did you find these deals? Did you find them directly or through a service like Patch of Land?