Mat, Mark, and special guest Aaron Halderman, SVP Directed IRA and publisher of the Noteworthy Newsletter discuss private lending basics with an IRA or solo(k). They go over secured versus unsecured, documents involved (note, deed of trust or mortgage), common terms/rates, legal considerations, how Dodd-Frank applies, and the basic self-directed rules and process when making lending investments from a self-directed IRA or solo 401(k).
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I just spent the last 2.5 years digging my father in law out of his SDIRA nightmare bec he failed to complete due diligence for years with many loans. Complete disaster! Massive money lost all bec he thought he could handle this on his own. A smart SDIRA manager is essential to protect careless people from themselves.
Great video! Would love to see a hard money lending on boats/repairs .
My first statement was not correct. I meant to say that it is my understanding that a hard money lender in Arizona is not allowed to charge points unless they have a mortgage broker's license. You can loan all the private money you like in Arizona without a mortgage broker's license as long as no points or fees/charges that could be considered points are assessed.
I have loaned hard money in Arizona for 5 years. It has always been my understanding that a private lender is not allowed to loan money in Arizona without a mortgage broker's license. In addition, it it is my understanding that Federally the Dodd Frank act does not allow any private party without a mortgage license to lend to an owner occupant of a residence. This webcast seems to violate both of those rules. What am I missing here?
Awesome video!
This was an excellent video. Very informative with lots of good information for new investors ho are thinking about hard money lending.