OfflineI have found some amazing deals in PA and I'm looking for someone to fund it. I offer a veery generious interst rate so its a win/win for everyone. I'm willing to pay a 25% interest rate. I'm just getting started and trying to build my portifolio and I would greatly appreciate you helping me out. I hope to hear from you soon. Thank you and remember to enjoy your day.
Heather
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up % rates you need to make sure you're not breaking your state's usary law. In CA, if you don't have license you cannot offer more than 10%. All these investors who are offering 12%, 15%, 18% are actually breaking laws in their state.
Thank you. I was not aware of that. I thought if someone was lending it to me privately I could offer them any percentage I like
I think the usuary rates come into play when you are CHARGING an interest rate
on a contract for deed for example. Not if you are giving interest. Just my 2 cents.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
the usuary rate applies to everyone who is loaning money and using legal documents to secure it. If I want to give a private money lender some of the profits at the back end, CA considers it securities which means I have to register with the state and be licensed.
I didn't know that! Thank you so much for posting this information on % rates! I had heard the word usury but didn't know what it meant so I looked it up on Wikipedia:
From Wikipedia, the free encyclopedia
...originally meant the charging of interest on loans. This included charging a fee for the use of money, such as at a bureau de change. After interest became acceptable, usury came to mean the interest above the rate allowed by law. In common usage today, the word means the charging of unreasonable or relatively high rates of interest. ...
Thank you again!
Jill
"When we are grateful, fear disappears and abundance appears." ~ Anthony Robbins
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." ~ Napoleon Hill
Jill
Kimmy,
Leave it to CA to be the difficult state yet again!... lol
(sheesh! I'm moving to AZ!)
"When we are grateful, fear disappears and abundance appears." ~ Anthony Robbins
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." ~ Napoleon Hill
Jill