Скачать или смотреть The Pre-Funding Process for Private Money Lending

There are many things to note and remember when you’re lending private money and they’re all important if you want to protect yourself from any issues you may encounter down the line.

Watch this video to learn more about the pre-funding process and the things you need to remember when you’re lending private money!

Key Talking Points of the Episode

[00:00] Introduction
[00:37] What does the pre-funding process look like?
[01:22] How should you prepare for private lending with your SDIRA?
[02:08] What should you remember when wiring funds you’re lending?

Quotables

“You’re gonna make sure the scope of work and timeline is right. If you really want to, you can call the contractor. A lot of people don’t do that, but you can make sure that everything is what the flipper says it is.”

“You wanna review the title work and make sure that there’s a clean title to that property when it’s being purchased.”

“You want to have a term sheet with the borrower, that sometimes could just be as simple as an email or it can be an executed contract where all the terms are laid out and that you all agree to the terms before you move forward.”

“If you’re working with your self-directed IRA, you’ve got forms for the custodian that need to be filled out, so anytime you’re going into a loan and you’re doing it with your self-directed IRA, add at least a week onto the timeline you think you need to fund that deal.”

“Once everything is ready, you’re gonna wire the funds, or your IRA custodian will wire the funds if it’s coming from your IRA.”

“Never wire money without calling the person and don’t get the number out of the wiring instructions. Independently get their number, call the title company or whoever you’re wiring the funds to, and confirm those instructions.”

“As importantly, when money is being wired back to you, require the sender to call you to confirm wiring instructions.”

“Once the funding has happened, you wanna confirm that the borrower signed all the documents, that the funds made it to the escrow agent.”

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