Hello Lender nation and welcome to episode 119 of the Private Lender Podcast, I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today.
If you’re looking for practical tips and advice on Private Lending and how to keep your money safe as a Private Lender, then you are in the right place. But if you want to learn from my mistakes so you can avoid them, well then pull up a chair and pour yourself a drink my friend, because this podcast is just for you!
In today’s episode, we will cover a few items of due diligence every Private Lender should perform if they do not utilize the services of an escrow or loan servicing company.
But before we launch full speed into today’s episode, I need to perform a little housekeeping of my own.
Guys, I have not been producing much content lately. I mean, I’ve been quiet over the last 12 months - I didn’t produce one episode in February of 2021.
I could blame a lot of things such as Covid, kids, divorce, death in the family, additional family drama, anxiety, depressive episodes and let’s not forget Texas became an ice cube for a few days recently.
But the truth is this: I chose not to produce episodes, or content, or the Private Lender Academy that I’ve been threatening you with, since forever.
I didn’t consciously choose NOT to do anything, but I now see that I chose to stay with the familiar feeling of procrastination due to a failed sense of perfectionism. Meaning I chose to stay in my comfort zone and watch the world go by as I wondered why I wasn’t making any progress toward my goals.
Well, I hope I can say I’ve finally gotten off my ass and put that mindset behind me. So let’s gets going and do some housekeeping:
PLP Facebook group: Private Lender Podcast (public)
https://www.facebook.com/groups/674936429994760
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Then head over to PrivateLenderPodcast.com/ink and learn how you can get started in lending with my friend Paul over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan, and put your money to work for you. They even service the loan on your behalf - that’s about as passive as you can get
If you would like to learn more go to PrivateLenderPodcast.com/ink
Ok, let's get down to the brass tacks -
t is now March, and time for us Private Lenders to perform a little due diligence.
1- Did you send out 1098’s or mortgage interest statements in January?
2- Were the property taxes paid by the end of January? Public record, so you can confirm this via the web in most counties in the US.
3- Insurance premiums paid?:
a. Property
b. Windstorm
c. Flood
d. Seismic
4- HOA dues paid?
The 4 previous points are performed on your behalf if you use an escrow or loan servicing company. This is why I suggest as a private lender you should utilize these services because they make your life easier and the borrower pays for the service!
It is a condition of retail mortgages and all my Private Loans that the borrower stays current and...
