It was just a short couple of months, but Hard Money Loan #6 is closing sometime this month. No late payments and everything is in good standing. We got a call from a title company asking for a payoff amount, so the property is in escrow and will be sold. I should have my funds back by the end of the month.
There is also another apartment investment opportunity on the table right now. This is another apartment complex in the Houston area and is being offered by the same group that found Multi #1. The terms are close to the same and in other circumstances, I would invest in this property. However, this investment only distributes profits quarterly and right now I am looking for something with a monthly distribution. That likely means another mortgage on a single family home, like HML #6 was. I also like having a combination of short term and long term investments. The apartment investments are typically for 3 to 5 years while the hard money loans are 1 year or less.
Tuesday, February 10, 2009
Hard Money Loan #6 Wrapping Up
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3 comments:
hello Shaun,
Is there any more information you can give about the second Apartment opportunity? I would be interested in learning more possibly investing myself.
Thanks,
Justin
Unfortunately, I don't think so. These investments cannot be marketed to the general public due to securities laws and you must be a qualified investor to take part.
ahh,
Thanks for the information anyway.Great blog by the way.
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