Private Mortgage Investing - Be Surre To See The Property Yourself
Whenever you decide to lend money privately on a mortgage, it is imperative that you check out the property yourself. Anyone can give a glowing description of the home that simply does not state the whole truth. The home may be located in an area that has a great reputation, but that should not be enough for you. What if the house is run down? What if the house is far smaller than you believed based on the description. What if the house, though in a desirable neighborhood, is not in a great location in that neighborhood - ie next to community dump or a loud roller blading park? Look inside the home as well.
You are lending money and your money will be safe if your loan to value ratio is not more than 70%. The only way you can know this for a fact is to see the home yourself!
Comments(0)