I had lent out some money to a developer at 24% [2% per month] over the year and a half. Every month around the 7th I’d get my 2% like clockwork. Easiest money I never had to work for! The money was secured by a trust deed on the property.
Sadly those days are coming to an end. I was notified that he was either going to refi and pay us off or put us on some other scheme where we get 12% plus 20% when the project is completed.
Since I’m sending my mom some money to buy an apartment, I opted to get my money back. But it was good while it lasted. But in a few months I’ll be selling one of my houses and freeing up some capital and will have to look for more ways to get a good return.
I’ve also given some money to a developer in Arizona. He doesn’t pay any interest but after 18 months starts paying us off at the rate of 80% total ROI. Its been a year already. Hope he doesn’t go BK on me!!!!
Anyone else doing private money lending?