Private Money Lending Business

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Private Money Lending Business

Рет қаралды 18,299

Darren Voros

Күн бұрын

Пікірлер: 21

@vladtepes481 2 жыл бұрын

I knew a couple of Sicilian guys that lent money when I was a kid. Their collection department employed a lot of very big guys.

@DarrenVoros 2 жыл бұрын

Haha. Everyone has their own system they like to use.

@MyTechniqueWorks Жыл бұрын

@@DarrenVoros Hi Darren, what's the main reason that Traditional Lending business is not recommended? Is it because of too many rules/regulations etc? Like I live in State of Virginia. It says to have atleast $200,000 in funds in order to start traditional lending business. I do have that and I do know how to apply for lender license in Virginia. But I do not know anything else. Is it still recommended to do private lending instead of traditional lending?

@catchapatcha 2 жыл бұрын

Beautiful! So much information, clear AND ordered! What is the general minimum amount to start lending?

@ghlu7694 4 ай бұрын

Hi Darren, Can I use the money I have in my TFSA for private lending. Do I need to incorporate my company? How would CRA treats the interest earned as it is being earned on the funds from TFSA?

@ComJShepN7 2 жыл бұрын

Hey Darren! How much cash would you need to start doing private lending? It's something I might do in the future after I have more properties and am curious what it takes to get started.

@DarrenVoros 2 жыл бұрын

There's really no minimum amount. But to register a mortgage on a property, most of the time you'll need to be in that $50k range for it to make sense.

@Xterminatorr 8 ай бұрын

Hello, I have a very important question about this. Its about my entrepreneurship class. How much equity should I offer for $50,000 to start a mortgage money lending business? This is just a project but I need a realistic stake.

@eschrader 2 жыл бұрын

You look like the new bachelor host

@DarrenVoros 2 жыл бұрын

Haha thanks. I'll be honest, I've never seen an episode but I'll take your word for it.

@loopzmelendez3891 5 ай бұрын

Does this apply to commercial lending as well??

@DanielCastro-hl7vv 4 ай бұрын

Does a license is required for hard money lending?

@yolandasalazar2863 10 ай бұрын

Hi Darren! I have been a hard money lender as of Jan 2023 I have made about $35 k IN INTEREST so far, how does this income get reported? I lend via LLC.

@theindivisible 6 ай бұрын

interest income. talk to your accountant