Posted by Arthur on March 25, 2003 at 17:47:52:
agree with Linda. And, i take it its 18% p.a. So, if you lent someone $1000 and they paid you back 6 months later, then you would make the handsom sum of $90.
I am sure there are better things you can do with your time and money to make some $$$
Just a thought, but wouldn’t buying tax liens be easier? Some states pay a fantastic rate.
any one doing this…? - Posted by Bob
Posted by Bob on March 24, 2003 at 10:01:31:
I have the opportunity to make small private loans between the amounts of 500 and 1000 dollars…I can secure these loans with a lien on the property and charge 18% interest. Is this worthwhile? Is this just not enough money to make it worth the effort. These will be short term loans, so I can just do them over and over…any one got any ideas on this? Thanks!
Bob
Re: any one doing this…? - Posted by ae_trading
Posted by ae_trading on March 24, 2003 at 12:22:44:
Considering the amount of interest earned in such a small time frame it is a worthwhile venture. But, you are not going to really be making much money until you make it a super high volume business.
-AE
Re: any one doing this…? - Posted by Linda - CA
Posted by Linda - CA on March 24, 2003 at 10:51:40:
It just seems like an awful lot of work to go thru the motions of putting liens against the property, etc. for such small amounts. If they default, it almost seems not worth the time and effort of trying to collect. Just my two cents.
Linda