Pikes Peak Homes Buyers buys several houses each month in Colorado Springs. We usually pay cash for these houses using Private Lenders instead of using banks, allowing Private Lenders to earn 10-12% on their money.
Usually, the money we borrow is secured by a first lien and deed of trust and our Private Lender will earn 10% interest. Terms on loans are 4 month to 9 months typically.
Sometimes we borrow offering a second deed of trust. For example, if there is a first mortgage on the property, then we can offer our Private Lender a second mortgage. In the case of a second position, we pay 12% interest.
To invest, we would need to first know how much you are looking to tie up and for how long. We would then look for a deal that meets your criteria. Once located, we would call you, give you all the details and then you would decide to participate or not.
There is never any obligation until you approve the deal.
We never pool Private Lenders’ funds together. That means one investor — one note and deed of trust.
When you decide on a deal, you will send your funds directly to the closing agent at a local title company when we are ready to close. We will never accept your funds directly.
The houses used as collateral will usually be located in El Paso, Douglas and Teller County.
If you have funds in a retirement account, you can use them to invest. The IRS reqiures the use of an approved custodian to qualify for tax deferred or tax free gains. There are several companies that can handle this custodial service. One I recommend is www.IntegrityBankandTrust.com to create a self-directed real estate retirement account.
We can discuss this with you in more detail.
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