The Private Lender Podcast

"let thy motto be 100% of appreciated value demanded for each coin spent"

Click here for the Private Lender Podcast Facebook Group

Hello Private Lender Nation and welcome to episode 117 of the Private Lender Podcast and the first episode of the year 2021. I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today, and I hope my voice finds you doing more than well. 

If you’re looking for practical tips and advice on Private Lending and how to keep your money safe then you are in the right place. But if you want to learn from my mistakes so you can avoid them, well then pull up a chair and pour yourself a drink my friend, because this podcast is just for you!

This will be the first episode of 2021, and probably one of the least controversial. But before I say something to get me canceled, I would like to take a minute for some housekeeping:

Private Lender Podcast Facebook Group

If you like the idea of private lending but find yourself a little hesitant to begin then click HERE to get your feet wet with the help of a professional Hard Money and Mortgage lender.

www.privatelenderpodcast.com/ink

My friend Paul Lamnatos is ready to answer any questions you may have and help you get started on your Private Lending journey. Click the link on the webpage and provide your email address and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state! 

2020 is now over, and we Private Lenders have some of our own housekeeping to perform.  

The 1098

Even though the private loans I speak about are business loans, they are still considered a mortgage. Thus the lender is required to file IRS form 1098 and provide it to the borrower, indicating the amount of interest paid on the note over the course of the previous year. 

·        $600 or more of interest collected (including points charged).

·        Remember, points count towards the Usury limit in your state. 18% in TX

·        Must file and provide to the borrower no later than 31 January 2021

If you have your private loan serviced, which I strongly recommend you do, the note servicer/escrow company with do this for you and mail and/or electronically deliver the forms to you borrower.

I personally have one legacy loan with my partner Landon that I didn’t demand the use of an escrow/servicing company.

Here are some options if you don’t use a note servicer/escrow company:

·        Your CPA

·        Accounting software

·        Quickbooks or TurboTax

·        Online services

I just found 8 websites from a Google search (excluding Quickbooks and TurboTax)

The second order of housekeeping is the Fair Market Valuation for any investments, including notes, private entities, and real estate in your Self-Directed IRA.  

1. Real Estate – Appraisal, Broker’s Price Opinion (BPO), County Appraisal Value.

2. Note – If amortized, attach the amortization schedule. If interest only, simply state the current principal value in the “EOY 2020 Market Value” box and that the note is interest only in the “Comments” area.

3. Private Entity – A letter from a managing member on letterhead...

If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth outside of banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, well then pour yourself a drink my friend, because this podcast is just for you!

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This episode is going live on December 21st, 2020 – the longest day of the strangest year I’ve seen in my few orbits around the sun.

Before I get to the housekeeping, I would like to take a moment and say thank you. Thanks for sticking with me this far, and I hope you stick with me even further as we boldly go into 2021. 

Housekeeping:

Join the Private Lender Podcast Facebook Group

https://www.facebook.com/groups/674936429994760

Did you know there is an easy button to start your private lending journey? If you are a bit unsure of making your first private loan, you can partner with my friends over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan, and put your money to work for you. It’s about as passive as you can get!!

If you would like to learn more go to PrivateLenderPodcast.com/INK, click the link, enter your info and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state.

OK, let’s get down to the brass tacks, right to the heart of today’s topic which is another lesson taken from the book The Richest Man In Babylon. Why am I doing this you might ask? Because there is no secret to building wealth, but there is a price that I believe very few of us are willing to pay, which includes hard work, unwavering determination, no guarantees, and nothing but uncertainty.

You can see examples of not paying the price for that which we so desperately desire.

I’ve seen it in my family, my friends and sadly I’ve seen it in myself. Remember ya’ll, my truck was repossessed when my wife (at the time) was 3 months pregnant with our first child.

That’s why I love the book the Richest Man in Babylon and the lessons found within it. These are time tested principles for building wealth. They are not get-rich-quick schemes. They are not “hacks” for you to avoid putting in the work and developing the discipline necessary to build your estate, your wealth. There is no cheat code to working for it – and nor should there be!

These principles and lessons are quite simple, but that doesn’t mean they are easy to implement or to continue for your entire money-earning life. But if you start good habits now, you will have a strong financial base from which to make future decisions. And you will build the discipline necessary to reach your goals and then some!

Last month we began with the first of 7 cures for a lean purse, or small savings/investment account/wealth. 

And today we will discuss the first of 5 laws of gold, which fits hand in hand with the first cure for a lean account.

The First Law of Gold. The First Law of Wealth.

Original:

Gold cometh gladly and in increasing...

Hello Private Lender nation and greetings from what used to be the energy capital of the world – Houston, TX. And welcome to episode 114 of the Private Lender Podcast, I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today. 

If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth without banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, and save yourself thousands of dollars and heartache in the process – well then pour yourself a drink my friend, because this podcast is just for you!

Let’s start with 400lbs gorilla in the room – where have I been? 

Well, let’s just say that while mother nature has not been kind to the united states this year , she’s been kind to my wallet! Let me just say that business is booming!

Which is great for me, but when you pray for rain, you have to deal with the mud. So that means I’ve been on the road traveling more, seeing my kids less, and sitting elbow to elbow with people on airplanes, all while maintaining proper social distancing, as mandated by the airlines!

Happy to be back home, and get back behind the mic, and back into the episode groove! And I’m happy to say motivation is flowing back and work on the PLA continues – albeit slower than I would prefer! I think I might drop a surprise episode into the mix soon so keep listening for more info.

Housekeeping:

1 – PLP Facebook group: Private Lender Podcast (public)

Go to Facebook and search for the Private Lender Podcast group and click the

https://www.facebook.com/groups/674936429994760

Show notes page for the link

2 – did you know there is an easy button when it comes to starting your journey to becoming a kick-ass Private Lender? Yep – there is. You can partner with my friends over at Ink lending and fund their loans on properties right here in the Houston area, in one of the most lender-friendly states in this great country of ours! That’s right, Paul Lamnatos and his team vet the deals, underwrite the loan and put your money to work for you – about as passively as you can get – they even service the loan on your behalf! You don’t have to be like me rushing to file 1098’s and other tax documents on January 31st at 11pm. . . .every year! 

If you would like to learn more go to PLP.com/INK, click the link, enter your info and Paul will reach out to confirm a time when you can speak to him about Ink’s lending criteria, their loan process, and how you can begin profiting from loans on properties located in the greater Houston area – in a very lender-friendly state.  How’s that you ask?

Texas Foreclosure Facts: 

·        Non-Judicial

·        2-3 month process

·        NO redemption period

·        Deficiency Judgements are allowed

Once again go to PLP.com/INK

OK, so here we go! Today marks the first in a series of episodes that are based upon the lessons found in the book The Richest Man in Babylon written by George Samuel Clason. If you haven’t read this book, then as your presumptive power of attorney I suggest you get a copy and read it immediately. Purchase or go to your local library and check it out today!

I was given a copy when I joined a 2-day REI mastermind about 6 or 7 years ago. Steven Kaufman of episode no’s 1 and 100 fame led the mastermind, and it...

Hello everyone and Greetings from the energy capital of the world – Houston, TX. And welcome to episode 113 of the Private Lender Podcast, I’m your host, Keith Baker and I’d like to thank you for sharing your time with me today.

If you’re looking for practical tips and advice on Private Lending and how to build and maintain wealth without banks or wall street, then you are in the right place. And if want to put the power of a bank in your retirement account, you should probably pull up a chair. But if you want to learn from my mistakes so you can avoid them, and save yourself thousands of dollars and heartache in the process – well then pour yourself a drink my friend, because this podcast is just for you!

How’s it going Lender Nation? Wow, here we are at the beginning of the fourth quarter 2020, which has been arguably the most bizarre year in recent memory. I hope you are well and that you are doing more than just surviving in this Coronavirus universe that’s filled with pandemic fear, politics, and sensational media coverage because even the Weather Channel had to go really sensational to compete with the shit going down in this great country of ours.

OK, back to drinking – so after you’ve pulled up your chair and had a drink, I want you to set it down on the easy button to beginning your private lending journey.      What’s so great about that?

A seasoned professional lender vets the loans for you, who only lends in their backyard (the greater Houston, TX area). Fun Texas Foreclosure Facts:

• Non-Judicial
• 2-3 month process
• NO redemption period
• Deficiency Judgements are allowed

Go to PrivateLenderPodcast.com/ink to learn more about how you can hit the easy button and begin your private lending journey by letting Paul and folks at INK Lending vet the loan for you, on a property in a lender-friendly state.

I have a bit of an announcement, or perhaps a re-announcement.

I’m finally stepping into the 21st century – excited to say! After being asked by a few listeners including Steve Hiltabiddle (thank you guys) I am embarrassed to announce that I forgot I had previously created a Facebook group for the Private Lender Podcast but haven’t pushed it forward and have seemingly left it to die. I just admitted a guy who applied 6 weeks ago – that’s my Homer Simpson moment – DOH!

But now I am bringing it back, pushing awareness for the Private Lender Podcast FB Group and hoping you will join me there if you haven’t already. This is a public group but You will need to answer a few questions before being granted access.

However, once you are in you will be in a community of private lenders and other like-minded people, and your popularity is guaranteed to increase immediately. Once your membership is approved you will be able to ask questions, bounce ideas off other lenders, ask for references for service providers, vendors, etc.  And I will be posting more useful things hopefully a little more often – well that’s my plan!

Go to Facebook and search for the Private Lender Podcast group and join

https://www.facebook.com/groups/674936429994760

OK, let’s get down to the brass tacks of episode 113.

In Episode 111 we began building your foundation of...

Seven Core Values

1. ROI - Return OF Investment
2. ROI - Return ON Investment (Profit)
3. Integrity
4. Discipline
5. Creative Initiative
6. Take responsibility and be accountable for everything
7. Always Learn More

" And you who philosophize disgrace and criticize all fears

Take the rag away from your face. Now ain't the time for your tears."

from "The Lonesome Death of Hattie Carroll"

- Bob Dylan

Stay safe out there!

-k