I found a nice rehab in my area the other day listed at $289,000.00. I calculated the ARV at $425,000.00. It needs $70,000 +/- worth of rehab. I offered the bank $249,000.00. The agent told me they already had multiple offers and turned down a cash offer over $265,000.00. Without getting into a bunch of [...]
Filed under: Financial Advice | Comments Off
This is another hotly debated topic in the world of hard money lending and a question we are asked 20 times per day. I will give you our answer from a hard money lender’s perspective (based on risk and underwriting). If you have questions about your State’s lending laws, please consult an Attorney. Short answer: [...]
Filed under: Financial Advice | Comments Off
If you have been around hard money lending for any time at all, you probably know Leonard Rosen. And if you have thought about getting into hard money lending for yourself, you have most likely considered going to Leonard’s private lending training seminar in Las Vegas. In fact, that is exactly how Hard Money Bankers [...]
Filed under: Financial Advice | Comments Off
There seems to be a natural progression for a real estate investor: - First, he gets some education, overcomes his fear, and nervously buys his first residential investment property; - After gaining some confidence and doing a few deals, he moves up in volume, gets a web presence, and starts talking to his wife about [...]
Filed under: Financial Advice | Comments Off
So you have an investment property that you have been renting and even at today’s value has a market value higher than your basis; how can you minimize some of that gain? Prior to December 31, 2008 there was a significant ability to reduce those gains by just moving in for two years. In fact, [...]
Filed under: Financial Advice | Comments Off
I had it on my calendar yesterday to do my annual Game Planning Session and although the snow around DC delayed my start time, I was still able to get it done. And by the way, I call it “Game Planning” instead of business planning because it includes personal goals such as exercise, diet, personal [...]
Filed under: Financial Advice | Comments Off
So this week we begin to get into some meaty tax changes. We’ve just wrapped our conversation about how to get caught up on your bookkeeping for 2010. By the end of this post you’re going to realize that the days of procrastinating to the end are clearly over as of December 31, 2010. Beginning [...]
Filed under: Financial Advice | Comments Off
The TV show “Shark Tank” will teach one a lot about bridge loans or hard money as it is called. Hard money is a loan obtained from a third party who is not necessarily a lender like a bank or a mortgage broker. In small towns there are always a handful of locals who have [...]
Filed under: Financial Advice | Comments Off
You are ready to start construction, but the loan process is slowing you down. You should consider obtaining a hard money loan to get going on your project today. Hard money loans can be obtained quickly and with little upfront cost to you. What are hard money loans and how can I obtain one? Hard [...]
Filed under: Financial Advice | Comments Off
A common situation that is occurring within the real estate industry itself is hard money lending. This is when a loan is made for the purchase of real estate, where the property is in the areas of residential or commercial and it does not conform to the traditional bank lending standards. In many cases this [...]
Filed under: Financial Advice | Comments Off