What’s Your 2-Year Plan?

Close your eyes. Clear your mind. Take a deep breath.

Now, let’s pretend we’re talking to each other two years from now. What happened during that time period that made you proud and put a smile on your face? How does your cash flow look? What kind of work schedule do you have? How does life look for you and your family?

When it comes to investing, we have discovered that thinking ahead two years leads to the most success. Why two years? Well, it’s short enough to imagine without being overwhelming, and it’s long enough to create tangible, positive change in your life.

Coming up with a plan is as easy as one, two, three:

Step 1: Imagine where you want to be in two years.

Step 2: Evaluate where you’re starting at today.

Step 3: Create a plan that connects your current reality to your future dreams.

How do you formulate an actual plan? Well, that’s what our team is here to help you do. It’s just a matter of picking up the phone and giving us a call to chat.

One conversation can change your future…and your life!

What is your credit score costing you?

How much money might a lackluster credit score be costing you over the life of your investment business?

the impact of your credit score

You probably hear a lot of talk in the mortgage industry about your credit score and the effect it can have on your interest rates, but do you really have an idea of how much it’s affecting your bottom dollar?

Do you know how to determine your Return on Credit (ROC)?

Can you crunch the numbers to figure out how much your score is helping your cash-flow? How about how much money it’s sucking out every month?)

These calculations can get complicated, but the takeaway here is that a less-than-stellar score can really be costing your tens of thousands of dollars over the lifetime of your loan. And when your loan is on investment property, (or several,) you may as well be lighting your profits on fire.

a less than perfect credit score is eating away at your profit.

We want to help! Contact our team so we can help you see where you’re currently at, and where you could be going instead.

Let’s get you to your goals faster by trimming some of the fat from your financing!

Hard Money Mike is a lender based in Colorado offering services in several states. We lend money for all varieties of commercial-based properties. So whether you’re trying to finance a fix-and-flip, vacant land, whole-tailing, or looking for a builder bridge loan, we’ve got you covered.

Call Mike Bonn at: 303-539-3000 or email Mike@HardMoneyMike.com

How Hard Money Mike Does Business: FAST!

Hard Money Mike does business differently than most others in the industry. Our #1 goal is to HELP YOU.

Truly. It’s as simple as that.

We want to BOOST your cashflow, find the very best products for your specific projects, and place you in a solid financial position.

We also strive to move at the speed of light.

What does that mean, exactly? Well, it means we can close most deals in DAYS, not weeks. Our team works efficiently and effectively to dot all I’s and cross all T’s to ensure you sign the dotted line as soon as possible.

No more sweating bullets as you wait weeks (or even months) to close a deal. With us, you can often close within a week!

Quick to Buy, Quick to Refi – A New Rental Investment Strategy

Quick to Buy, Quick to Refi, a new 2-step loan strategy, helps you maximize your loan amounts while limiting the amount of cash you put into a project. It also helps you rapidly finish your projects and buy again, and again, and again.

What does that all mean? It means you no longer need to worry about missing out on great deals and getting stuck in expensive hard money loans.

The Quick to Buy, Quick to Refi strategy all starts with properly setting up your short AND long-term loans.

Now, even though your short-term loan will come first (to quickly buy an under market property from a wholesaler), a key step is to FIRST get pre-qualified for the long-term loan. Why? To ensure you’re able to maximize both loan amounts. If you can qualify for a larger loan upfront, then it’s likely your short-term lender will match that amount.

It also means you’re already going through the process for securing a long-term loan as you begin renovating a property with a short-term loan. Think, “Two birds, one stone.” By the time you finish renovations, you’re ready to refinance into a long-term loan.

But, hold on. You also need to know about the types of refinances. There are two you need to know about: “rate and term” and “cash out”. And yes, it matters you know the differences.

Ready to find out what about those differences? Then check out the whole video here and start capturing free equity, boosting your cash flow, and investing in more properties.

Want more videos with more tips to maximize your cash flow? Then check out our new video page, or subscribe to our new YouTube channel! Be sure to also check out all of our invest tools.

2-Step Loan Program: Quick to Buy, Quick to Refi

2-Step Loan Program: Quick to Buy, Quick to Refi

One of the key factors to making more on your investments is working with a lender who can handle your short-term AND long-term loans. Or rather, help you quickly buy and quickly refinance a property.

Why find a 2-Step loan program?

Well, most investors don’t have the luxury of closing a deal in 30 plus days. They need to close as fast as possible, especially if they’re buying from a wholesaler with a strict deadline.

However, many investors are nervous about using non-traditional funding (like hard money) to close a deal upfront. What if they get stuck in an expensive loan for months and months? What if they can’t get approved for a long-term loan and get stuck with that expensive loan?

That’s why it’s so important to work with a lender who can handle both sides of the coin. And not just any lender, but a lender who has experience with short-term and long-term loans.

Benefits of working with experienced lenders:

When you work with an experienced lender who offers a 2-Step Loan Program, you’ll:

  • Be able to quickly buy and quickly refinance a property.
  • Maximize your return on credit.
  • Maximize your refinance.
  • Enjoy less confusion and stress.

Think of a 2-Step Loan Program like a one-stop-shop for all of your real estate loans.

Less work, less hassle, more money.

Ready to learn more? Check out our YouTube Channel, download our investor tools, or Contact us today to get the ball rolling.

2 Key Pillars of BRRRR

BRRRR is great, but did you know there are 2 key pillars of BRRRR that most investors don’t know about? Whether you’re just starting out with real estate investing, or you’re an ol’ pro, you should consider taking advantage of these crucial steps to ensure you don’t miss out on cash boosting opportunities.

Take a look at this video and learn about the two key pillars of the BRRRR method.

If you invest in rental properties, then you need to:

  1. Buy under market properties (i.e. wholesale).
  2. Use the Quick to Buy, Quick to Refi strategy.

These steps help you maximize your loan amount while limiting the cash you need to put into each deal. They also ensure you’re able to buy more deals and build your portfolio at a faster pace.

Through research and conversations, we discovered many investors are confused about how to get going on a deal with little to no money. So, we’ve taken a step back and tried to figure out why that is.

We found out many investors don’t understand the power of the appraisal/ARV. When you get into a long-term loan, you get to use the appraisal value/ARV.  It doesn’t matter what you originally paid for the property or the amount of money you put in to fix it up. As long as you set up the loan properly, then you should be able to use the appraised value/ARV.

If you’re ready to maximize your cash flow, capture lots of free equity, and live the life you want, check out the full video.

Want more videos with more tips to maximize your cash flow? Subscribe to our new YouTube channel!

5 Ways to Find Wholesale Leads and Deals

5 Ways to Find Wholesale Leads and Deals

One of the best ways to make the most on your investments is to find wholesale deals. But, how do you do that? Well, here are 5 tips from REIClub.com. Check them out!

Ready to learn more? Contact us today!

5 Paths to Financing Your Loan

Did you know you have more than one option when it comes to financing your property investments?

As you can see, there are 5 paths to take with financing your properties:

  1. Standard/Traditional
  2. Non-Standard
  3. Local Banks
  4. EZ Loan
  5. Limited Credit or Experience Loans (also known as Non-QM)

So, which loan type is best for your project so you can boost your cash flow and reach your goals faster? Find out here on our sister site, Investor Real Estate Loans.

BRRRR Is Out, BARRRR Is In

Check out this article from Bigger Pockets! There’s a brand new, enhanced way to look at the BRRRR strategy that could save you a lot of money.

It’s called BARRR: Buy, ADVERTISE, rehab, rent, refinance, repeat.

“Consider it a much-needed addition that has the potential to save you tax dollars, perhaps allowing you to take your spouse out to that super high-end restaurant downtown…”

Read all about the BARRRR strategy here!

 

Its a bidding war out there for properties

We are seeing this firsthand with a couple properties we ended up selling and the word from all of our active real estate investors.  Right now there is a bidding war going on.

More Than Half of Redfin Offers Faced Bidding Wars for Second Consecutive Month in June

July 10, 2020 by

54% of Redfin offers faced competition as the supply of homes for sale and mortgage rates continued to fall in June. Single-family homes and townhouses were much more likely than condos to receive multiple bids.

See the full article from Redfin here