Tag Archive for: #hard money lender

Truth about hard money loans

Is Hard Money a Trap?

Have you heard that hard money loans are a trap?

Here’s what you should do so it doesn’t happen to you.

It’s a big misconception: hard money is a trap.

A lot of investors think if they enter a hard money loan, they’ll never escape. Hard money gets a reputation as a death sentence for your profits.

And like all loans, credit, and other money-borrowing options, if you use it wrong… it does feel like a trap!

We want you to understand what behaviors make hard money loans unprofitable. And more importantly – how to use hard money to your advantage in your real estate investments.

Hard Money Is a Temporary Solution

Here’s where hard money naysayers go wrong: hard money loans should only be a temporary solution. They are not meant to be long-term options for investors.

If you enter a hard money loan with a long-term mindset, then you’ve already fallen into the “trap.” When you treat it like a long-term loan, you’re likely to lose a lot of your profits paying it back.

Hard money is short-term. To make the most of your loan, you have to get in and out of it fast. Here are 3 vital tips to make sure that happens.

Want More Guidance for Your Hard Money Loans?

Hard money is a valuable tool for prepared real estate investors who use it appropriately as a short-term solution.

Let Hard Money Mike give you guidance to get in and get out of your investments quickly and profitably. We’re excited to set you on a path that makes you the kind of money you need to live the life you want.

Read the full article here »

Need to see if you’re paying too much for hard money? Download our HMM Loan Optimizer to quickly find the best hard money option for your project.

You can also check out these videos about hard money on our Youtube channel. Happy investing.

How real estate investors can quickly raise their credit score

How real estate investors can quickly raise their credit score.

3 Simple Ways to Boost Your Credit Score Fast

Leveraging your real estate investments just got easier with these 3 quick ways to raise your credit score.

Maybe you’ve already noticed it.

Larger lenders are getting into the fix-and-flip hard money space. And many of these companies require credit scores as their underwriting criteria.

In this landscape, your credit score decides the speed and effectiveness of your journey to fix-and-flip financial freedom. Your credit score will determine your rates, leverage, and overall income from your real investments. Good or bad, your score impacts every step of your financial process.

So how can you raise your score in a short amount of time?

Three quick ways bump up your score are to:

  1. Add more credit to your line.
  2. Get authorized on someone else’s good credit account.
  3. Go private – get money from somewhere else to pay off your debts long enough to apply for more credit.

If you would like to read the full article please click here.

For more tips on building good credit and maximizing real estate investment leverage, check out these helpful videos on our YouTube Channel. Or you can download our Credit Score Checklist by following this link.

Happy investing.

Introducing Flip-It, Pro-Fit, a Contractor Partnership Program

Introducing Flip It, Pro-Fit, a Contractor Partnership Program

Introducing Flip It, Pro-Fit, a Contractor Partnership Program

Today, we’d like to introduce our new contractor partnership program. Because we want you to make more money doing the work you love.

And with our Flip It, Pro-Fit Contractor Partnership Program, you can.

This special program is designed for any contractor who’d like to stop doing work for flippers, and start doing work for themselves…but who might want help on the business side.

That’s why it’s a partnership. Our company will handle all of the funding and paperwork, while you’ll handle all of the renovations.

Basically, we fund. You flip.

It’s as easy as that!

And, no. Right now, we do NOT charge commitment fees or anything else like that. This is truly a partnership program.

And when you partner with us, you can expect:

  • Less paperwork
  • More Money
  • No payments
  • And help creating a “bank worthy” portfolio.

Best yet, we’ll find the properties for you.

All you need to qualify for the Flip-It, Pro-Fit program is:

  • 3-5 years of experience as a contractor
  • A crew or team
  • Properties that sell for $250K or less AFTER they’re repaired
  • And a no BS attitude!

If you love fix and flips, but you don’t like seeing someone else get all the profits for your hard work, then here’s your chance to take control.

With the Flip-It, Pro-Fit program, you can keep doing the work you love, but make A LOT more money.

Ready to chat? Our team is always here to answer your questions and get your cash flow moving in the right direction.

 

Money Chat Encore: How to Fund a Flip

Money Chat Encore: How to Fund a Flip

Money Chat Encore: How to Fund a Flip

Attention real estate investors, both new and seasoned! Did you miss Tuesday’s Money Chat with lending expert, Mike Bonn?

It’s okay, because Mike will be hosting an encore Money Chat tomorrow, Thursday, September 2nd at 11 a.m.

During tomorrow’s chat, Mike will answer all of your questions on How to Fund a Flip.

If you’ve always wanted to get into the fix and flip game, but don’t know where to start when it comes to buying properties, then this Money Chat is perfect for you!

This is your chance to join other like-minded real estate investors and ask all of your questions to a lending professional.

Money Chat Encore: How to Fund a Flip

If you’d like to join Mike’s Money Chat tomorrow, then you can register for FREE here.

During the virtual call, Mike will answer common questions like:

  • What are my funding options?
  • What is hard money?
  • How do I qualify? What credit score do I need? Income? Experience?

By the end of the Money Chat, you should have a much better grasp of how to get going in real estate investing…and how to pay for your properties.

Can’t make it to tomorrow’s chat? No problem. Let us know and we’ll set up more Money Chats on how to fund a flip. Or you can reach out to our team and schedule a time for one-on-one call. That way you have an opportunity to ask all of your questions on how to fund a flip (and any other value-add property).

But, better to tune in tomorrow to listen in with other like-minded investors.

When?

Tomorrow at 11 AM MST

Where?

Virtual nationwide.

Register for free at my.demio.com/ref/1j9cO1wJ3Co6QkW1

Mike and the rest of the Hard Money Mike/Cash Flow Mortgage Company team looks forward to seeing you tomorrow!

If you have any questions about our weekly Money Chats, then our team is here to answer them any time.

Happy investing!

Money Chat Reminder: How to Fund a Flip

Money Chat Reminder: How to Fund a Flip from a Lending Expert

Attention real estate investors, both new and seasoned! Don’t forget our next Money Chat is tomorrow with lending expert, Mike Bonn.

During Tuesday’s chat, Mike will answer all of your questions on How to Fund a Flip.

If you’ve always wanted to get into the fix and flip game, but don’t know where to start when it comes to buying properties, then this Money Chat is perfect for you!

This is your chance to join other like-minded real estate investors and ask all of your questions to a lending professional.

Money Chat Reminder: How to Fund a Flip

If you’d like to join Mike’s Money Chat tomorrow, then you can register for FREE here.

During the virtual call, Mike will answer common questions like:

  • What are my funding options?
  • What is hard money?
  • How do I qualify? What credit score do I need? Income? Experience?

By the end of the Money Chat, you should have a much better grasp of how to get going in real estate investing…and how to pay for your properties.

Can’t make it to tomorrow’s chat? No problem, because we’re running another Money Chat on Thursday. That way you have an opportunity to listen, learn, and ask all of your questions on how to fund a flip (and any other value-add property).

And if you miss both Money Chat, no sweat. We’ll be hosting many more in the future. Plus, our team is always here to assist you.

So, mark your calendar!

When?

Tomorrow at 6 PM MST

Where?

Virtual nationwide.

Register for free at my.demio.com/ref/1j9cO1wJ3Co6QkW1

Mike and the rest of the Hard Money Mike/Cash Flow Mortgage Company team looks forward to seeing you on Tuesday or Thursday (or both).

If you have any questions about our weekly Money Chats, then our team is here to answer them any time.

Happy investing!

Client Review: Gilberto A.

Client Review Spotlight: Gilberto A.

Client Review Spotlight: Gilberto A.

Check out this client review from Gilberto A.

At Hard Money Mike, our number one goal is to make clients happy…and a lot of money!

We understand every real estate investor has different goals, hopes, and dreams. They also have a different story, which means they come into each loan with a different situation.

Because of that, we work hard to adapt, listen, and create a unique plan for each and every client.

In today’s client review spotlight, we take a closer look at what Gilberto A. had to say about his experience working with our team…

If you’re ready to chat about your next real estate deal, then reach out to our team. They’re eager to help you develop a plan that sets on a path to success.

Because Hard Money Mike isn’t just the place to start investing. It’s the place to start living your dreams.

Happy investing!

Investing in Real Estate with Zero Down

How to Buy a Value-Add Property with No Money Down in 4 Steps

How to Buy a Value-Add Property with No Money Down in 4 Steps

Do you know how to buy a value-add property with no money down?

Because, believe it or not, it only takes 4 steps.

Let’s take a closer look at these 4 steps:

#1: Buying discounted properties

It’s pretty rare to find a discounted property on the MLS. You’d have far better luck finding cheap deals through a wholesaler or investor-friendly realtor. And buying a discounted property is very important to making a profit. If you pay full retail value…well, you’ll make far less. In fact, you might not make any money at all.

#2: Setting up a loan properly.

When you want to buy a value-add property like a rental, then you should consider our 2-Step Process. Because it’ll save you a lot of time, money, and stress.

What is the 2-Step Process?

Well, it’s strategic funding method. The first step is buying a property with a hard money loan. The second step is turning around and quickly refinancing with a long-term loan. When you do this, you’re able to qualify for the highest loan amount possible. Plus, you have a much better chance of getting out of a hard money loan fast and into a cheaper traditional loan.

#3: Use rate and term, NOT cash out.

Take a deep breath.

And don’t panic, because we’re not going to dive deep into these hefty mortgage terms. But we are going to highlight the significant differences.

It can be really tempting to set up your loans as cash outs, because you get money at closing. But did you know when you use a cash out loan, you end up:

  • Paying higher costs
  • Taking longer to refinance out of hard money loans (which come with pricy rates)
  • Qualifying for lower loan amounts

Doesn’t sound so good anymore, does it?

So, let’s talk about the benefits of a rate and term refinance instead. With a rate and term, you:

  • Spend less money upfront
  • Refinance faster out of hard money loans. Like, months faster than a cash out refinance.
  • Enjoy lower rates

Better yet, when you use a rate and term refinance, your cash flow will multiply because you get to do more with your money when you pay less for your loans.

This is actually a simple process if you work with someone who can help you with both your hard money and long-term loans, like our sister company the Cash Flow Mortgage Company.

#4: Put $0 down by finding the right lender

The last and most important step is to find a lender who can handle 2-Step loans.

The truth is, there aren’t many real estate lenders out there who are qualified to provide both hard money and conventional loans. That’s why we do.

So if you’re ready to take your real estate investments to the next level and put less money down on your deals, then reach out to our team. We’re always eager to set you on a path the helps you make the kind of money you need to live the life you want.

Happy investing.

Reach Your Cash Flow Goals

Hard Money Mike: Reach Your Cash Flow Goals

Hard Money Mike: Reach Your Cash Flow Goals

So, why do you need Hard Money Mike?

Well, our company goes far beyond providing quick hard money loans for your value-add properties. We also strive to help you reach your cash flow goals.

We think it’s fair to say that in real estate investing, cash flow is king. Right?

Generating positive cash flow is probably the key similarity among all investors. Whether you’re interested in fix and flips, rentals, or another value-add property, it’s likely main reason you risk your money, dedicate your time, and shed your tears is to make money.

A lot of it.

And the Hard Money Mike team gets that. In fact, we make it our main focus here. Because we know that cash flow means everything. It also means different things to different people. Such as:

  • Freedom from a 9-5 job
  • More time with family
  • Extra vacations
  • A safer, happier retirement
  • A comfier lifestyle
  • Daily Starbucks
  • A new house…Or, you know, a second house that you can escape to when winter hits. Because wouldn’t you’d rather spend the winter sipping piña coladas on a sandy beach than drinking hot cocoa in an ice-covered city? Well, to each their own, right?

Anyway, there are a million reasons why you might want more money in your life, and we want to support you by helping you create specific goals. And then a plan to reach each goal as quickly and efficiently as possible.

Because no matter what kind of real estate investing you’re interested in, it all comes down to numbers. If the numbers don’t work, then the real estate deal doesn’t work. And if the deal doesn’t work, then you won’t be able to generate extra income.

Then it’s bye-bye to those piña coladas. Or, you know, whatever your reason is for investing in real estate and making money.

So, if you’re ready to talk about your goals and creating a strategy to achieve them, then go ahead and reach out to us. Our experienced team is always here and eager to assist you.

Happy investing!