https://hardmoneymike.com/wp-content/uploads/2019/08/16.jpg10801080Jenna Weldonhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngJenna Weldon2019-09-16 09:00:242019-09-12 13:18:59Motivational Monday – Beat Down the Door
https://hardmoneymike.com/wp-content/uploads/2019/08/101_Aug-12.jpg433577Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2019-08-16 08:00:552019-08-14 10:49:24Friday Fun – Revenge is Sweet
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!
https://hardmoneymike.com/wp-content/uploads/2019/07/backlit-clouds-dawn-415380.jpg14402160Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2019-07-31 08:00:302019-09-12 13:44:15What’s Your 2-Year Plan?
Do you get frustrated by banks and lenders saying no to you?
Do you wonder why they say no, especially when you know others are getting approved for similar loans?
Do you wonder why it’s different with you? Do you think maybe they just don’t like you?
To be frank, they might not like you. But, it’s FAR more likely you get turned down for good, qualified projects because:
Banks and lenders don’t sell the same loan products, so they might not have something that matches your needs. Heck, most hard money lenders only have one option, and if you don’t fit their box, it’s a big fat NO!
Banks might not like to lend in the fix and flip world.
All banks and lenders have their own niches and likes.
Banks and Lenders have designated amounts they can lend.
Some banks and lenders don’t work with real estate investors. Why? Because they have a lot of money to lend and they don’t like loans that pay off every six months. Instead, they prefer to lend their money, go play golf, and look for a loan again in two to three years.
If you’re tired of hearing “No,” and want to start getting the loans you need, give us a call!
https://hardmoneymike.com/wp-content/uploads/2019/07/adult-art-artsy-278312.jpg14312160Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2019-07-24 08:00:132023-01-12 12:08:25Why Lenders Turn You Down
So, we mentioned the Fix and Flipper Escalator, but what IS it?
Today, we’re going to breakdown its terms so you can begin to understand the SIMPLE math behind it.
Ready?
Here we go!
Money Partner
Cost:
Pros: Allows you to work on a project when you have no money, and also learn as you go.
Cons: These arrangements almost always favor the partner/mentor with at least half of the money going to them.
Hard Money
Cost:
Pros: Most hard money loans will fund up to 100% of your project. If you finish your project on time (or ahead of schedule), it’s cheaper than a partner/mentor.
Cons: Charge higher interest rates. If you take longer than planned to finish your project, most (or all) of your profits will vanish.
Soft Money
Cost:
Pros: Comes with lower costs than hard money, and less paperwork and hassles than banks.
Cons: Requires you to put more money and experience into the project. It might also require a better credit score.
Banking
Cost:
Small, local banks (pros and cons):
Offer ease and convenience.
Might charge a little more than larger banks but they make the process easier.
Smaller banks also look at your project history but give you some credit for the projects you’re about to do.
Big, commercial banks (pros and cons):
Require all documentation and make the process tougher.
If you have all your ducks in a row, they will typically save you money, but most of the time it’s not worth the hassle.
Cash
Cost:
Pros:
All of the profits go straight into your pocket
No monthly cashflow issues.
Cons:
Limits you on the number of projects you can work on (which, honestly, might be a good thing).
Eliminates the leverage factor of completing more deals in a year.
Okay, now that you get the basic gist of who’s who on the escalator, we can start introducing some samples.
If you don’t want to wait, give us a call to start chatting about how you can start making, rather than losing money.
https://hardmoneymike.com/wp-content/uploads/2019/07/Escalator-1-e1565804229350.png23193500Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2019-07-10 08:00:112019-08-16 10:41:26What is the Fix and Flip Escalator: Terms
About: 98th annual Stampede features PRCA rodeo, live country music, monster trucks, a demolition derby, carnival, roller derby, fireworks and one of the largest Independence Day parades in the nation.
About: In addition to one of the most spectacular fireworks displays in the state, this quintessential Colorado mountain village offers a variety of family-friendly festivities and events specifically tailored for the holiday, in addition to an abundance of outdoor recreation activities.
About: 116th Annual Cowboys’ Roundup Days is a truly western celebration of Independence Day. Concerts, a parade, rodeo, fireworks, pancake breakfast, and other activities highlight this six day extravaganza.
Stay safe this Fourth from the Hard Money Mike team!
https://hardmoneymike.com/wp-content/uploads/2019/07/art-blur-bright-285173.jpg14402160Mike Bhttps://hardmoneymike.com/wp-content/uploads/2019/06/hard-money-mike-logo.pngMike B2019-07-03 08:00:432019-09-12 13:50:55Holiday Events This Week in Colorado
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