On this episode of REI Mastermind Network, Rod Stanback, an experienced real estate professional, shares insights on the importance of having a trustworthy contractor before getting a property under contract. They also provide valuable information on hard money lending as an alternative to traditional lending for investment purposes only. Additionally, listeners will gain a better understanding of the lending process, tips for being pre-qualified, and how to avoid potential problems. Lastly, the episode covers current interest rates and how they are impacting the lending industry.
On this episode of REI Mastermind Network, we delve into the world of hard money lending for real estate investors. Learn how hard money lenders like Flip Funding operate differently from traditional lenders and why they focus more on the profitability of the investment deal rather than the borrower's personal financial documents. Our guest speaker shares his experiences as a real estate educator in Philadelphia and advises first-time investors on the importance of having a solid contractor before getting a property under contract. We also discuss the current increase in interest rates and how it affects hard money loan rates. Tune in to learn more about how to get pre-qualified and pre-approved before making any real estate investments.
We chat about:
- Introduction to Hard Money lending
- Qualifying criteria for Hard Money lending
- Importance of construction budget and scope of work
- Role of materials used in the rehab process
- Understanding loan terms
- Educating First-time Investors
- Importance of choosing the right contractor
- Recent rate increases and how they impact real estate investment
- Hard money lending process
- Benefits of partnering with a hard money lender
- Experience requirements for applying for loans
- Contacting the speaker for pre-approval
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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack