All Forum Posts by: Coral Hernandez

@Brenon Harbin

Let’s connect and we can talk more in-depth!

@Brenon Harbin

1. You will have interest rate on total loan 9-11% 2. paid monthly interest only payments.

3. You have points 2-3%upfront

4. Processing And Lawyer Fee

5. Appraisal Fee $400-$600 residential

6. Rehab Draw Fee $200per

7. Interest Reserve 3-6months (COVID-19 req.)

@Ramiro Rodriguez

Hey we would love to help. We broke this down in our other post just a couple days ago.

Let’s Connect and we can discuss the process in depth

@Timothy Johnson

Hey each hard money lender is different. Each having their own requirements and limits. I would do your due diligence and research to make sure you completely understand the process.  

@Matthew Jepson 

Hey I would definitely like to help you on your journey. Write down a list of questions you have and I’ll give you my inside knowledge on it. Thanks 

Let’s connect

@Dale Nesmith Hey to be honest. This sounds like the start of a bad movie. 

      First thing you need to do asap is find out if your Hard Money lender requires you to have the work completed by a Licensed contractor. Is your contractor licensed?

From what you stated already, $78,000.00 is a ton of money for an Inexperienced Contractor, and for him to say it would "really set him up", should be a huge red flag, especially on your first HML Loans. I would find a way to eat more of the cost and maybe go with a Experienced Contractor for some of the work.

Also find out how your draw system works. Most Hard Money Lenders require a portion of the Work to be completed from the Scope Of Work provided, before sending out the FIrst Construction draw. Also, they will also send an inspector to see if the work was done, then they report that to the HML, and then they issue a wire for the Draw. From the time you call for the money until the send the wire is about 3-5 days. (the have to schedule the inspector 1-days after you, have them go out 1day, send the report 1day, then send wire 1days).

    I would then explain to the Contractor how the draw works, and have them get paid when the wire hits, Let them know the money is sitting in an Escrow Account waiting to be sent as he completes the work. So you'll need to have some money on hand to get going.

    I would definitely have your Contractor give you a thorough breakdown of his work schedule, and what he will be fixing first. I would then do a walk through with that schedule in hand, and go over each repair to make sure you guys are on the same page. Also, before you pay any money after each project is complete , do a walk through with the Contractor.

Best of luck

Lets Connect, and we can discuss more!

Hey Mohsin we would like to help mentor you 

Hey let’s connect. I just read a BIgger Pocket’s article about where and how to invest $50,000

@Chino Perez @Aaron K. @Chris B. @Joe Villeneuve @Kenneth Garrett

Hey guys. From my experience most of the time these "All Cash Offers" are from a Hard Money Lenders. Being that a Hard Money Lender is quick to close (like a real all cash deal) 7-10 Business days; It is widely considered all cash. And as mentioned above, the more you can leverage other people's money, the more deals you can be involved in.

Using a Hard Money lender, building a Relationship, and completing a handful of deals, you will be able to obtain 90% purchase price, Zero Point Upfront, and even some closing cost wrapped in the back end.

Even if your at the typical 85%LTV (15%down), is easy to get a JV or partner and split the closing cost. Now your at only 8%-10% out of pocket to close on a deal. THus allowing you to be able to acquire and brrrr, and etc.

Lets Connect and discuss further

"It takes a Village to Close a Deal"