All Forum Posts by: Mary Ainsworth

Hi Eran, 

I sent you a DM, but I will ask my clients in Texas if they have any good recommendations you can trust. I'm also a hard money lender so let me know if you have any other deals come up!

Hi Scott, I just sent you a DM as I think I'd be able to help. We refi portfolio loans with our DSCR product and it allows you to do a cash out or a simple rate & term refi on a fixed 30 year mortgage. I DM'd you more details

Hey @Agustin Farias, yes, DSCR loans would be the best route. These are great because:

- They're not dependent on your personal income

- They don't affect your DTI

- Their rates are comparable to conventional rates actually - anywhere from 6-8% rate 

Hi @Phyllis Kelly! Wanted to reach out and share my specs, I sent you my email too in case you'd like me to give you a quote on a specific deal 

Hi Henish! I think I could be able to help here, I sent you a message with my basic specs and can give you a quote with the basic info. Good luck!

 Hey Zach, 

I think I can help you here! I sent you a DM but I'll put my specs here as well

Bridge loans:

• 8.99-11.99% rates
• up to 90% of PP funded and 100% of rehab funded
• No PPP
• 1 lender point fee
• nationwide!

DSCR:

• 30 year fixed rate available
• 6.00-8.49% depending on the property details and your FICO
• Up tp 80% LTV
• Anywhere from 0 to 7 year ppp options
• 1 point lender fee
• nationwide!

 Hi Ty, 

Here's what I'd say for advice:

- Understand the loan terms thoroughly. Pay attention to interest rates, fees, loan-to-value ratios, and repayment schedules

- Have a clear exit strategy. Know how you'll repay the loan, whether by selling the property quickly or refinancing with a traditional mortgage.

- Focus on the property's potential value. Hard money lenders are more interested in the after-repair value (ARV) of the property than your personal finances.

- Have some skin in the game. Many hard money lenders require 30-40% of the project costs as a down payment. I only require 10-20%, so let me know if you'd like to also get a quote from me 

- Communicate regularly with your lender. Keep them updated on the project's progress, especially if you encounter any unexpected issues or delays.

- Consider using hard money loans as a bridge to longer-term financing if you're planning to keep the property as a rental. DSCR loans are great for that!

Remember, hard money loans are typically short-term (3-18 months), so make sure your flip timeline aligns with the loan terms. Lastly, always have a backup plan in case the project doesn't go as expected.

 Hi Baahir, I just sent you a PM but I'm a hard money lender with fairly competitive rates. If you'd like to get a quote from me as well let me know - it never hurts to get extra quotes! 

Bridge loans:

• 8.99-11.99% rates
• up to 90% of PP funded and 100% of rehab funded
• No PPP
• 1 lender point fee
• nationwide!

DSCR:

• 30 year fixed rate available
• 6.00-8.49% depending on the property details and your FICO
• Up tp 80% LTV
• Anywhere from 0 to 7 year ppp options
• 1 point lender fee
• nationwide!

Based on my experience working with real estate investors and property managers, here are some common arrangements for local handymen and maintenance personnel for short-term rentals:

1. On-call basis:
   • Pay a set fee per call-out (e.g., $50-$100 per visit)
   • Hourly rate for time spent on-site (typically $50-$100/hour)
   • Additional charges for parts or materials used
2. Retainer agreement:
   • Monthly flat fee (e.g., $200-$500) for basic availability
   • Additional charges for actual work performed beyond a set number of hours or visits
3. Per-task pricing:
   • Agree on set prices for common tasks (e.g., $75 to unclog a drain, $50 to replace a lockbox)
4. I like the per-task pricing as long as your maintenance calls aren't super frequent.

I'm also a hard money lender if you're looking at a new deal to get quotes on soon or if you're looking to refinance a property soon!

As a hard money lender specializing in fix and flip deals, I can offer some insights on choosing the best lender for newcomers to the fix and flip market:

1. Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders. For example, lenders like me offer Hard Money Direct offers loans up to 90% LTV with 12-month terms.

2. Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like

3. Assess the application and approval process: Lenders with streamlined processes, like same-day approvals offered by California Hard Money Direct, can be advantageous for new flippers.

Remember, the "best" lender will depend on your specific circumstances, including your location, the property you're looking to flip, and your financial situation. It's always a good idea to speak with multiple lenders and compare their offerings before making a decision.

I DM'd you with my info in case you'd like to get a quote from me as well, we're pretty competitive :)