What a hard money lender looks for when loaning YOU money for your next FLIP!
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- เผยแพร่เมื่อ 14 ต.ค. 2024
- Don’t forget my Memorial day sale going on now at KrisHaskins.com, all training and docs under $100.
What is a hard money lender looking for when they consider loaning you money to flip your next house? Well, today I actually went to a house with Mike Krumbien, a hard money lender in Virginia. He’s going to tell us exactly what he looks for when he looks at houses and borrowers to loan money to. A hard money lender loans money based on the value of the asset and not necessarily on the ability of the borrower to pay the loan back. This is why they’re called “hard money” because they don’t really weigh credit as much as a conventional lenders does.
Mike’s going to teach us how to find a good CONtractor so your reno with go smooth and actually come to completion. He’s also going to show us some features of this house that could increase or decrease the value based on his lending guidelines. If you’re a newbie, I strongly encourage using hard money because they’ll be your 2nd eyes opinion on the value, construction costs, and your purchase price of the deal. They’ll also make sure you get into a house that will make you money, and not just to break even. - บันเทิง
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I'm completely new to everything here but this video you made with so much valuable information is beyond amazing - omg! Thank you for the detail and walking us through
Please do a follow up to show the finished product (final numbers and final reno, especially, the horseshoe driveway).
Yes please!
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That "subscribe" block at the end had me in tears laughing. Love it!
Yes we have to be over the top to get our point across
Who disliked this video?! This was great! The guys were very informative!
One of the best knowledgable (REALISTIC) video ever in the flipping world... THANK YOU
I really liked this vid. Especially the advantages of drawing the property. I’m sure that makes the lender feel more comfortable also.
Just started investing about 5 months ago. I am about to start my 5th project and I just found your channel and let me tell ya...DUDE this helps me sooo much! I truly needed this because I am going out on my own soon and wont have the partnership and I will now be studying you channel a bunch now!
Yes, keep us posted how things are going and what type of content you'd like us to make for u. Go make it happen
Man this video just made it a lot easier for me. Thanks man
This was well put together, and I now understand it a little bit better
great, get out there and make it happen
Great insight. I learned a lot from the walk through.
Good stuff bro!
I'm in construction and been prepping the family so we could get in the game when the time was right. My family blessed me with a trade and I feel blessed that I will have the opportunity to involve them on this journey. Thanks for doing what you do.
I'm completely new (I have no prior experience in real estate) to the game or store. I've been watching a lot of videos on real estate investing and reading books from my local library.
I live in a rural area in northeast Ohio ( Ashtabula County).
This video was very informative. Gave me a good understanding of what hard money lending is and what a hard money lender is looking for.
Thank you for the video.
Blessings 🎊 🙌 🎊 🙌 🎊
Cynthia😀👋👋
Excellent video... Very very very informative. Thanks. Please continue doing these
This is solid info. I didn't know you needed an LLC first before applying but it makes sense.
Yes, that's the only way HML's will loan to u
Great info! Looking to start flipping homes with my husband since he does remodeling for a living & this video provided great info. Now to find hard money lenders😊
#1. Awesome episode
2. Lovin' the new intro-so crisp & cool!
3. Totally Appreciate You & Your Channel So Much!
4. Maybe you can add a cursive chart to the ABC chart on the wall. Kids can't even sign their own name to a contract legally these days because school does not teach cursive(!). smh-what is the purpose of school nowadays?
Wow, thnx for noticing. I never thought about the signature piece, I'll see about that!!!
Kris, you the man. wonderful and very informative video. I'm just starting house fliping here in Roanoke Virginia. sure your videos helped a lot!!!
Very Useful Info Kris. Thx. Just subscribed
Great video! Very informative! Thank you
I love the on-site, practical videos, Kris! One question: Other than the fact that they want someone who is a serious professional, why would the lenders insist on only lending to an LLC rather than to an individual? How does this protect the lenders?
An LLC is cheap. Nevertheless, you have to pay taxes on your profits.
Thank you for the inside guys💪
You’re in the same area! I’m looking to do my first deal! This gave me some confidence and good insight. I am looking for hard lenders and I definitely appreciate this video!
Did you ever find the hard money lender?
Johnette Crawford nope!
What happened because I'm looking for hard money right now
Kris do the TOP 5 Reason NOT to use HARD MONEY LENDERS...1.) Crazy Rates/ Terms
Everyone is different
Give the other four brah
Chief Architect for the win! Love that software :) great video! Thank you for this content
How does a small contractor get connected with investors, flippers, and hard money lenders...to try and build a money making relationship?
when setting up llc for this business. what would be the best way?
this information was very helpful for me to get started..
well, we have an attorney drafted operating agreement, but you can hire an attorney..
Great video thank you
Great video. You covered the real world scenario.
This is the only way I see it my friend, real world. The HGTV just doesn't do my audience justice, so it in my spirit to do so!!!!
Loved this video thank you!!
It would be nice to see after the house was done I was hoping to see that
U know, I tried to get the guy to let me come back to the house and it didn't feel welcoming. So, we'll move on to the next one
Wow this was so Valuable
Well Done . Learned a lot in 2021.
GR8 info sir 👍👏👊
IM A HANDS ON LEARNER SO THIS WAS AWESOME
Sweet, thnx for supporting my crazy world
Hey round up fam!! How do I structure my llc to utilize their strengths. IE .. my husband and his flips experience but my aunt with the stronger credit profile
this is a good lawyer question here
@@krishaskins Ok I guess I was trying to ask when it comes to the hml will they be ok with running x's credit while considering z's experience. All under our LLC. Hopefully i'm conveying my thoughts a bit clearer. And thank you a bunch for your reply.
Great video! Can you get hard money for a cash flow project? Or just flips?
Dude I would have never thought of a horse shoe driveway. You know those dudes are for real.
Nice information sir
Find contractors on the jobs working,,,
Not on the internet.....take it from a contractor....I find my subs by riding around other construction sites
Need information I have all the requirements 😊
I have a question, Kris. Does Mike do HML in Ohio. I'm an OOS investor and I'm interested in working with him. Thanks!
No, he only does things in VA sorry
@@krishaskins Understood! Thank you brotha! I have another question, when setting up an LLC for REI, specifically for HMLs, will a PO box address or a virtual address suffice, in the eyes of HMLs, in terms of legitimacy. I know conventional lenders, and banks look at this, specifically banks that give business credit, look at this heavily, to determine if your entity is "legitimate" or not. Just wanted to know if this is the same for HMLers. Furthermore, virtual phone number? or business cell phone required for contact? Lastly, How long do proof of funds (POF) need to be in a business bank account, before the HMLer feels comfortable to give out the loan? 3 months or 6 months? and does your D&B number have to be at a minimum score? or does credit even get looked at? Seems like from what I heard in the video, it's a matter of, 1) if the deal is a "green light" for both the investor and the HML (positive return and little to no risk). I'm new to HML and investing in RE in general, and I see some overlap, between this and business credit. I am asking because I'm ready to pull the trigger on not only one but two rentals, as I have 20% savings, down payment for both, but may need funds for light cosmetic rehab, no more than 10k for both properties. I have an additionally 10k, or 5k for each property for emergencies, but the rehab cost I may need a lil somethin somethin. This will be my first time ever investing, and it will be OOS, as my local market I am priced out of. Thanks in advance Kris.
Great content
How did it turn out?
Great video 👍🏾
Does Mike lend money for projects in Fla or GA?
How much investment do you think you will have to put into this property in order to justify 150,000 in that neighborhood?
I'm bot sure, I'll do a follow up w him
Excellent excellent video
What's the name or the program/app to make plans the rehaber talked about?
Great information
Does he lend locally or is he nationwide? Oh yes thanks for this video.
Kris what happens if I'm into a property, ernest money in, taken off the market but I cant get funding?
Well, depending on ur seller, u may be able to get it back, but I'd make sure I'm bankable B4 U make the offer...
how to get proof of funds from hard money lender to buy Hud home
U probably need to have a relationship w one or make sure you're pre-approved from the lender.
Dude this isn't Hollywood 😲 I'm not sleeping with anyone to gain advancement 😂
But where do you find this person? Is there a company? Is it called hard money?
Is your money lender an actor looks so familiar! 😂😂😂
Not that I know of, but he could be
Just viewing this. In deals where the property has not been purchased, there usually isn't time to get layouts drafted before involving the lender. It works out if the property has already been acquired. But what considerations are dealt with in the former situation?
I'm not sure if I'd say that. What I've learned over time, we have to make decisions that may or may not pan out. We get started on drawings even if we never close. We order surveys the same way. It's a risk we take. I want as many drawings complete b4 we buy it because they take time. If the prop is occupied, you may need access to get inside bit u still get them done b4 closing. Good points here.
@@krishaskins yours is a more time sensitive approach. I like it a lot. I've never done a renovation quite in this way. My goal is 1-2 every year now. I find abandoned properties just by driving the neighborhood. I contact the owner about my desire to purchase. If they are interested I have the property inspected, then I purchase. Afterwards I work with contractors to determine exactly what design elements will work. My goal isn't speed since I have a career. This allows me to do very slow renovations. So far, I've been able to do this an rent the property afterwards. Yes, it's slow. But it's WAY less stressful and involved. I basically GC everything myself to ensure all my permits are handled correctly. Baltimore contractors are "special" people. If I ever want to do it like a pro, I'll need to use your playbook ;)
@@dkbullock4871 I like your strategy! Are you willing to connect with me? I also work full time and I love my job. But I want desperately to figure out a realistic to incorporate real estate as my side hustle
How can I get a hard money loan on a house to live in?
I"m not sure about that one. They usually only lend to investment houses
What did he pay for the house? Before rehab
I'm not sure, I think 55k
Do you lens in Georgia ?
He does not
Awesome video!! Thanks. Does Gary have any contact information?
I have deals Cali have deals and need hard money lender fix flip
How do you get the down payment money
U have to bring it or borrow it
Kris how much did he pay for the property?
I forgot to, but I'm going see about a follow up
Does he lend money to new jersey ?
Definitely got the house for 50-60k
Why is an LLC needed please?
This is a great Q, this will be our QOTD for next week....👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
AWESOME
How did this Flip turn out?...Also I had a Conversation with a Billionaire Hard money lender, Im looking for answers on how to present a great deal to him.he was asking for 35-65% LTV
Not sure about that
@@krishaskins can you Help me Scale my portfolio?
Major...
Well, did the Hard Money Lender Loan the Contractor money for that house? 😢
What state is this in?
Ok create llc then u need two years of history with it. Right ?
Hey brother, do you have an Instagram, linkdIN, Facebook etc?!
I do, just type my name is my friend.
why you didn't do the video inside the wind is a pain on the neck
Give the man a pound lol.
They don't lend money to human beings :)
Wind and traffic ?? Important video ruined.
Sorry. I'm doing my best
Great video, as usual!
Thank you!!
Yes, this renovator is a master
Great video