So basically, there's no way to purchase a multifamily fourplex or any other kind of home to flip or refinance to a long term mortgage to use the property as a rental, UNLESS you have decent credit and money and assets already... My research until this video lead me to believe i could get a hard money loan to finance the property and renovations cost-even with bad credit, take my renovations crew with me and do the renovations alongside my crew to cut expenses, then refinance from short term to long term mortage and finally use the equity from the multiplex as collateral for other multiplexes and houses to flip or rent out.
Hi Sean, what an extraordinary helpful video! Can you please tell me which should I do first... Apply for a hard money loan, and then make an offer to the seller if I get the loan, OR try to get my price with the seller, put down a good face deposit and THEN try to get a hard money loan? I'd appreciate your answer as soon as possible as I have a property right now that I have been looking at (also I would definitely consider applying with the hard money lenders you have mentioned in this video). Thanks so much!
Hi Shirley, glad you liked the video! I suggest speaking to a hard money lender before you get something under contract so that you can understand how much you can borrow and at what terms. You’ll also be able to know their application process and lending criteria. Once you have a good contact that you can reach out to, start getting deals under contract and reach out to your lender once you get into an agreement. Best of luck!
@@seanlovesrealestate thank you so much! I can't believe that you answered me so specifically and so quickly, and after a video that was put out so long ago also! You truly are amazing! I really appreciate your feedback thank you so very much ☺️
@@seanlovesrealestate man! I know I already said thank you, but I just can't get over how you answered me just in time! I was just about to make a decision right down tonight and make a phone call! I just really want you to understand how much I appreciate your answer! 😊👍
so helpfull your videos men, i loved the way you breaks everything down, nobody does that and the way that you explain, wow men! Im starting in this businnes form san diego and Im really confused about how things works but ill do it , i hope you can lend me one day for one of my future projects!
Transactional funding is doable, but it'll be a similar process for getting a bridge loan. The max LTV will still be around 80% (as of August 2020) and you'll have to pay around 1% in origination fees. Hope this helps!
I’m going to try for a hard money loan on 3 multi families 15 doors total & all occupied 200k asking. I’ve done wholesale but now I want to be the end buyer & make cash flow. I just need to find a good lender & someone willing to work with me.
So basically, there's no way to purchase a multifamily fourplex or any other kind of home to flip or refinance to a long term mortgage to use the property as a rental, UNLESS you have decent credit and money and assets already... My research until this video lead me to believe i could get a hard money loan to finance the property and renovations cost-even with bad credit, take my renovations crew with me and do the renovations alongside my crew to cut expenses, then refinance from short term to long term mortage and finally use the equity from the multiplex as collateral for other multiplexes and houses to flip or rent out.
Its amazing to see how far the content has improved over these years🔥
Most comprehensive video I’ve seen about what hard money lenders are looking for. Thank you! :)
I'm glad you liked it! Let me know if you have any more questions about hard money loans!
Hi Sean, what an extraordinary helpful video! Can you please tell me which should I do first... Apply for a hard money loan, and then make an offer to the seller if I get the loan, OR try to get my price with the seller, put down a good face deposit and THEN try to get a hard money loan? I'd appreciate your answer as soon as possible as I have a property right now that I have been looking at (also I would definitely consider applying with the hard money lenders you have mentioned in this video). Thanks so much!
Hi Shirley, glad you liked the video! I suggest speaking to a hard money lender before you get something under contract so that you can understand how much you can borrow and at what terms. You’ll also be able to know their application process and lending criteria. Once you have a good contact that you can reach out to, start getting deals under contract and reach out to your lender once you get into an agreement. Best of luck!
@@seanlovesrealestate thank you so much! I can't believe that you answered me so specifically and so quickly, and after a video that was put out so long ago also! You truly are amazing! I really appreciate your feedback thank you so very much ☺️
@@seanlovesrealestate man! I know I already said thank you, but I just can't get over how you answered me just in time! I was just about to make a decision right down tonight and make a phone call! I just really want you to understand how much I appreciate your answer! 😊👍
You’re very much welcome, Shirley! Thank you for being part of the community and I wish you all the best in your investing journey. ☺️
so helpfull your videos men, i loved the way you breaks everything down, nobody does that and the way that you explain, wow men! Im starting in this businnes form san diego and Im really confused about how things works but ill do it , i hope you can lend me one day for one of my future projects!
Thanks for your feedback!
I had a realtor ask for a prequalification letter. Is that possible with a hard money lender.
It's possible and I can help you with that. We don't write them for wholesalers though.
awesome info. keep up the good work!
Thank you!
You do good vids and info. 👍
Thank you!
What does it take to get transactional funding on a wholesale deal?
Transactional funding is doable, but it'll be a similar process for getting a bridge loan. The max LTV will still be around 80% (as of August 2020) and you'll have to pay around 1% in origination fees. Hope this helps!
I’m going to try for a hard money loan on 3 multi families 15 doors total & all occupied 200k asking. I’ve done wholesale but now I want to be the end buyer & make cash flow. I just need to find a good lender & someone willing to work with me.
Whoa, that sounds like a pretty interesting deal! Best of luck with it. If you can't find a lender, try to wholesale it!
Does age make an impact in getting a hard money loan ? i’m 22 reserves ready 700score credit default employeed
Age only makes a difference if you're under 18!