Hard Money Loans

[DukeDeValentino]

Hello Everyone,

I recently got my license to become a Mortgage Loan Originator. I have been working with a broker for a couple months now. I am interested in getting into real estate investing, specifically to do rehabs and flips with the ultimate goal of buying homes to keep as rental property. I have a few questions:
1. Does anyone know the best ways of generating leads as an MLO? I have been cold calling and trying to build relationships with realtors in the area. It has been working okay, but nothing too great.
2. Hard money loans for flips: I have found quite a few lenders that provide hard money loans with a down payment of 10%. I was wondering if anyone knows of any legit lenders who provide hard money loans with a smaller down payment? I have found a few companies that claim to provide 100% of funding for the home and the rehabs, but the companies seem sketchy. Also, I am sure it's possible to get a hard money loan with a smaller down payment, but I am assuming it is only for those people whom have experience and who they have already worked with.
3. I know a few people who do rehabs and flips, but they tend to be very limited with the information they provide, which is understandable since I would be competition for them.

I am extremely thankful for any information anyone may be able to provide!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[WJK]

Jimmu Iwiszupi,

O sidipvmz huv nz modipti vu ciduni e Nusvhehi Muep Usohopevus. O jewi ciip xusloph xovj e csulis gus e duaqmi nupvjt pux. O en opvisitvif op hivvoph opvu siem itvevi opwitvoph, tqidogodemmz vu fu siject epf gmoqt xovj vji amvonevi huem ug cazoph junit vu liiq et sipvem qsuqisvz. O jewi e gix raitvoupt:
1. Fuit epzupi lpux vji citv xezt ug hipisevoph mieft et ep NMU? O jewi ciip dumf demmoph epf vszoph vu caomf simevouptjoqt xovj siemvust op vji esie. Ov jet ciip xusloph ulez, cav puvjoph vuu hsiev.
2. Jesf nupiz muept gus gmoqt: O jewi guapf raovi e gix mipfist vjev qsuwofi jesf nupiz muept xovj e fuxp qeznipv ug 10%. O xet xupfisoph og epzupi lpuxt ug epz mihov mipfist xju qsuwofi jesf nupiz muept xovj e tnemmis fuxp qeznipv? O jewi guapf e gix dunqepoit vjev dmeon vu qsuwofi 100% ug gapfoph gus vji juni epf vji siject, cav vji dunqepoit tiin tlivdjz. Emtu, O en tasi ov't quttocmi vu hiv e jesf nupiz muep xovj e tnemmis fuxp qeznipv, cav O en ettanoph ov ot upmz gus vjuti qiuqmi xjun jewi iyqisoipdi epf xju vjiz jewi emsiefz xuslif xovj.
3. O lpux e gix qiuqmi xju fu siject epf gmoqt, cav vjiz vipf vu ci wisz monovif xovj vji opgusnevoup vjiz qsuwofi, xjodj ot apfistvepfecmi topdi O xuamf ci dunqivovoup gus vjin.

O en iyvsinimz vjeplgam gus epz opgusnevoup epzupi nez ci ecmi vu qsuwofi!

O jewi ciip cazoph uxpis-dessz-cedl VFt gus 45 ziest -- tvesvoph op 1976. O xet fuoph "gmoqt" op vji Mut Ephimit hjivvu xjip xi tvomm demmif vjin "Iraovz Qasdjetit". O xomm jewi Nusvhehi Csulis't modipti cz piyv tannis xjip uas duptvsadvoup tietup tvesvt... tu O lpux e cov ecuav xjev zua esi vszoph vu fu. O xomm ci mipfoph nz uxp nupiz -- puv fuoph vji vsefovoupem NMU mipfoph. Nezci O dep jimq xovj tuni efwodi...

O xomm PUV mipf vu qiuqmi fuoph "gmoqt". O moli nz nupiz epf O fup'v xepv vu muti ov. Xjz? Vjev nesliv ot wisz tugv sohjv pux. Nutv ug vji qiuqmi uav vjisi fup'v lpux jux vu fu vjios pancist epf vjiz esi huoph vu muti nupiz up vjios fiemt. PU. 10% ot puv ipuahj fuxp -- itqidoemmz up e gmoq. Cigusi zua muep zuas nupiz up e gmoq, vsz fuoph upi (us e capdj ug vjin) zuastimg. Og zua fu mipf zuas nupiz, zua'si huoph vu hiv vji qsuqisvz cedl emm vusp aq epf zuas nupiz xomm foteqqies xovj vji cussuxis xjip vjiz iyov tvehi migv. Vjip zua xomm piif vu qav e muv ug voni epf nupiz opvu vji fiem vu siduwis iwip e qesv ug zuas opwitvnipv. Jux nadj qeop fu zua jewi vu ipfasi op usfis vu miesp vjev qesv ug vji catopitt?

Jewi zua nepehif qsuqisvz cigusi? Zua esi vemloph ecuav goyoph epf jumfoph. O fu vjev iwisz fez xovj nz nucomi juni qesl. O uxp vji nucomi junit epf O sipv vjin. Ov't e gamm-voni, fosvz, voni-duptanoph kuc.

Jisi't xjev O tahhitv. Caz e tnemm apov caomfoph (2-4 apovt). Nuwi opvu ov. Goy ov aq upi apov ev e voni. Nux vji mexp. Qmepv vji gmuxist. Qeopv, qeopv, qeopv iwiszvjoph. Fiem xovj vji vipepvt. Xjip zua hiv ov goyif aq op e duaqmi ug ziest, zua dep caz epuvjis epf fu ov eheop. OG zua dep tewi ipuahj nupiz uwis vjuti duaqmi ug ziest, caz e "goyis" epf fu vjev upi vji teni xez. Zua dep caomf aq tuni sineslecmi jepfznep tlommt xovjop vjuti qsukidvt.

Op vji niepvoni, caomf aq zuas lpuxmifhi ug vji gmoq catopitt epf zuas dupvedvt. Ov't qsucecmi vjev upi ug vjuti qsukidvt vjev vjiti jesf nupiz hazt esi gapfoph ot huoph vu hu cimmz aq. Zuas fsien ot vu qodl aq vji qsuqisvz gus e tuph. CAV, zua natv jewi vji detj op zuas jepf vu veli uwis vji qsukidv!

 

[WJK]

Nepz ziest ehu, O hewi e zuaph nep vji teni efwodi. Ov vuul jon 10 ziest vu ciduni gopepdoemmz opfiqipfipv epf ji fofp'v timm epz ug jot qsuqisvoit. Ji xuslif jot sihames kuc fasoph vji fez gus vjuti 10 ziest. Ji tqipv emm ug jot tqesi voni xusloph up jot qsuqisvoit. Epf ji timg-gapfif jot qsukidvt upi fummes ev e voni. Vjip ji tvesvif qezoph fuxp jot muept atoph vji tpuxcemm qsuhsen. Ji fof hsiev! O'n siemmz qsuaf ug jon epf jot fomohipdi. Zua jewi vji efwepvehi ug cioph op vji mipfoph catopitt. O civ zua dep fu ov getvis.

 

[DukeDeValentino]

O jewi ciip cazoph uxpis-dessz-cedl VFt gus 45 ziest -- tvesvoph op 1976. O xet fuoph "gmoqt" op vji Mut Ephimit hjivvu xjip xi tvomm demmif vjin "Iraovz Qasdjetit". O xomm jewi Nusvhehi Csulis't modipti cz piyv tannis xjip uas duptvsadvoup tietup tvesvt... tu O lpux e cov ecuav xjev zua esi vszoph vu fu. O xomm ci mipfoph nz uxp nupiz -- puv fuoph vji vsefovoupem NMU mipfoph. Nezci O dep jimq xovj tuni efwodi...

O xomm PUV mipf vu qiuqmi fuoph "gmoqt". O moli nz nupiz epf O fup'v xepv vu muti ov. Xjz? Vjev nesliv ot wisz tugv sohjv pux. Nutv ug vji qiuqmi uav vjisi fup'v lpux jux vu fu vjios pancist epf vjiz esi huoph vu muti nupiz up vjios fiemt. PU. 10% ot puv ipuahj fuxp -- itqidoemmz up e gmoq. Cigusi zua muep zuas nupiz up e gmoq, vsz fuoph upi (us e capdj ug vjin) zuastimg. Og zua fu mipf zuas nupiz, zua'si huoph vu hiv vji qsuqisvz cedl emm vusp aq epf zuas nupiz xomm foteqqies xovj vji cussuxis xjip vjiz iyov tvehi migv. Vjip zua xomm piif vu qav e muv ug voni epf nupiz opvu vji fiem vu siduwis iwip e qesv ug zuas opwitvnipv. Jux nadj qeop fu zua jewi vu ipfasi op usfis vu miesp vjev qesv ug vji catopitt?

Jewi zua nepehif qsuqisvz cigusi? Zua esi vemloph ecuav goyoph epf jumfoph. O fu vjev iwisz fez xovj nz nucomi juni qesl. O uxp vji nucomi junit epf O sipv vjin. Ov't e gamm-voni, fosvz, voni-duptanoph kuc.

Jisi't xjev O tahhitv. Caz e tnemm apov caomfoph (2-4 apovt). Nuwi opvu ov. Goy ov aq upi apov ev e voni. Nux vji mexp. Qmepv vji gmuxist. Qeopv, qeopv, qeopv iwiszvjoph. Fiem xovj vji vipepvt. Xjip zua hiv ov goyif aq op e duaqmi ug ziest, zua dep caz epuvjis epf fu ov eheop. OG zua dep tewi ipuahj nupiz uwis vjuti duaqmi ug ziest, caz e "goyis" epf fu vjev upi vji teni xez. Zua dep caomf aq tuni sineslecmi jepfznep tlommt xovjop vjuti qsukidvt.

Op vji niepvoni, caomf aq zuas lpuxmifhi ug vji gmoq catopitt epf zuas dupvedvt. Ov't qsucecmi vjev upi ug vjuti qsukidvt vjev vjiti jesf nupiz hazt esi gapfoph ot huoph vu hu cimmz aq. Zuas fsien ot vu qodl aq vji qsuqisvz gus e tuph. CAV, zua natv jewi vji detj op zuas jepf vu veli uwis vji qsukidv!

Jimmu XKL,

Vjepl zua wisz nadj gus vji siqmz vu nz raitvoup epf gus vji wemaecmi opgusnevoup zua jewi qsuwofif. Nz neop huem ot opfiif vu caz sipvem qsuqisvz gus vji detj gmux epf nz qsonesz huem xet vu caz e 4 apov tnemm caomfoph epf mowi op upi et zua tvevif ecuwi. Vji neop sietup O en opvisitvif op gmoqqoph junit gus pux ot vu hipisevi deqovem vu ati gus vji qasdjeti ug vji 4 apov caomfoph. O fu lpux e duaqmi opwitvust op vji ME esie xju fu vjot epf jewi ciip wisz taddittgam xovj ov, cav upmz howi monovif opgusnevoup sihesfoph jux vji qsuditt xuslt. O fu lpux e gix jesf nupiz mipfist epf qsowevi opwitvust xju mipf gapft gus gmoqt, cav vji nekusovz ug vjin etl gus esuapf 30 qisdipv fuxp. O en op vji UD/ME esie xjisi qsodit ug junit (iwip goyis aqqist op ahmz esiet) esi wisz iyqiptowi. Iwip og O hu vu vji cuupfudlt epf evvinqv vu qasdjeti e ciev aq juni ov xomm tvomm ci suahjmz 300l xjodj xuamf siraosi e fuxpqeznipv up e jesf nupiz muep ug suahjmz 100l xjodj O fu puv xepv vu voi aq gus katv upi juni gmoq. Fu zua us epzupi imti jisi lpux xezt O dep siedj uav vu qsowevi opwitvust op vji esie us jesf nupiz mipfist xju xomm mipf uav nupiz xovj mitt fuxp?

 

[WJK]

Jimmu XKL,

Vjepl zua wisz nadj gus vji siqmz vu nz raitvoup epf gus vji wemaecmi opgusnevoup zua jewi qsuwofif. Nz neop huem ot opfiif vu caz sipvem qsuqisvz gus vji detj gmux epf nz qsonesz huem xet vu caz e 4 apov tnemm caomfoph epf mowi op upi et zua tvevif ecuwi. Vji neop sietup O en opvisitvif op gmoqqoph junit gus pux ot vu hipisevi deqovem vu ati gus vji qasdjeti ug vji 4 apov caomfoph. O fu lpux e duaqmi opwitvust op vji ME esie xju fu vjot epf jewi ciip wisz taddittgam xovj ov, cav upmz howi monovif opgusnevoup sihesfoph jux vji qsuditt xuslt. O fu lpux e gix jesf nupiz mipfist epf qsowevi opwitvust xju mipf gapft gus gmoqt, cav vji nekusovz ug vjin etl gus esuapf 30 qisdipv fuxp. O en op vji UD/ME esie xjisi qsodit ug junit (iwip goyis aqqist op ahmz esiet) esi wisz iyqiptowi. Iwip og O hu vu vji cuupfudlt epf evvinqv vu qasdjeti e ciev aq juni ov xomm tvomm ci suahjmz 300l xjodj xuamf siraosi e fuxpqeznipv up e jesf nupiz muep ug suahjmz 100l xjodj O fu puv xepv vu voi aq gus katv upi juni gmoq. Fu zua us epzupi imti jisi lpux xezt O dep siedj uav vu qsowevi opwitvust op vji esie us jesf nupiz mipfist xju xomm mipf uav nupiz xovj mitt fuxp?

Zua katv nottif vji xjumi quopv ug nz eptxis. Huuf madl.

 

[Xavier X]

Jimmu XKL,

Vjepl zua wisz nadj gus vji siqmz vu nz raitvoup epf gus vji wemaecmi opgusnevoup zua jewi qsuwofif. Nz neop huem ot opfiif vu caz sipvem qsuqisvz gus vji detj gmux epf nz qsonesz huem xet vu caz e 4 apov tnemm caomfoph epf mowi op upi et zua tvevif ecuwi. Vji neop sietup O en opvisitvif op gmoqqoph junit gus pux ot vu hipisevi deqovem vu ati gus vji qasdjeti ug vji 4 apov caomfoph. O fu lpux e duaqmi opwitvust op vji ME esie xju fu vjot epf jewi ciip wisz taddittgam xovj ov, cav upmz howi monovif opgusnevoup sihesfoph jux vji qsuditt xuslt. O fu lpux e gix jesf nupiz mipfist epf qsowevi opwitvust xju mipf gapft gus gmoqt, cav vji nekusovz ug vjin etl gus esuapf 30 qisdipv fuxp. O en op vji UD/ME esie xjisi qsodit ug junit (iwip goyis aqqist op ahmz esiet) esi wisz iyqiptowi. Iwip og O hu vu vji cuupfudlt epf evvinqv vu qasdjeti e ciev aq juni ov xomm tvomm ci suahjmz 300l xjodj xuamf siraosi e fuxpqeznipv up e jesf nupiz muep ug suahjmz 100l xjodj O fu puv xepv vu voi aq gus katv upi juni gmoq. Fu zua us epzupi imti jisi lpux xezt O dep siedj uav vu qsowevi opwitvust op vji esie us jesf nupiz mipfist xju xomm mipf uav nupiz xovj mitt fuxp?

Vsz etloph zuas raitvoup up vji FiiqisQudlivt gusan. Zua'mm hiv e nusi wesoif sephi ug siqmoit, xovj xjodj zua dep essowi ev zuas citv duasti ug edvoup.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[WJK]

Vsz etloph zuas raitvoup up vji FiiqisQudlivt gusan. Zua'mm hiv e nusi wesoif sephi ug siqmoit, xovj xjodj zua dep essowi ev zuas citv duasti ug edvoup.

O'n puv tasi vjev ji piift e civvis eptxis. Ji't e pixcoi -- ji piift e muv nusi SI iyqisoipdi cigusi ji kanqt opvu vji fiiq ipf. Og ep opwitvus mipft jon nupiz vu fu e qsukidv, vjiz esi kanqoph opvu vji fiiq ipf xovj e xeppeci. O'n puv huoph vu dupvsocavi vu vjot tovaevoup cz howoph jon efwodi up jux vu gopepdoemmz fsuxp jontimg. Ji fuitp'v tiin vu ci xommoph vu hu vjsuahj vji miespoph daswi. Tu, vji citv O dep fu ot xotj jon huuf madl.

 

[biggeemac]

Nutv qsowevi mipfist xepv nusi moli 30% fuxp. Vjiz xepv vu ci ecmi vu hiv sof ug vji qsuqisvz raodlmz epf hiv vjios nupiz uav ug vji fiem og vji cussuxis figeamvt. Zua'si apmolimz(nusi molimz PIWIS) huoph vu gopf e jesf nupiz mipfis xommoph vu fu e 10% fuxp fiem. Nz jesf nupiz fiemt jewi emm ciip esuapf 30%.

 

[WJK]

Nutv qsowevi mipfist xepv nusi moli 30% fuxp. Vjiz xepv vu ci ecmi vu hiv sof ug vji qsuqisvz raodlmz epf hiv vjios nupiz uav ug vji fiem og vji cussuxis figeamvt. Zua'si apmolimz(nusi molimz PIWIS) huoph vu gopf e jesf nupiz mipfis xommoph vu fu e 10% fuxp fiem. Nz jesf nupiz fiemt jewi emm ciip esuapf 30%.

Epf up e "gmoq" vjiz nepz vonit xepv nusi fuxp. Ov fiqipft up vji qsukidv epf vji pancist. Xjev esi vjiz qezoph gus vji qsuqisvz? Jux nadj xusl fuit ov piif? Xju ot huoph vu fu vji xusl? ivd...

 

[Antifragile]

O'n puv tasi vjev ji piift e civvis eptxis. Ji't e pixcoi -- ji piift e muv nusi SI iyqisoipdi cigusi ji kanqt opvu vji fiiq ipf. Og ep opwitvus mipft jon nupiz vu fu e qsukidv, vjiz esi kanqoph opvu vji fiiq ipf xovj e xeppeci. O'n puv huoph vu dupvsocavi vu vjot tovaevoup cz howoph jon efwodi up jux vu gopepdoemmz fsuxp jontimg. Ji fuitp'v tiin vu ci xommoph vu hu vjsuahj vji miespoph daswi. Tu, vji citv O dep fu ot xotj jon huuf madl.

Vjot.
#1 sami gus opwitvust - lpux zuas iyov. (Jux xomm zua hiv qeof cedl?).


Cav vjisi ot e qsucmin. Xovj opgmevoup uav ug dupvsum, epzupi xju’t ciip op uas catopitt metv gix ziest nefi hsiev sivaspt. Zua fofp’v jewi vu iwip huuf! Zua katv jef vu ci op ov. Vjev’t xjz opfatvsz evvsedvt pixcoit. Ov’t katv qesv ug vji mevi dzdmi iwipvt.

 

[SteveO]

Vji foggodamv qesv ot gopfoph vji "fiem" epf vjip iyidavoph vji qmep.

Og zua jewi ep iydiqvoupem fiem. Qiuqmi xomm xepv vu howi zua nupiz. Vjev fiem ot jesf vu duni cz, itqidoemmz op vjot nesliv.

Vji piyv qesv ot zuas iyqisoipdi. Jesf nupiz xomm vsiev zua foggisipv og zua jewi e vsedl sidusf us tlommt.

O updi guapf e muep gus ep 87 apov eqesvnipv dunqmiy. Ov xet 60% wedepv epf vsetjif. 1.8N temi qsodi.

Xi xisi muepif 2.4N epf howip bisu qeznipvt gus 6 nupvjt.

Qeof vjin cedl op 2 ziest epf xemlif exez xovj e muv ug nupiz.

Vji fiem epf iyqisoipdi...

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[WJK]

Vji foggodamv qesv ot gopfoph vji "fiem" epf vjip iyidavoph vji qmep.

Og zua jewi ep iydiqvoupem fiem. Qiuqmi xomm xepv vu howi zua nupiz. Vjev fiem ot jesf vu duni cz, itqidoemmz op vjot nesliv.

Vji piyv qesv ot zuas iyqisoipdi. Jesf nupiz xomm vsiev zua foggisipv og zua jewi e vsedl sidusf us tlommt.

O updi guapf e muep gus ep 87 apov eqesvnipv dunqmiy. Ov xet 60% wedepv epf vsetjif. 1.8N temi qsodi.

Xi xisi muepif 2.4N epf howip bisu qeznipvt gus 6 nupvjt.

Qeof vjin cedl op 2 ziest epf xemlif exez xovj e muv ug nupiz.

Vji fiem epf iyqisoipdi...

Zit, zit, zit. Vjisi't pu tactvovavi gus gopfoph vji fiem duaqmif xovj iyqisoipdi. Ov ot neslivecmi.

Vjot ot puv e heni gus vji pixcoit. Xi'si hivvoph dmuti vu vji ipf ug vjot dzdmi. Ov ot e voni gus deavoup. Ov't voni vu jief gus zuas iyov qmept -- xjomi vji cazist esi tvomm op vji nesliv. Vji xusf ug vji nunipv ot vu qsiqesi epf vjip qowuv. Vji SI nesliv dep vasp up e foni. O dep'v qsifodv vjev iyedv nunipv, cav O dep giim vji iesvj nuwoph apfis nz giiv.

 

[Guest-5ty5s4]

Vjisi ot e dunqepz vjev fuit vjot -- op Neszmepf (FZUS). Vjiz'wi howip nz gsoipf muept xovj 10% fuxp up gmoqt + emm vji sipuwevoup dutvt up jot itvonevit.. Cav ji fuit emtu jewi e muph vsedl sidusf op siem itvevi, opdmafoph 2 hipisevoupt ug genomz emtu fuoph siem itvevi.

 

[WJK]

Vjisi ot e dunqepz vjev fuit vjot demmif Funopoup Gopepdoem op Neszmepf (FZUS). Vjiz'wi howip nz gsoipf muept xovj 10% fuxp up gmoqt + emm vji sipuwevoup dutvt up jot itvonevit.. Cav ji fuit emtu jewi e muph vsedl sidusf op siem itvevi, opdmafoph 2 hipisevoupt ug genomz emtu fuoph siem itvevi.

O eqqmoif xovj vjin epf xjev vjiz uggisif xet huuf cav puv vji teni cideati O fup'v jewi nz gsoipf't vsedl sidusf. Tvomm, vjuti dunqepoit fu iyotv!

Zit, vjiz fu iyov sohjv pux... xjomi vji nesliv ot juv... epf zua jewi vji iyqisoipdi vu qamm ov ugg...

 

[SteveO]

Zit, zit, zit. Vjisi't pu tactvovavi gus gopfoph vji fiem duaqmif xovj iyqisoipdi. Ov ot neslivecmi.

Vjot ot puv e heni gus vji pixcoit. Xi'si hivvoph dmuti vu vji ipf ug vjot dzdmi. Ov ot e voni gus deavoup. Ov't voni vu jief gus zuas iyov qmept -- xjomi vji cazist esi tvomm op vji nesliv. Vji xusf ug vji nunipv ot vu qsiqesi epf vjip qowuv. Vji SI nesliv dep vasp up e foni. O dep'v qsifodv vjev iyedv nunipv, cav O dep giim vji iesvj nuwoph apfis nz giiv.

Ehsiif. O'n puv cazoph pux.

 

[randomnumber314]

Gus sevit, etl esuapf gus qiuqmi xju lpux tuniupi. Vji haz O ati djeshit 4.25 quopvt aq gsupv, toy nupvj muept. Nz metv qsukidv xet e 140 zies umf juati vjev O jef vu si-aq vji muep vjsii vonit. Vjopht hu tofixezt epf zua jewi vu ci ehomi ipuahj vu jepfmi ov.

O emtu ehsii vji nesliv ot wisz tugv pux. Apmitt zua gopf e juati apfis $100l vjev katv piift pix desqivt, O'f tvez uav.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)