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How to get out of a Hard Money Loan when fixing and flipping a property

Real Estate Investing Tips For Beginners 13 views

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Valuable advise
Comment from : @nancycampbell2056

Can you help with what best route for a home that needs rehab 25 thousand only worth 51 thousand 35 mins from beaches want to make it a black owned air BNB
Comment from : @kbeckataylor5708

I guess u told us lol Good stuff
Comment from : @TiaNicoleLifestyle

Hey, I’m sorry but how may I get in contact with you, I really need your help
Comment from : @jeremiahknuckles962

Amin to that Thanks for the info sir
Comment from : @bashosquino1076

You remind of Flipman lol
Comment from : @panjabimunda1996

Love you brother going into chapter 13 to fend off foreclosure Have a good deal just have to land it 👍
Comment from : @raiconlan1

I want to start my first flip need a mentor some seminars ask for to much money on education
Comment from : @dariocasarez453

Morning Gerald I m in the situation you just described my name is Mario I can be reached at 314 667 9345
Comment from : @mariomarshall5877

Great Video this man speaks nothing but facts
Comment from : @23olove

That's why I like Fix and Rent multi-unit project Flip in sale gets to complex and takes to much time
Comment from : @anonymousbiscuit5799

Glad i seen this video, planning out my first deal
Comment from : @terrib-in1pm

Thank you! I feel like this was speaking directly to me I'm on my 2nd flip and I don't see the numbers that other flippers are seeing/ doing I am trying to wash my hands of my current flip now I was about to let it foreclose but now I'll let it go for a loss
Comment from : @alyssamaker7739

Ladies and gentlemen please continue to pass the offering plate and only put silent money in the plate not the kind that makes noise because he just preached
Comment from : @annabailey2378

I found an old home (about 70 years old) that is structurally well built, but needs to be 1/2 gutted and is in need of a new roof I want to fix and flip it What do you do for funding when you know you can't get a loan for buying and rehabbing? Don't know much about DHM Not sure how to approach someone in a real estate club, and I know better not to involve family
Comment from : @goldiegibson7968

PREACH MY MANbrYes sir, I've experienced it as well
Comment from : @johnalexander7907

We don't have a hard money loan as of yet but we have a property under contract for 399 commercial restaurant on the bottom 2 apartment on the top one-bedroom and two-bedroom APR 899 25 to 30,000 to repair What do you think our approach should be?
Comment from : @damianbroadnax834

Omg! This podcast is like you were talking to me such great info I’m so Thankful to get out of mines I found a builder investor to get out of my flip paid off the hard money loan and took a lost not bad lost but it was a L
Comment from : @NinaInternational09

Please give me a call 803 529 5973 Nate
Comment from : @natejohnson19777

This is a great video I just subscribed!
Comment from : @gwendolenmccloud8771

Mannnnn thanks so much for sharing this video!! Great info
Comment from : @YourChicGeek

Loaned money to a rehabber and we were in 2nd position He went belly up In order to have a chance at saving our investment we felt we needed to purchase the house from the 1st position After several months was finally able to talk directly with the 1st position lender and come up with an agreement for us to purchase the loan from them(The rehabber signed a quit claim deed for the property as well) We used Private money for that transaction However, because we had money from our IRA invested in the house we had to have someone purchase our portion Accomplished that The goal was to finish the rehab and sell The rehab became much larger than it should have been because of hidden damage that the previous rehabber had not taken care of Rehab was done and put it on the market We also tried getting a traditional mortgage because the private lender needed their money back within a couple of months The market tanked without any offersWe pep trying for a traditional loan The Title was messed up and the house wouldn't appraise It is a unique house and so finding comps is and was difficult Now we have been to 3 lenders and still don't have a traditional loan (We did pay off the smaller of the 2 loans) Thinking about going back to private lender/s for the 1st position amount Suggestions are welcome! (This property is in a resort type area and has been very popular on AirBnB
Comment from : @donnamuelver7669

Gerald your thoughts and time are super appreciated!!! Working on my getting my first deal under contract I'm finding mad deals, but the challenge is making these rehab numbers work!! Stressful seeing all these good deals pass me by, but besides trying to make my rehab numbers work, these asking prices are soo overpriced --major challenge Any tips please and Thanks!!
Comment from : @tyegraysrealestate1037

Ving Rames?
Comment from : @presatito

gerald thank you for being a reallionaire
Comment from : @DARKGAMES_ULUV

always appreciate the resource of your wisdom gives me more confidence knowing what you've talked about I have always tended to overestimate the cost of repairs partly 'cause i don't really know what things cost
Comment from : @mikesuniverse1789

Fix and flips seem like such a gamble to me Might as well just buy and hold, or fix foreclosures
Comment from : @DropSixteenTV

Can you do a video about how you finance a flip with PL, from how much down payment they want , interest rates they charge to closing,if you have a video already can I get a link, thanks
Comment from : @KyleWallacekev

What about refinancing the hard money loan?
Comment from : @chinarose822

What’s with the chewing make video impossible to finish smh
Comment from : @bdukes8075

Wow!!best mentor
Comment from : @bradbradshaw2791

Hey Gerald, my situation is that I entered a hard money loan but under my mentor I'm realizing we weren't guuided correctly in request for the budget by 21k we have made any draws and have made 1 payment so far on the intrest only loan my question is to you before I worry the loan officer can just pay for the property's remaining balance and just be done with it
Comment from : @willie24ish

Soo wouldnt getting an inspection and appraisal before hand minimize these risks? ?
Comment from : @Bigredd217

Is getting a regular home loan on the property on the home an option?
Comment from : @BlaqueFox

You seem like a very good genuine person and I wish you all the best brThank you for the valuable information
Comment from : @ES-fr3yz

That gum tho😑
Comment from : @latoyaparks2008

That's what I stay away from the so call flipping epidemic
Comment from : @HB-yq8gy

Very well said from your personal experiences Thanks for sharing
Comment from : @HB-yq8gy

He also stated his inlaw is an attourny Thankyoy
Comment from : @chazgurrero3090

Hi, I found a under value homethad needs an easementnow another realtor called me His father in law dose constrution work Realtor claims the father inlaw cold build house in nice aria what should the realtor be doing to assist in transactoin
Comment from : @chazgurrero3090

Can your refinance out of it
Comment from : @carvellstemley4544

HUUM,,,,,,,,,,,,YOU ABSOLUTELY RIGHT ABOUT THAT "PRIDE & EGO" ISSUE,YOU AINT NEVERbrLIED,I DEFINITELY HAVE TO WORK THAT FOR SURE!-------WHOA,GOOD CONTENT!
Comment from : @sykritmanuwva4472

i did lend some money to this guy and he is NOT paying me how can i get my money ? should i get a lawyer ?
Comment from : @FilomenaDapaz

I just looked at the video I am right there now I have a property that had all the unexpecteds, I have a hard money loan and need additional money to complete the project and the sq footage is onl 782 can you in box me so we can talk I am a member of the local REIA so I like that idea
Comment from : @maxinefredericks5231

most hard money lenders inspect your house and numbers and make sure they are accurate before lending and always get estimates in writing with deadlines I don't think this guy did either
Comment from : @shantor100

Thank you i'm getting in to it now, and hearing this beforehand is definitely usefulbrThank you for doing this video, you are appreciated
Comment from : @thangman8146

This might be most important and helpful information on hard money lending I've come across Mike from Connecticut here Great video 👍🏾👍🏾
Comment from : @MrSurfcaster76