Hard Money Names?
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Hard Money Names? (by WMH [NC]) Oct 11, 2017 6:45 AM
       Hard Money Names? (by laura [MD]) Oct 11, 2017 6:51 AM
       Hard Money Names? (by WMH [NC]) Oct 11, 2017 7:49 AM
       Hard Money Names? (by WMH [NC]) Oct 11, 2017 8:17 AM
       Hard Money Names? (by NC INVESTOR [NC]) Oct 11, 2017 9:35 AM
       Hard Money Names? (by Mickie [OH]) Oct 11, 2017 9:50 AM
       Hard Money Names? (by WMH [NC]) Oct 11, 2017 11:23 AM
       Hard Money Names? (by Mickie [OH]) Oct 11, 2017 12:34 PM
       Hard Money Names? (by WMH [NC]) Oct 11, 2017 1:47 PM
       Hard Money Names? (by elliot [RI]) Oct 11, 2017 3:37 PM
       Hard Money Names? (by wmh [NC]) Oct 12, 2017 4:45 AM
       Hard Money Names? (by razorback_tim [AR]) Oct 12, 2017 8:34 AM
       Hard Money Names? (by Eddy Mac [IL]) Oct 12, 2017 11:31 AM
       Hard Money Names? (by WMH [NC]) Oct 12, 2017 12:46 PM
       Hard Money Names? (by WMH [NC]) Oct 12, 2017 2:20 PM
       Hard Money Names? (by WMH [NC]) Oct 12, 2017 2:25 PM
       Hard Money Names? (by Jeffrey [VA]) Oct 12, 2017 6:11 PM
       Hard Money Names? (by elliot [RI]) Oct 12, 2017 7:30 PM
       Hard Money Names? (by WMH [NC]) Oct 13, 2017 5:08 AM
       Hard Money Names? (by Eddy Mac [IL]) Oct 13, 2017 5:50 AM
       Hard Money Names? (by Jeffrey [VA]) Oct 13, 2017 1:49 PM
       Hard Money Names? (by WMH [NC]) Oct 13, 2017 2:18 PM

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Hard Money Names? (by WMH [NC]) Posted on: Oct 11, 2017 6:45 AM
Message:

Does anyone have a list of non-bank lenders out there?

--173.22.xx.xx




Hard Money Names? (by laura [MD]) Posted on: Oct 11, 2017 6:51 AM
Message:

Just google hard money lenders hundreds will appear. --108.28.xxx.xxx




Hard Money Names? (by WMH [NC]) Posted on: Oct 11, 2017 7:49 AM
Message:

I know, I was looking for names/experiences from people who have actually used some of these people. --173.22.xx.xx




Hard Money Names? (by WMH [NC]) Posted on: Oct 11, 2017 8:17 AM
Message:

At the Mr. Landlord conference, someone mentioned a lender that was doing 30! year loans at 6%! We didn't write it down because we didn't intend to ever borrow again.

But now that we are considering moving into RALFs, things have changed. --173.22.xx.xx




Hard Money Names? (by NC INVESTOR [NC]) Posted on: Oct 11, 2017 9:35 AM
Message:

Finance of America Shelly Hohm (224) 221 2131

La Quinta Equity Group Manly Gilmer 404-915-7851

Rental Home Financing Michelle Barnett (317) 260-1420

Since you are in NC you might also want to talk to Truliant CU they do commercial on investment properties.

Of the first 3 I would definitely

speak with Manly at LaQuinta first. His rates are in the mid to high 5 and he won't gouge you on the fees like the others will. All of them require the properties be held in an LLC.

If you are looking for a 30 w/o a balloon Rental Home and Finance America have programs for that but LaQuinta does not.

One that I looked at but did not speak with is the Raleigh Mortgage Group.

If you don't mind keeping the properties in your personal name try US Bank and PenFed CU.

PenFed has great rates but you can only have 10 financed properties including your residence. If you and your spouse have split up the mtg i.e. each have 6 in their names but you are both on title then they will count as 12.

Good Luck! --75.181.xxx.xx




Hard Money Names? (by Mickie [OH]) Posted on: Oct 11, 2017 9:50 AM
Message:

Okay so I'm going to ask what is probably a silly question. What are RALFs? --71.213.xx.xxx




Hard Money Names? (by WMH [NC]) Posted on: Oct 11, 2017 11:23 AM
Message:

Residential Living Facility. Or in some states, Residential Assisted Living Facility.

Private home, private rooms, elder care for those who are still relatively independent but still too much for the adult kids to care for at home. Needs help with bathing, for instance, or other areas of daily living. 24-hour assistance care (not medical care.)

Saw a great speaker at Mr. LL Conference, bought his course, attended his 3-day workshop in AZ and we are really looking hard into this.

For several reasons: 1) financially lucrative alternative to traditional landlording. 2) We will need a place like this ourselves someday! Might as well have a "free" bed in our place. 3) We have the perfect biz partners in my son and his wife so we are looking in their state not ours. He attended the weekend also and is very interested - doesn't have the money but has the credit and the ability to get properly licensed and manage the place without us.

That's the loose plan right now. Just need to get the financing to get out of the starting gate, this is not like renovating a rental. --173.22.xx.xx




Hard Money Names? (by Mickie [OH]) Posted on: Oct 11, 2017 12:34 PM
Message:

I remember seeing that speaker. I was interested in hearing more. If you pull the pin on this one you'll have to tell us how it goes. Someone else here has a similar model but it's different in that they rent it out to a company that's providing the services and it works out pretty well for him. --71.213.xx.xxx




Hard Money Names? (by WMH [NC]) Posted on: Oct 11, 2017 1:47 PM
Message:

It's not for everyone. But it is for us.

Trouble is, we have spent years writing off and improving our rental properties to LOWER our taxable reported income. We look like paupers on our tax returns. We have great houses for great tenants but ahem...

Asking for money from a lender is now problematic. Even with 850+ credit scores, I'm not comfortable giving them our taxable income.

Ideas? --173.22.xx.xx




Hard Money Names? (by elliot [RI]) Posted on: Oct 11, 2017 3:37 PM
Message:

WMH, congratulations on taking up the challenge.. I signed up cos wife wants to have something to do.. Then, she sort of changed her mind.. so after plunking down the not too shabby fee, We are partnering with someone to give it a shot (they don't have the money, but have the knowledge)

I would try small business loans first as recommended(I thought that's what you get from the money spent on). The next would be crowd funding.. You will be surprised how many websites out there are doing that for passive investors.

I am not sure if hard money will like the RAL business since most don't know this niche. And it involves huge renovation effort, almost always. --73.16.xxx.xxx




Hard Money Names? (by wmh [NC]) Posted on: Oct 12, 2017 4:45 AM
Message:

Elliot I was hoping you'd show up. Thanks! --173.22.xx.xx




Hard Money Names? (by razorback_tim [AR]) Posted on: Oct 12, 2017 8:34 AM
Message:

“We look like paupers on our tax returns.”

If you add your depreciation deduction back into your income do you still look like paupers?

If the answer is no then don’t let that stop you from going to your local bank because that is exactly what they will do. --70.182.xx.xx




Hard Money Names? (by Eddy Mac [IL]) Posted on: Oct 12, 2017 11:31 AM
Message:

@WMH I signed up too like Elliot for the coaching. Elliot I would get arrested if my wife changed her mind after what we paid, she hasn't done that much yet either to help. The assisted living has been my main focus right now, which is why I have been quiet on the boards. I'm running into some difficulties on the location. If you want to talk about it sometime let me know...

--207.63.xxx.x




Hard Money Names? (by WMH [NC]) Posted on: Oct 12, 2017 12:46 PM
Message:

I would like to talk! my throwaway email is hshobx @ gmail . com. Write to me there (and post that you did so here) and I'll send you my real info! --173.22.xx.xx




Hard Money Names? (by WMH [NC]) Posted on: Oct 12, 2017 2:20 PM
Message:

Ratified a nearly perfect contract tonight...so I need HELP yikes! --173.22.xx.xx




Hard Money Names? (by WMH [NC]) Posted on: Oct 12, 2017 2:25 PM
Message:

We did the 3-day fast start course out in AZ. We will be signing up for the full coaching now that we have nailed down location, and even found a property. But it's moving fast! --173.22.xx.xx




Hard Money Names? (by Jeffrey [VA]) Posted on: Oct 12, 2017 6:11 PM
Message:

WMH, one sponsor at the last two Landlord Conventions offers money that may be able to work for you.

LandlordMoneyStore.com

--96.238.xx.xx




Hard Money Names? (by elliot [RI]) Posted on: Oct 12, 2017 7:30 PM
Message:

WMH, I read somewhere recently that NC is perfect for RAL east coast wise.. go for it!!!

We are all on the inner circle facebook page. If you are not on yet, let the COO know and she will add you in.

Eddy, We hooked up with two attendees from Madison WI. We are looking to do something in Wisconsin since they have established market and experience in the business. Waiting on wife to setup her google voice, get a local phone number and call some facilities to potentially buy one. hahaha..

Are you still fighting the same battle or new one? email me and WMH, its always good to hash out ideas. --73.16.xxx.xxx




Hard Money Names? (by WMH [NC]) Posted on: Oct 13, 2017 5:08 AM
Message:

THANK YOU JEFFREY and others. That's who I was looking for I didn't realize they were on this site, I looked and didn't find them.

Elliot, we are not looking to do it in NC. We are coastal NC, very isolated and not enough full-time residents, in our opinion. We are looking outside Richmond, VA because that's where our son lives. The right kind of houses (ranches and ramblers) and there's a lot of old money up there. --173.22.xx.xx




Hard Money Names? (by Eddy Mac [IL]) Posted on: Oct 13, 2017 5:50 AM
Message:

Elliot, there are 3 or 4 states that have something called housing with services established they are IN, MN, NJ, and CT. You have a lot less regulation and laws you have to go by. I suggest you look into those areas if they are not far from you. I'm trying to do it in Indiana. I found a city that would let me open one under a group home. The problem is that I'm having a hard time finding a home that can somewhat accommodate what I'm looking to do. So I have been looking for lots. The area is somewhat rural, so some of the lots would have to have a septic, I need a sewer. I want to build a 10 bed 8 to 10 bath house. I like the idea of building because you get what you want right away.

WMH Check your email... --207.63.xxx.x




Hard Money Names? (by Jeffrey [VA]) Posted on: Oct 13, 2017 1:49 PM
Message:

WMH, I would like to encourage you and everyone else to share as much of your conversations right here on the forum as much as you can. So we can all learn from what you are doing. And celebrate in your success! Plus, there may be a couple of others who can add additional insight to the conversations. --172.58.xxx.xx




Hard Money Names? (by WMH [NC]) Posted on: Oct 13, 2017 2:18 PM
Message:

Okay Jeffrey I'm fine with that! I will start a new thread so the title won't be misleading. --173.22.xx.xx



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