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Following is Hard Money Secret #3:

Your Credit Doesn’t Matter…or Does It?

You hear from a lot of investors out
there that when you get a hard money
loan - credit doesn’t matter, just the
property.

Others will tell you it does matter. So,
what’s the answer?

The answer is: It depends.

In the past there were a lot of Hard
Money lenders that had no credit requirements
at all.  There are still some of those around,
but not many.  And, typically their rates get
higher and higher as the borrowers score
gets lower & lower.

Hard Money Lenders that have credit minimums
will probably have a more competitive rate.

In today’s mortgage climate - mortgage companies
dropping like flies, changing their lending terms
and foreclosures skyrocketing - the majority of
hard money lenders do have some type of credit
minimum.

They’re still looking mostly at the collateral and they
don’t expect you to have perfect credit, however
the lender still wants to do everything they can within
reason to prevent having to take a property back.
Having a minimum credit score helps ensure this.

From a lender’s perspective it helps to know that
a borrower has the ability (using his credit) to
refinance the property at the end of the loan term
if the property has not been sold.

Until next time,

Adam Arnette

I liken this mistake to the guy that shows up to his construction job without a hammer on his toolbelt (or like the guys in the picture who seem to have no tools)! Simple, yes.  Stupid, yes.  But having a pre-approval letter from a reputable lender in your brief case at all times is a must.

The pre-approval letter is a tool many investors don’t bother using, yet it can easily be the difference between you getting the deal or losing it.

Just like in marketing, to get great results you’ve got to have an arsenal of things to bring leads in the door.  Not just one tool.  The more tools you have to help build credibility, the more deals you’re going to get.

Not to mention the confidence of knowing that you have the funding secured.  No more second guessing yourself before you make that final offer to the seller.  Or, how about your competition who may match your offer?

Who’s the seller going to go with, the one saying he has funding, or you, the professional with the letter showing proof of funding?

Until next time,

Adam

This is the first of 6 posts I’ll be adding over the next several days outlining common mistakes or misconceptions too many investors have about hard money loans.  I’m sure you’ll find them helpful for building your business!

Mistake #1:  Not Using Hard Money Lenders

When I first started my real estate investing
business years ago, I was not at all enthusiastic
about borrowing money from hard money lenders.

Let’s face it, at first blush, the rates seem pretty
high compared to banks, and aren’t people who
have less than perfect credit the only ones
that get these types of loans?

Well, it took me a lot of time trying to find
other sources & the painful experience
of working with banks before I came to
the realization that ALL good investors come to
quickly in their business:

IT’S NOT THE COST OF THE MONEY,
ITS THE ACCESS TO THE MONEY THAT
MATTERS!

Nothing new there, but it’s the truth.  Too many
people spend so much time trying to find the absolute
cheapest source of money to fund their deals.  If you
quick-turn real estate, it doesn’t take you long to realize
that there is actually not a very big cost difference
in using conventional funds vs. asset backed loans (ie
hard money loans).  Not to mention the fact that many
of the rehab deals you’ll buy won’t meet the criteria
for conventional lending simply due to the condition
of the property - especially these days.

So the question is, what do you want to spend your
time doing, looking for funding or looking for deals
that are going to put big fat checks in your pocket??

Asset backed loans are a great way to have a
consistent source of funds to grow your business
quickly, and help you focus on your most important
activities.

Until next time,

Adam Arnette
www.PrivateWholesaleDeals.com

In part 1 of this series we talked about the importance of having specific and deliberate steps in place to ensure that you’ll make the kind of money you’d like this year.

We also talked about reviewing last years plan to see if you had planned properly in relation to the end result you hoped to achieve.

You see, most people only plan a couple of weeks in advance, with the majority looking forward only to the next day!

If you haven’t planned out exactly what you’re going to do week by week for the entire year, how is there any way to know whether or not you are going to hit your income goal for the year?  The answer:  You’re Not!

But you ask, “How in the world am I going to know what I need to do on a specific day 3 months from now?”  Its much easier than it sounds.   Read More→

Almost one-third of the year is already gone, so hopefully you’ve already deliberately planned out how your going to achieve your success in 2009. If not, you better get on it.

If you’re looking back on 2008 and unsure of where the year went, and your bank account isn’t where you want it to be, I can almost guarantee there were two major deficiencies:

ONE, Lack of Purposeful Planning to take deliberate steps to reach your business and personal goals. TWO, following your plan in a calculated manner each & every day until you hit your goals.

Most entrepreneurs start out each year gung-ho to plan their huge successes writing out what they want and how they’re going to get it. For many, the problem is that it begins AND ENDS right there. There is no follow through. Let’s face it, we’ve all been guilty of it.

Not that you don’t have any intention of following your plan - most start out strong, and stay really focused…at first. By the 3rd or 4th week of January your focus has waned a little bit & by mid-February you may have even forgotten where you even put your plan that you spent so much time writing out. Why does this happen to us? Read More→