DSCR Loans: Is Your Credit Score Killing Your Approval Rate? Many investors wonder whether or not their credit score is killing their approval rate for a DSCR loan. The answer is yes! Here at Hard Money Mike we see a lot of clients who are struggling with their credit scores and need them fixed. It is amazing how many clients are only 1 to 10 points away from either getting a loan or getting better terms. One of the biggest contributing factors is credit score usage. How can you increase your approval rate? Let’s take a closer look. The importance of reviewing credit score usage. Here at Hard ..read more

DSCR: Will You Be Able to Refinance Your BRRRR Property? Today we are going to compare and contrast two properties in order to see how the differences can affect your ability to refinance. Here at Hard Money Mike we do a lot of 100% financing for both the purchase as well as the rehab on a BRRRR property. Before jumping into financing, we also make sure that the property will qualify for a long term loan. One thing that you need to keep in mind is that while you may qualify for a rate and term of 75%, the property may not qualify. Let’s take a look at some numbers to see what that means to you ..read more

Can I Get 100% Financing with Hard Money? While hard money is flexible, can you really achieve 100% financing with hard money? The answer is yes! The beauty of true hard money is that you can achieve 100% financing for flips. While there are some situations where we can’t do 100% financing, it is possible in most cases. For investors who are doing flips or even BRRRR rentals, they are getting the properties at a discount. This is what makes it possible to cover all of the financing for the property. How can you get a hard money loan to cover the purchase, rehab, and closing costs? Let’s take a ..read more

Pre-Approved: Stop Losing Properties and Start Closing Deals Here at Hard Money Mike we have seen a number of clients who are losing deals because they don’t have the financing they need. Whether you are new, or switching directions on your property type, it is crucial that you are prepared. Stop losing properties and start closing deals today!  How to get the best deals. In this competitive world, you need to make sure that you are prepared! Those who are not prepared will loose properties, as well as upset those they work with. Whether you are working with a wholesaler or a realtor, you ..read more

Secure 100% Financing for Your BRRRR Investment Today we are going to discuss how to finance a BRRRR at 100%.  That means no money out of your pocket for the purchase, rehab, closing or even carry. For the past 14 years we have been helping people get 100% financing for BRRRR. It all comes down to one thing, making sure that the people are purchasing good properties at 75% or less. How can you secure 100% financing for your next BRRRR investment? Let’s take a closer look! How can you achieve success in this current market? There are a lot of opportunities for real estate investors right n ..read more

3 Reasons You Need Hard Money For Your Investments Today we are going to look at the 3 reasons why you need hard money for your investment needs. In looking over the past few years, changes in the market have caused banks to shrink their lending pools. As a result, real estate investors are being impacted by both the requirement changes, as well as increasing restrictions. How can you accomplish your goals with so many roadblocks?  First, Flexibility. Hard money provides the flexibility you need to achieve success. Unlike banks, you are not required to fit into a box.It can be used for al ..read more

How to Get 100% Financing For Your Investment Property Many investors wonder how they can get 100% financing for their investment property. The answer is a cross lien. What exactly is a cross lien? A cross lien is when you use another property that you own, or one someone else that you know owns, and use it as collateral for the money that you’re looking to obtain. Today we are going to go over how you can get more money from your hard money lenders by using a cross lien.  How can a cross lien help? A cross lien can help you get more money for your projects and reach 100% financing. Even ..read more

After Repair Value (ARV) Explained – Real Estate Investing What is ARV?  ARV stands for the After Repair Value, meaning, what the property is worth after it is repaired.To put it another way, ARV is the value that a property could sell or appraise for.  How is the ARV determined? ARV is determined by three main factors and subcategories.  First Determine what you will do to improve the property. This would include any upgrades or additions to the property, and the quality of the repairs.  Second Research what the comps are for your property. Comps are properties that are ju ..read more

Hard Money Vs Banks: Which Lending Option is BEST? Investors are always wondering which lending option is best for their needs and when is it better to use hard money instead of banks? Let’s start by identifying what is hard money. Hard money is asset based lending that real estate investors can use when their credit scores are not up to par with bank requirements. Unlike banks, hard money lenders aren’t looking at the credit scores. Instead, they are looking at the project and the property. Today banks are getting tighter and credit score requirements are increasing. As a result there is a de ..read more

How Good Debt Can Make Real Estate Investors Rich How can good debt make investors rich? As real estate investors, it is important to differentiate between good debt and bad debt. You do need debt to create income, which in turn creates wealth. That is what real estate investing is all about! Learning how you can create wealth using other people’s money, also referred to as OPM.  You don’t have to be rich, have a college degree, or a PHD to succeed in this business. All you need to understand is how using other people’s money can create wealth and income. Today we will run through the num ..read more