How To Buy A House With No Money Down (Hard Money Loans)
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- Опубликовано: 13 сен 2024
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well u still puttin money down😂
You dam sure better refinance, or sell that property. Better hope it sells.
No hard money out here that don't require 15% - 20% down
That’s why you get the 10-20% down payment from a private lender that aren’t comfortable giving you the 80-90% that a hard money lender will give you.
@@MrAbword
You can get both hard money and private money for the same deal ?
@@passitforward yes. Until you’re proven, hard money lenders are going to only give 70%-80% of the price at a 12% rate and charge you at least 1point. You’re more than likely going to have to have the rest of the money on your own or bring in a private lender. You could even bring in two different HM lenders to split it up but you better have a helluva deal on hand to make it worth paying 24% interest if they both gave you 12% rate.
After you get a couple under your belt the rates go down and they may even fund 100% of the deal.
People get hard money and private money confused. For the most part hard money lenders are privatized banks and institutions. There’s even private money lenders that are institutionalized and can give you that extra bit you may need.
@@MrAbword
Yes thank you, I understand the difference between hard money and private.
Can you get a hard money loan with seller financing (without you putting any money out of pocket) ?
Let's say a deal is $3 million.
I want to seller finance 90% of the deal. (2.7 mil)
Now can I get a Hard money loan of $300k without me putting any money out of my pocket ?
And do hard money loans need 1st position lien ?
@@passitforward it all depends on the terms you agreed to with the seller. More times than not, HM lenders are going to want their money back plus interest within 6-24 months, depending on the project. If it’s not a fix and flip or a fix, cash out refinance, and hold deal, a HM loan might not be your best option.
In your very first deal, HM lenders absolutely are going to want to be in the first position lien. The better relationship you have with them may allow them to take on a 2nd or 3rd position. More times than not, they’re going to want their money first.
Good info on HMLs, most lenders in the space will do 90% LTV on purchase and 100% on rehab so not much money out-of-pocket to get into the loan
I’ve heard HML usually want 20% down of LTV so it’s not so risky for them.
Get the 20% that hard money lenders don’t cover from smaller private lenders.
If you’re going to use a hard money, lender, or flip any real estate and you don’t already know what points are then you really should not be playing with loans in real estate or even trying to do anything in real estate. A hard money lender will do zero down but you’re gonna have to be to buy the house $.70 on the dollar.
Ummmm. No. Hard money loans will require a down payment. They’re not going to lend with no money down. That isn’t how they work.
The interest rate is going up to 12 percent and you can't refinance out of it.
So basically loan sharks. You'll get your kneecaps stolen
You still have to put money down with the hard money (2%) down which is $10000 up front.
Anyone know a mobster i could get this loan from, or a loan shark
Can anyone please explain to me more about how the monthly "interest payments" work on a hard money loan?
If the example is 10% interest and the loan is to be paid full in 12 mos., say for the amount of 200K.
Is the total amount of the interest 20K, and you pay 1/12th of that each mo? (About $1,666?) Or do you literally pay 20K per mo?
I would REALLY greatly appreciate anyone explaining this to me please. I haven't found a video that is clear enough on this exact point yet. Thanks so much!
Ummm 🤔 from what I’ve recently learned is that interest is also being added with the mortgage your paying every month too so just like your full mortgage you pay a part of it every month let’s say 1,000 then add interest with that and that will make it 2,000 im pretty sure that’s how it works but I don’t know how it work with a hardcore loan thing??
Principal * rate / time
Monthly u will pay interest only.. when you sell the house you will pay back the full amount you borrowed to the hard money lender.
1/12 monthly. Some have a minimum of 2-4 months of payment
How do I find one
COMPLETE BS! STAY AWAY FROM HARD MONEY LOANS!!!!
Why?
Can you use a hard money loan for the down payment. Then use the bank to finance the rest of the house?
Bank will only give up to 80% of current asset value so still wouldn’t be enough.
Show me a 100% LTV HML
The points are tax deductible.
You have to pay these loans back right away.
Depends in the terms. Ideal for fix and flips or buy and sell.
Money is money len!
DONT THEY HAVE A DOWN PAYMENT REQUIREMENT??
Not true u have to use your own money to get the hard money lenders money
This sounds wildly suspicious
I agree
It’s not It can just be expensive. My last hard money loan was funded in 24 hours and cost me 1k out of pocket
No money down...just 2 points down. Shoot from the 3 and your golden
@@blureen55 Can you please explain to me more about how the monthly "interest payments" work on a hard money loan?
If the example is 10% interest and the loan is to be paid full in 12 mos., say for the amount of 200K.
Is the total amount of the interest 20K, and you pay 1/12th of that each mo? (About $1,666?) Or do you literally pay 20K per mo?
I would REALLY greatly appreciate it if you could explain this to me please. I haven't found a video that is clear enough on this exact point yet. Thanks so much!
@@bradestes3231 Can you please explain to me more about how the monthly "interest payments" work on a hard money loan?
If the example is 10% interest and the loan is to be paid full in 12 mos., say for the amount of 200K.
Is the total amount of the interest 20K, and you pay 1/12th of that each mo? (About $1,666?) Or do you literally pay 20K per mo?
I would REALLY greatly appreciate it if you could explain this to me please. I haven't found a video that is clear enough on this exact point yet. Thanks so much!