If I want to do the brrr method and pay all cash to buy. How long do I have to wait to do a cash out refinance and how many times can I do a cash out refinance (assuming different properties) can I do a year?
I wouldn't try and coin the term soft money here. That is going to get confusing with Soft Debt. I work in the affordable housing space and we have something called Soft Debt. This is debt usually from The City or The State and it is paid back on a cashflow dependent basis. It usually accrues 1% a year and if there is cashflow left over at the end of the year we will use it to pay down the soft debt. Often times we won't have to pay anything back for 5, 10 even 25 years.
It also depends on the competition level that you have on a given deal. Most of the time, due to the competition on a home, you must be able to offer a fast closing date. A hard money loan can close in as fast as 48 hours. A Fix n Flip loan can take 2-4 weeks. If your competition is using hard money or cash, you either have to close as fast or pay more. I broker these all the time, I use Intrust Funding on many deals and other hard money on other deals. It depends on the deal, location, deal structure and what unique details of the loan or property as to my decision of where I will broker the loan.
So much fun shooting this w/ Ashley Kehr!! Hope you guys enjoy this new video! 🙏
Please invest in some better microphones =)
Fixed :)
Came to comments to make sure it wasn't just me. Thank you.
I learned a few new things regarding Hard and soft. I usually use my own money. good to have in my back pocket for future deals. Thank You.
If you can self fund it def reduces risk (good in this market), Leverage increases profitability.
If I want to do the brrr method and pay all cash to buy. How long do I have to wait to do a cash out refinance and how many times can I do a cash out refinance (assuming different properties) can I do a year?
I wouldn't try and coin the term soft money here. That is going to get confusing with Soft Debt. I work in the affordable housing space and we have something called Soft Debt. This is debt usually from The City or The State and it is paid back on a cashflow dependent basis. It usually accrues 1% a year and if there is cashflow left over at the end of the year we will use it to pay down the soft debt. Often times we won't have to pay anything back for 5, 10 even 25 years.
Im a bit of a rookie, can someone explain further why its advantageous to waive the finance contingency in his example at the end?
Great video btw, i didn't know soft money was a term!
Makes your offer strong to the seller!
Great information! Very helpful video
Thank you :)
Great breakdown and visual to help understand the basics.
What do you do if you don't have any experience? How do you still get hard money funding?
Capital. Lenders may ask for a higher down payment x you could also bring in a partner to assist.
What makes money hard? (When it goes to the strip club) skaboosh
😂
Dam this was very informative!!! Thank you for this upload!!!
Thank you!!!
@@ProjectRE You're Welcome :)
Really well explained. Thank you 🙏❤️
Thank you!
Another great informative video! Thanks for sharing all your knowledge with us!
More to come!
It also depends on the competition level that you have on a given deal. Most of the time, due to the competition on a home, you must be able to offer a fast closing date. A hard money loan can close in as fast as 48 hours. A Fix n Flip loan can take 2-4 weeks. If your competition is using hard money or cash, you either have to close as fast or pay more. I broker these all the time, I use Intrust Funding on many deals and other hard money on other deals. It depends on the deal, location, deal structure and what unique details of the loan or property as to my decision of where I will broker the loan.
100 agree!!!!
Soft money just sounds like a normal bank loan.
💯 banks hiding in the hard money space 👀
great video !
Thanks!
fix audio levels please
I use loud money.
Whatever gets a deal done!
Awesome. Just put a house under contract with a wholesaler. Did not have financing in place. Less than 30 days to close. Very helpful video!
Good information, poor audio quality. Please adjust
Fixed!
Guys it’s all money at the end of the day. Just use it.
💯
🔥🔥🔥
Thanks!
And drug money.
That might cause other types of problems…
Cool
BX STAND UP!!!
😎
Thank you for providing this helpful information
Thanks lu!!!!
Your intro is Gold!
informative-excellent!
Thanks!
Smegma? I see what you did there…
😂 we run into it all!
Fantastic interviewing by Ashley, fantastic insights by James.
Thanks 🙏🏻