WEBVTT - Study Hall: Real Estate Hard Money Loans & Asset Based Lending Explained

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<v Speaker 1>You're taking your money out. Be it not home equity loans, right,

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<v Speaker 1>you're taking money out.

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<v Speaker 2>No, it's the hard money, like not just the hard money.

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<v Speaker 3>So key words ASCID based slender, acid based lender.

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<v Speaker 2>Yes, it's income based.

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<v Speaker 3>Lenders will be like Wells Fargo, your Bank of America,

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<v Speaker 3>you know, your local bank. They're the income based. You know,

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<v Speaker 3>you go to them, they want to see the pill

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<v Speaker 3>credit score. They want to you know, they want to

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<v Speaker 3>see that you have a really good income taxes. You know,

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<v Speaker 3>they're actually making good money. Yourself, me, all of my

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<v Speaker 3>money comes from real estate. So when I go to

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<v Speaker 3>a bank, and you know, I still try it out

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<v Speaker 3>once in a while because they got a really good

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<v Speaker 3>interest right now alway getting that for the loans, because

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<v Speaker 3>it's like all they see is like, oh, they just

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<v Speaker 3>see all these expenses. Everything's coming from real estate. So

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<v Speaker 3>for them it's like, oh my god, it's like such

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<v Speaker 3>a high risk.

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<v Speaker 2>You know, we can't we can't rap with them.

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<v Speaker 3>But when you go to these ASCID based lender, they

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<v Speaker 3>don't see any of that. All they're seeing is like

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<v Speaker 3>what is the house, Like, this is the house right now?

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<v Speaker 2>What how much you think is worth? It's worth this much.

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<v Speaker 2>All right, this is how much run?

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<v Speaker 3>Now there's how much some collecting the rent, so it's

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<v Speaker 3>like all right, cool, yeah, you can give you the

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<v Speaker 3>loan on that.

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<v Speaker 1>So outside of hard money lenders, who else is the

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<v Speaker 1>asset based slender acid based slender the one I used

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<v Speaker 1>right now out they're called Visio.

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<v Speaker 2>So they're like they're like companies. Yeah, the companies the

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<v Speaker 2>nation wide nation wide no no, this is no. They're

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<v Speaker 2>nationwide legit bank companies. But they just work with investors.

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<v Speaker 2>What's the one that you use? Visual lengthing is the

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<v Speaker 2>one that I'm currently using right now. That's another thing too.

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<v Speaker 3>I mean, you got to keep these guys in rotation

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<v Speaker 3>because it's like the other lender that I used before,

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<v Speaker 3>they will give me seventy percent. Now this one gets

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<v Speaker 3>seventy five percent. That five percent that's a huge difference.

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<v Speaker 3>You know. It's if you're talking about three hundred thousand

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<v Speaker 3>dollar the house, that's fifteen thousand dollars.

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<v Speaker 2>What's the interest rate usually from that compared to like

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<v Speaker 2>a regular traditional thing, the traditional bank. My choice was

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<v Speaker 2>like five percent. These guys are choices like sixtion and

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<v Speaker 2>a half.

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<v Speaker 3>Yeah, and then it is a five year arm sor

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<v Speaker 3>after five years you have to either sell our house

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<v Speaker 3>and have to refive.

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<v Speaker 2>And we kind of spoke off camera, but we said

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<v Speaker 2>harm money. Anybody could be a hard money lender, right.

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<v Speaker 2>They do it individually, or you can team up with

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<v Speaker 2>a bunch of people exactly.

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<v Speaker 4>And I think one of the other things is that

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<v Speaker 4>the timeframe, right, the timeframe when they want their money

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<v Speaker 4>back is obviously a lot different. This is not a

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<v Speaker 4>thirty year thing, right, They want their money back in

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<v Speaker 4>like what are some of the timeframes.

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<v Speaker 3>Well, hard money lenders they want their money back ideally

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<v Speaker 3>like in one year.

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<v Speaker 2>They might give an extension for another six months or

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<v Speaker 2>another year. With these cash up.

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<v Speaker 3>Asset base lenders, they'll give you loans for a fixed

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<v Speaker 3>for five years. It's like the thirty year mortgage, but

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<v Speaker 3>basically is like an interest rate for five years, seven

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<v Speaker 3>years to ten years. But after you know, at one

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<v Speaker 3>point they want you to either you know, refive them

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<v Speaker 3>out sell the house, or you could go with the

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<v Speaker 3>thirty year program, but the interest rate's.

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<v Speaker 2>Gonna get higher. You might look at like an eight

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<v Speaker 2>and a half nine percent. So I'd rather just go

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<v Speaker 2>with the short terms.

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<v Speaker 3>I figured, you know, five years for me is like

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<v Speaker 3>a long time, and I'm constantly evolving in real estate.

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<v Speaker 3>So I figured, like, you know, get the lower interest

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<v Speaker 3>rate just to increase the cash flow, and then in

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<v Speaker 3>five years, I'll figure it out.

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<v Speaker 2>You know, what's the next So what do you usually

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<v Speaker 2>do in five years? What do you do? What's your

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<v Speaker 2>game plan?

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<v Speaker 3>But let's just say right now, I work with it

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<v Speaker 3>with my portfolio right now. Right now, I just started

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<v Speaker 3>building brand new construction houses. Those I'm not going to keep.

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<v Speaker 3>Had I done you construction a couple of years, I

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<v Speaker 3>definitely would have kept them. But my mindset right now

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<v Speaker 3>is to develop buildings. And I already have the land

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<v Speaker 3>to start developing buildings, but I feel like that's like

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<v Speaker 3>too far to reach for me right now.

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<v Speaker 2>Yeah, So what I'm gonna do.

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<v Speaker 3>I'm gonna up sunning about from ten to fifteen new construction,

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<v Speaker 3>sell those, get that money, and then start building the buildings.

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<v Speaker 2>So like in five years, I already have a couple

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<v Speaker 2>of buildings.

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<v Speaker 3>Once I start developing the buildings, Let's say, if I

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<v Speaker 3>develop a thirty in the building, I'm gonna start unloading

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<v Speaker 3>thirty units of these like small properties, like I don't

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<v Speaker 3>want to deal with like the headqu of these smaller

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<v Speaker 3>ones when I can have thirty tens in one section.

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<v Speaker 4>If this sounds like Monopoly, it is like I really

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<v Speaker 4>watched your vision board and like the last board is

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<v Speaker 4>like and when I get all these things, I'll have

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<v Speaker 4>my monopoly. So you're starting with the little greenhouses until

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<v Speaker 4>you can get the red building, right and once you

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<v Speaker 4>start doing.

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<v Speaker 1>That, three three greenhouses in one red hotel, that's hotel hotel.

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<v Speaker 1>If you understand me, now I'll see all the topics

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<v Speaker 1>stand monopoly, you can understand how to make money in

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<v Speaker 1>this world.

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<v Speaker 2>I'm gonna take this right now.

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<v Speaker 3>Like the way I play Monopoly as a kid, and

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<v Speaker 3>even now, that's the same way I approach real estate.

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<v Speaker 3>It's like my strategy when I play Monopoly is just

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<v Speaker 3>you know, obviously you got to go around go to

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<v Speaker 3>just collect money. But whenever I land on a piece

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<v Speaker 3>of property, I try to get that property. Like I

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<v Speaker 3>focus is just getting like the property, and then you know,

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<v Speaker 3>focus on getting like kind of like the like the houses.

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<v Speaker 3>It's kind of like that sort of what I've been doing.

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<v Speaker 3>It's like if I see a really good deal and

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<v Speaker 3>I land on it, I'm gonna try to get it.

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<v Speaker 2>You know, it's like nothn't.

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<v Speaker 3>Let it pass out. Now I own properties that are

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<v Speaker 3>kind of like next to each other. If you look

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<v Speaker 3>at a building anywhere you go and you really size

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<v Speaker 3>up the building, you realize, like, you.

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<v Speaker 2>Know what, it's not that big of a land.

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<v Speaker 3>It's just that a small piece of land. They just

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<v Speaker 3>they just went, you know, pretty high up and they

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<v Speaker 3>have all these hunits. So then the city is where

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<v Speaker 3>you're gonna find the buildings. You're not gonna find them

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<v Speaker 3>in the suburbs. So now if you basically it's sort

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<v Speaker 3>of just like monopoly, if you get you know, four properties,

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<v Speaker 3>and on those four properties like you proba building.

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<v Speaker 1>All right, So that least perfect segue into our next

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<v Speaker 1>segment where we're going to talk about your next level

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<v Speaker 1>of what you're doing, which you would just briefly talk about,

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<v Speaker 1>but we're going to go into details for to the

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<v Speaker 1>next level.

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<v Speaker 2>All right. So you're playing, you're playing Monopoly with real money,

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<v Speaker 2>like the what's that video shot shot at James? We

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<v Speaker 2>kept easy to play earners.

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<v Speaker 4>This episode is brought to you by P and C Bank.

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<v Speaker 4>Sponsored by the United States Department of Homeland Security.

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<v Speaker 2>Two players that was gonna play with some real money,

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<v Speaker 2>easy Dame Big. We was kind of raised off for music.

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<v Speaker 2>That's what we related to the music a lot.

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<v Speaker 1>But if anybody from that era, you remember they were

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<v Speaker 1>playing Monopoli with real money.

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<v Speaker 2>But Finando's actually really.

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<v Speaker 3>Playing like it's not a rat, it's bigger than rat.

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<v Speaker 2>So all right, So now you talked about the blueprint as.

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<v Speaker 1>Far as to buy the homes and then to get

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<v Speaker 1>the money out of the homes and then buy another

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<v Speaker 1>home and kind of keep that's like bone what you're

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<v Speaker 1>saying that. See, all successful people have a plan, right,

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<v Speaker 1>nobody just start. We had another guest on episode eleven,

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<v Speaker 1>shot Derek Falcon. He was a great episode on He's

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<v Speaker 1>a restaurant own in Baltimore, and he spoke about you

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<v Speaker 1>have to have a vision right his he was like

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<v Speaker 1>whenever he goes into something, he thinks about like what

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<v Speaker 1>is his grain kids kind of inherit, Like you know,

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<v Speaker 1>that's like his play, like what's the grand kids going

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<v Speaker 1>to inherit?

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<v Speaker 2>Even though he doesn't even have kids yet, I don't

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<v Speaker 2>think so.

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<v Speaker 1>But so that's like you gotta always think three steps ahead.

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<v Speaker 1>So you already you're already playing three steps ahead.

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<v Speaker 2>Right. So you did the you're doing the real estate thing.

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<v Speaker 1>With the mixed unit well multi level homes and things

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<v Speaker 1>that nature most femly homes. But the next play is

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<v Speaker 1>a bigger play, right, so we want to talk about

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<v Speaker 1>that in this segment. So you told me over the

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<v Speaker 1>phone when we spoke, and I saw at the seminar

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<v Speaker 1>that now you're just buying plots of land right here.

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<v Speaker 2>Now you're a real estate developer. Can you talk about that?

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<v Speaker 3>Yeah, So a couple of months back, like I was

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<v Speaker 3>with with with Caesar, and so we went at a

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<v Speaker 3>political function and we're just you know, chopping, and he

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<v Speaker 3>shows me, you know, he's like, look like if he's

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<v Speaker 3>last day for sale, like you're interested? And I looked

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<v Speaker 3>at him, I saw the addresses. I was like, man,

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<v Speaker 3>I'm just garbage. He's like you posted two seconds.

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<v Speaker 4>Because when I say lots right, a lot of people

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<v Speaker 4>will think, oh, you're buying a parking lot.

0:10:05.880 --> 0:10:09.560
<v Speaker 2>No, so I think that that goes over like they

0:10:09.760 --> 0:10:11.359
<v Speaker 2>know he's buying your lives.

0:10:11.080 --> 0:10:13.880
<v Speaker 3>Basically that's where your properties, like the house is located exactly.

0:10:13.960 --> 0:10:16.200
<v Speaker 2>Okay, So he looks at them soil He's like, yeah,

0:10:16.360 --> 0:10:18.360
<v Speaker 2>fore the same thing. But as I'm looking.

0:10:18.120 --> 0:10:20.040
<v Speaker 3>Through, I saw there was one address that popped up

0:10:20.320 --> 0:10:22.640
<v Speaker 3>and it was two lots and it went next to

0:10:23.080 --> 0:10:25.240
<v Speaker 3>two properties that already owned that are right next to

0:10:25.280 --> 0:10:27.840
<v Speaker 3>each other. So I was like, oh, wait a minute.

0:10:28.600 --> 0:10:30.559
<v Speaker 3>I was been looking for that one. I was like this,

0:10:30.720 --> 0:10:31.920
<v Speaker 3>I was like, so I was like, yoh, let me

0:10:32.000 --> 0:10:33.280
<v Speaker 3>get that list. He send it over to me and

0:10:33.280 --> 0:10:35.440
<v Speaker 3>then reached out to the roltor. But I just one

0:10:35.520 --> 0:10:37.840
<v Speaker 3>of those two. I wasn't interested interested in the other ones.

0:10:38.040 --> 0:10:38.559
<v Speaker 2>Yeah.

0:10:38.720 --> 0:10:41.480
<v Speaker 3>So but the guy was like, nah, the seller he's

0:10:41.559 --> 0:10:44.600
<v Speaker 3>only willing to basically sell the whole everything together, Like

0:10:44.600 --> 0:10:46.600
<v Speaker 3>he's not gonna just make a picklech once you want.

0:10:47.120 --> 0:10:48.679
<v Speaker 3>So I still push for I was like, you know what,

0:10:48.720 --> 0:10:50.600
<v Speaker 3>then I'm about it. You know, I try to squeeze

0:10:50.640 --> 0:10:52.120
<v Speaker 3>in half of them. I like put some them.

0:10:52.000 --> 0:10:54.280
<v Speaker 2>Off for like half. He's like, nah, he wants, he wants.

0:10:54.280 --> 0:10:55.240
<v Speaker 2>You know, you gotta buy everything.

0:10:55.240 --> 0:10:58.120
<v Speaker 3>So I lowbolled them on everything, and just with the idea,

0:10:58.160 --> 0:11:00.200
<v Speaker 3>I said, you know what, I'm gonna buy everything. And

0:11:00.200 --> 0:11:02.000
<v Speaker 3>as soon as I buy the numbers that it gives

0:11:02.000 --> 0:11:04.240
<v Speaker 3>it to me at this price, I could just throw

0:11:04.280 --> 0:11:06.240
<v Speaker 3>it back up the market, just make a few dollars

0:11:06.240 --> 0:11:06.520
<v Speaker 3>on it.

0:11:07.320 --> 0:11:10.400
<v Speaker 2>So get into the process. I ended up going on

0:11:10.480 --> 0:11:12.360
<v Speaker 2>the contract. As I'm going on the contract, I'm started

0:11:12.360 --> 0:11:13.080
<v Speaker 2>doing more research.

0:11:13.520 --> 0:11:17.040
<v Speaker 3>I started researching brand new constructions, and I noticed that

0:11:17.080 --> 0:11:23.479
<v Speaker 3>they were selling for like three fifty three thirty three sixty,

0:11:23.520 --> 0:11:26.400
<v Speaker 3>And I realized that they are new constructions. But these

0:11:26.440 --> 0:11:29.920
<v Speaker 3>new constructions were built in two thousand and three. Now

0:11:30.480 --> 0:11:32.480
<v Speaker 3>these will be built in twenty eighteen. So I was

0:11:32.520 --> 0:11:34.160
<v Speaker 3>like waiting, that means that these have to be worth

0:11:34.240 --> 0:11:37.080
<v Speaker 3>a lot more than so at least three seventy five.

0:11:38.120 --> 0:11:42.480
<v Speaker 2>So I figured I so the key like no Number one,

0:11:42.520 --> 0:11:43.920
<v Speaker 2>you got to know where you can you sell something for.

0:11:44.040 --> 0:11:46.679
<v Speaker 2>So like I had three seventy five, So now how

0:11:46.720 --> 0:11:49.040
<v Speaker 2>much am I paying for these lasts? On average?

0:11:49.080 --> 0:11:52.040
<v Speaker 3>I was like paying like twenty five twenty five thousand,

0:11:52.360 --> 0:11:56.199
<v Speaker 3>how many left to jubay twenty two, twenty five thousand

0:11:56.200 --> 0:11:56.480
<v Speaker 3>a piece?

0:11:56.760 --> 0:11:58.400
<v Speaker 2>Twenty five thousand piece here? And there was like another

0:11:58.480 --> 0:11:59.760
<v Speaker 2>like a two family endre that they just kind of

0:11:59.760 --> 0:12:01.880
<v Speaker 2>like the will. So how do you? How do you?

0:12:02.000 --> 0:12:02.240
<v Speaker 1>How do you?

0:12:02.280 --> 0:12:03.720
<v Speaker 2>How do you? How do you buy lives? You buy

0:12:03.800 --> 0:12:07.000
<v Speaker 2>in cash? Can you get like a moan for that? Yeah?

0:12:07.040 --> 0:12:07.880
<v Speaker 2>That was like a message.

0:12:07.880 --> 0:12:09.560
<v Speaker 3>But I'm calling up like the hard money numbers that

0:12:09.559 --> 0:12:11.720
<v Speaker 3>I use, and they're like, we don't know what I'm making.

0:12:11.800 --> 0:12:14.360
<v Speaker 3>Last I was like, wait, okay, I just put up.

0:12:16.280 --> 0:12:18.640
<v Speaker 3>I just put up like twenty thousand dollars now refundable.

0:12:18.720 --> 0:12:20.680
<v Speaker 3>Sure you can't on me on this, Like now you

0:12:20.720 --> 0:12:22.280
<v Speaker 3>know what you gotta put up like fifty percent.

0:12:22.480 --> 0:12:24.160
<v Speaker 2>It's like I can't. I was like, no, that's too much.

0:12:24.400 --> 0:12:26.199
<v Speaker 3>And I started making phone becaus and I started explaining

0:12:26.240 --> 0:12:27.760
<v Speaker 3>to them, you know, I have the conversation.

0:12:27.840 --> 0:12:29.439
<v Speaker 2>I know how much business we've done. You know we

0:12:29.520 --> 0:12:32.480
<v Speaker 2>got you got some great content. If I close my mind,

0:12:33.480 --> 0:12:36.679
<v Speaker 2>what's all about relationship? You know some really good relationships. Man.

0:12:37.080 --> 0:12:38.920
<v Speaker 3>I'm a quiet guy, Like you know, I'm not like

0:12:38.920 --> 0:12:40.480
<v Speaker 3>a bit speaker, but you know, when it comes to

0:12:40.520 --> 0:12:41.880
<v Speaker 3>like you know, business and stuff and then get on

0:12:41.880 --> 0:12:42.200
<v Speaker 3>that phone.

0:12:42.240 --> 0:12:43.800
<v Speaker 2>It's like, you know, I started like I start transforming.

0:12:43.840 --> 0:12:43.920
<v Speaker 5>Man.

0:12:43.920 --> 0:12:46.560
<v Speaker 2>I'm like like Michael Jackson gets on stage. You know,

0:12:46.640 --> 0:12:48.960
<v Speaker 2>quiet do off stage, but on stage has the performance

0:12:49.000 --> 0:12:52.319
<v Speaker 2>showtimes so so long time shot. I convinced them to

0:12:52.760 --> 0:12:54.640
<v Speaker 2>loan me and uh and they were willing to do.

0:12:54.760 --> 0:12:56.480
<v Speaker 2>You know, the London was waiting to do twenty percent.

0:13:20.600 --> 0:13:24.200
<v Speaker 5>An illegal alien from Guatemala charged with raping a child

0:13:24.280 --> 0:13:28.079
<v Speaker 5>in Massachusetts. An MS thirteen gang member from Al Salvador

0:13:28.320 --> 0:13:32.480
<v Speaker 5>accused of murdering a Texas. Man of Venezuelan charged with

0:13:32.520 --> 0:13:36.440
<v Speaker 5>filming and selling child pornography in Michigan. These are just

0:13:36.520 --> 0:13:40.280
<v Speaker 5>some of the heinous migrant criminals caught because of President

0:13:40.320 --> 0:13:43.920
<v Speaker 5>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:13:43.920 --> 0:13:48.720
<v Speaker 5>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:13:48.760 --> 0:13:52.280
<v Speaker 5>crossings are at the lowest levels ever recorded, and over

0:13:52.360 --> 0:13:55.560
<v Speaker 5>one hundred thousand illegal aliens have been arrested. If you

0:13:55.640 --> 0:13:59.480
<v Speaker 5>are here illegally, your next you will be fine nearly

0:13:59.559 --> 0:14:03.600
<v Speaker 5>one thousand dollars a day, imprisoned and deported, you will

0:14:03.640 --> 0:14:07.280
<v Speaker 5>never return. But if you register using our CBP home

0:14:07.320 --> 0:14:10.720
<v Speaker 5>app and leave now. You could be allowed to return legally.

0:14:11.080 --> 0:14:15.760
<v Speaker 5>Do what's right. Leave now. Under President Trump America's laws,

0:14:16.000 --> 0:14:18.440
<v Speaker 5>border and families will be protected.

0:14:18.520 --> 0:14:20.680
<v Speaker 4>Sponsored by the United States Department of Homeland Security,