WEBVTT - Scholars Corner: What You Need to Know About Hard Money Loans

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<v Speaker 1>Your hard money, guys, is going to be what's going

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<v Speaker 1>to get you through if a flip's going to take

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<v Speaker 1>you four months? Okay, how much is my rehab? How

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<v Speaker 1>much is my house? What kind of loan do I need?

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<v Speaker 1>Let me get in out of this thing? Okay? Fast

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<v Speaker 1>approval process doesn't take them all. I've seen them on

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<v Speaker 1>the rinted deal and on the phone. Doesn't take them long.

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<v Speaker 1>Less strings of credit requirements. They don't really check your credit.

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<v Speaker 1>I've never really had one look at my credit at all.

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<v Speaker 1>Now they don't know you your credit is who preferred

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<v Speaker 1>you seriously because how did you find this person? And

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<v Speaker 1>you'll find people that throw money at you all the time.

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<v Speaker 1>I'm a commercial lender. I don't advertise it. I don't

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<v Speaker 1>put it out there. I never will until unless your client.

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<v Speaker 1>But there are people who have access to that, but

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<v Speaker 1>deal with somebody who's in the business already can be

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<v Speaker 1>used for properties that don't qualify for traditional mortgage instead.

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<v Speaker 1>It's true, but now attending and investments is where we're at.

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<v Speaker 1>The cons their higher interest rate loans and fees and

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<v Speaker 1>traditional mortgage is yes, don't be surprised if it's ten,

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<v Speaker 1>twelve percent, fifteen percent for ninety days. I'm not tripping

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<v Speaker 1>on that at all. I need the money. I'm in,

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<v Speaker 1>I'm out. I'm okay because what I'm going to replace

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<v Speaker 1>it with pays them off, and I'm fine with that.

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<v Speaker 1>Chart to repayment terms often less than three months, three years,

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<v Speaker 1>Sorry they are. You don't have hard money for long.

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<v Speaker 1>You don't want to be that's too high interest rate

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<v Speaker 1>to pay for too long. Require larger down payment, often

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<v Speaker 1>thirty percent. There sometimes your heart. Them in private money

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<v Speaker 1>pay for each other and the and the deals, what

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<v Speaker 1>they're investing in. I'm having money, having money and private money,

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<v Speaker 1>private money, private money. Let's go into private money. Let

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<v Speaker 1>me see where we at with the private money. Let's see.

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<v Speaker 1>I don't think I have had private money up here.

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<v Speaker 1>Let me go private money from here. That's the one

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<v Speaker 1>that didn't have private money. More flexible lining pres here

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<v Speaker 1>than traditional mortgage is Yes, fast approval process. Yes, may

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<v Speaker 1>offer lower interest rates than hard money, and they do. Okay,

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<v Speaker 1>they're coming from a private person. It may be from

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<v Speaker 1>it may be a situation where it could even be

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<v Speaker 1>a smaller institution. Okay, traditional FHA be of a credit union.

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<v Speaker 1>That's your traditional private money. If you can't get anywhere else,

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<v Speaker 1>and you're trying to bridge yourself for a year. It's possible.

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<v Speaker 1>But on the investment side, I use private money and

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<v Speaker 1>hard money together for my flips, and I think that's

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<v Speaker 1>the best route to go. Higher interest and fees and

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<v Speaker 1>traditional Yes, may require a log of down payment. Yes,

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<v Speaker 1>may require a personal raship with the lender. Of course,

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<v Speaker 1>of course, you just can't pull these guys out of

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<v Speaker 1>the air, or should you want to? Okay, nor should

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<v Speaker 1>you want to? Everybody doing go so far? I know

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<v Speaker 1>I'm covering a lot of stuff. I don't want to

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<v Speaker 1>insult anyone's intelligence either. I know some of y'all based

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<v Speaker 1>on the comments that would in the chat before and

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<v Speaker 1>study all some of y'all gurus already. So y'all might

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<v Speaker 1>be a need to be a teacher assistant because I

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<v Speaker 1>saw y'all your debt covered ratio questions. So everybody goes

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<v Speaker 1>so far. I don't want to lose nobody, Okay, all right?

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<v Speaker 1>That I hate that. I don't like asking questions with you.

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<v Speaker 1>I'm just making it so, y'all good. All right, let's

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<v Speaker 1>see private boom seller finance. I'm trying not to be

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<v Speaker 1>How can I say this, I don't want to swear

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<v Speaker 1>one way or the other, but seller finance, I'm gonna

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<v Speaker 1>drop a small diamond, y'all. If you understand how to

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<v Speaker 1>use the financing in real estate, you can understand how

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<v Speaker 1>to use the same financing to buy a business as well.

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<v Speaker 1>It's not that different at all. And when you get

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<v Speaker 1>those two together, listen to me, you can be the

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<v Speaker 1>true investor. Trust and believe me. Seller financing biased. Yeah

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<v Speaker 1>you know, I'm trying not to be, all right, So

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<v Speaker 1>seller financing may be easier to qualify for than traditional markets.

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<v Speaker 1>You're dealing with the seller. You're dealing with the homeowner

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<v Speaker 1>if they're not trying to get their money right now,

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<v Speaker 1>and they can take a note from you and they

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<v Speaker 1>can trust you, they're fine. Most effectsable repayment terms and

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<v Speaker 1>interest rates can be a good option for properties that

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<v Speaker 1>do not qualify for traditional financing.

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<v Speaker 2>This episode is brought to you by P and C Bank.

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<v Speaker 3>An illegal alien from Guatemala charged with raping a child

0:06:27.320 --> 0:06:31.120
<v Speaker 3>in Massachusetts. An MS thirteen gang member from El Salvador

0:06:31.360 --> 0:06:35.479
<v Speaker 3>accused of murdering a Texas man of Venezuelan charged with

0:06:35.560 --> 0:06:39.400
<v Speaker 3>filming and selling child pornography in Michigan. These are just

0:06:39.560 --> 0:06:43.320
<v Speaker 3>some of the heinous migrant criminals caught because of President

0:06:43.360 --> 0:06:46.880
<v Speaker 3>Donald J. Trump's leadership. I'm Christy Nohm, the United States

0:06:46.960 --> 0:06:51.760
<v Speaker 3>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:06:51.760 --> 0:06:55.320
<v Speaker 3>crossings are at the lowest levels ever recorded, and over

0:06:55.400 --> 0:06:58.599
<v Speaker 3>one hundred thousand illegal aliens have been arrested. If you

0:06:58.680 --> 0:07:02.520
<v Speaker 3>were here illegally, your next you will be fine nearly

0:07:02.600 --> 0:07:06.640
<v Speaker 3>one thousand dollars a day. Imprisoned and deported, you will

0:07:06.680 --> 0:07:10.320
<v Speaker 3>never return. But if you register using our CBP home

0:07:10.360 --> 0:07:13.240
<v Speaker 3>app and leave now, you could be allowed to return

0:07:13.360 --> 0:07:18.840
<v Speaker 3>legally do what's right. Leave now. Under President Trump, America's laws,

0:07:19.040 --> 0:07:22.440
<v Speaker 3>border and families will be protected sponsored by the United

0:07:22.440 --> 0:07:23.800
<v Speaker 3>States Department of Homeland Security.

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<v Speaker 1>Now you're like, well, what properties, coach don't apply for

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<v Speaker 1>general financing? Like how that work? Why would that be

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<v Speaker 1>a situation? Well, there are some homes that five homes

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<v Speaker 1>that can be hard to mortgage. Now y'all need to know.

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<v Speaker 1>This is not a part of the class course work.

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<v Speaker 1>But I'm like, you know what they need to know.

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<v Speaker 1>Please have an idea, So please put this link in chat.

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<v Speaker 1>You need to know what homes could fall into a

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<v Speaker 1>bad situation. An overbuild house. Some new investors lose their

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<v Speaker 1>pants because they go this route too fast. Is the

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<v Speaker 1>prettiest house on the block? Is the biggest house on

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<v Speaker 1>the block? I want that? But hold on. Remember with

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<v Speaker 1>last class, and for those of y'all who the first

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<v Speaker 1>time here, that's something called a CMA, a comparative market analysis.

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<v Speaker 1>You're gonna pull the top three to five homes that's

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<v Speaker 1>sold in that area. If I'm looking at a four bedroom,

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<v Speaker 1>two bath, two harger rides x square footage, Jada YadA,

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<v Speaker 1>and I want to see what that house should A

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<v Speaker 1>praise for should sell for I'm gonna pull your realtor

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<v Speaker 1>will pull the CMA and see, Okay, according to this

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<v Speaker 1>you three hundred thousand, but this house got so many

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<v Speaker 1>more features. The owner one's four hundred thousand. Now, bro,

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<v Speaker 1>you ain't getting that much money. I don't care how

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<v Speaker 1>much you put into it. So sometimes you can overvalue

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<v Speaker 1>your house by putting too much into it. Now that's

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<v Speaker 1>your forever home, do you think? Do you think? Because

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<v Speaker 1>you could affect somebody's comps. But any smart realtor will

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<v Speaker 1>pull you out anyway. But be careful not to get

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<v Speaker 1>caught up indep homes. Okay, unpermitted work. That's why you

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<v Speaker 1>need a good crew. You got to pull your trade

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<v Speaker 1>permits to make sure that the work is done. You

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<v Speaker 1>don't have code violations. Now, as an investor, I mentioned

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<v Speaker 1>this last week. See this little term here that says

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<v Speaker 1>code violations. I'm going to my county clerk office and

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<v Speaker 1>I'm pulling my code violations. You can do this now.

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<v Speaker 1>All the code violations is a list of them, and

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<v Speaker 1>the best ones when they got code violations and they moved.

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<v Speaker 1>It's another class, but it's a good way to find

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<v Speaker 1>investment properties. The code violations. Now I'm working kitchen or

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<v Speaker 1>other major problems in the house. You're not gonna get

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<v Speaker 1>along because it won't pass inspections, it won't get it

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<v Speaker 1>won't be able to get along. Okay, I lost my

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<v Speaker 1>skin and I mentioned this before a house I flipped.

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<v Speaker 1>We didn't look at the piping. They came in with

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<v Speaker 1>a three D thing, checked underground and pipes was leaking.

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<v Speaker 1>The old pipes, so we have to redo the pipe

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<v Speaker 1>before we close. And I didn't get a chance to.

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<v Speaker 1>I I just broke ethan. Okay, so that happened to you.

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<v Speaker 1>Flip too often. If a thirty property is okay with

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<v Speaker 1>most banks, banks know you go make your money, then

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<v Speaker 1>I stupid. But if this thing has been flipped over

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<v Speaker 1>and over and over and too many times recently, and

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<v Speaker 1>they can do a title search and they will and

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<v Speaker 1>they can tell chain the title if it's been flipped

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<v Speaker 1>too often, now they won't touch it. So you have

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<v Speaker 1>to know this. That's why I get your team realtor

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<v Speaker 1>trade GC Title company. Is your is like that ace

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<v Speaker 1>and a hole Because if I see a property, I'm like,

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<v Speaker 1>you know, hey, do a title search on this. I

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<v Speaker 1>like it, But check this out for me. I got

0:10:43.600 --> 0:10:45.400
<v Speaker 1>my man software, so I can go in and pay

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<v Speaker 1>a couple of bucks and run a title search myself.

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<v Speaker 1>When you do that, then you hit them up again

0:10:50.280 --> 0:10:52.000
<v Speaker 1>and say, hey, I found this. Can you verify this

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<v Speaker 1>from the boom over' good mother in law homes. This

0:10:56.120 --> 0:10:58.360
<v Speaker 1>is becoming more prevalent, though I'm not sure where in

0:10:58.360 --> 0:11:01.679
<v Speaker 1>the country y'all at. That's a thing called ADUs accessory

0:11:01.760 --> 0:11:06.600
<v Speaker 1>dwelling units. They're becoming more prevalent, and zoning is allowing

0:11:06.640 --> 0:11:12.320
<v Speaker 1>this more California big time. So adu's check Q zoning

0:11:13.360 --> 0:11:15.880
<v Speaker 1>understand where this is at. Because if you can put

0:11:15.880 --> 0:11:20.600
<v Speaker 1>an ADU on listen, I like the little houses. Let

0:11:20.640 --> 0:11:23.480
<v Speaker 1>me get the house, let me get the lot. And

0:11:23.559 --> 0:11:25.520
<v Speaker 1>especially if you know how to build on these lots.

0:11:25.679 --> 0:11:27.800
<v Speaker 1>You know, like a fifty by one hundred lot is

0:11:27.840 --> 0:11:31.000
<v Speaker 1>like a standards small lot. Write that down fifty x

0:11:31.080 --> 0:11:33.360
<v Speaker 1>one hundred, fifty by one hundred a lot. You can

0:11:33.360 --> 0:11:36.959
<v Speaker 1>build a two story situation. You're good. So if I'm

0:11:36.960 --> 0:11:39.120
<v Speaker 1>looking at something that's got a little pie shaped lot,

0:11:39.280 --> 0:11:41.319
<v Speaker 1>I can put something on the back. I'm gonna do

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<v Speaker 1>it again another way to make investments. But these are

0:11:44.600 --> 0:11:47.880
<v Speaker 1>the five things that can call you or the slides

0:11:49.320 --> 0:11:51.640
<v Speaker 1>a way that you cannot get a mortgage. You don't

0:11:51.640 --> 0:11:54.800
<v Speaker 1>want to get into these deals and not build to

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<v Speaker 1>get a mortgage on it.

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<v Speaker 3>An illegal alien from Guatemala charged with raping a child

0:11:59.320 --> 0:12:03.120
<v Speaker 3>in Massachuset. An MS thirteen gang member from Al Salvador

0:12:03.360 --> 0:12:07.520
<v Speaker 3>accused of murdering a Texas man of Venezuelan charged with

0:12:07.600 --> 0:12:11.480
<v Speaker 3>filming and selling child pornography in Michigan. These are just

0:12:11.559 --> 0:12:15.319
<v Speaker 3>some of the heinous migrant criminals caught because of President

0:12:15.360 --> 0:12:18.960
<v Speaker 3>Donald J. Trump's leadership. I'm Christy nom the United States

0:12:18.960 --> 0:12:23.760
<v Speaker 3>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:12:23.800 --> 0:12:27.360
<v Speaker 3>crossings are at the lowest levels ever recorded, and over

0:12:27.400 --> 0:12:30.640
<v Speaker 3>one hundred thousand illegal aliens have been arrested. If you

0:12:30.720 --> 0:12:34.560
<v Speaker 3>are here illegally, your next you will be fine nearly

0:12:34.640 --> 0:12:38.640
<v Speaker 3>one thousand dollars a day, imprisoned and deported, you will

0:12:38.679 --> 0:12:42.320
<v Speaker 3>never return. But if you register using our CBP home

0:12:42.400 --> 0:12:45.760
<v Speaker 3>app and leave now, you could be allowed to return legally.

0:12:46.120 --> 0:12:50.880
<v Speaker 3>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 3>border and families will be protected.

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<v Speaker 1>Sponsored by the United States Department of Homeland Security,