Flipping Mastery Podcast
How To Choose The Right Hard Money Lender
Jul 23, 2024
In this engaging conversation, Jerry Norton, a seasoned expert in wholesaling and flipping, shares his journey from minimum wage to millionaire by 30. He reveals 25 crucial questions to ask when choosing a hard money lender, ensuring the right fit for your real estate investments. Jerry emphasizes the importance of evaluating terms and fees, and highlights the value of building long-term relationships with lenders. Tune in for his insights that can elevate your funding strategies and help you thrive in the real estate market!
11:06
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Quick takeaways
- Asking critical questions about loan terms, costs, and lender flexibility is essential to ensure a good fit for your real estate project.
- Understanding the draw process for rehab funds and specific financial terms like LTV ratios is vital to evaluate potential investment returns.
Deep dives
Understanding Loan Requirements
Asking the right questions when considering a hard money lender is crucial for ensuring a good fit for your real estate project. It allows you to demonstrate your knowledge and helps clarify the lender's terms, ensuring you understand the specific loan requirements relevant to your situation. Key questions include whether the lender operates in your state and if they provide funds for both property purchase and rehabilitation. Understanding the draw process for rehab funds is essential, as lenders typically require inspections and do not front the money initially.
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