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In this video, I'll be going over a deep dive into what hard money loans are and how they work.
We'll be going over:
What a hard money loan is
Common misconceptions about hard money loans
The process of getting a hard money loan
Required documents to get a loan
How construction loans work
The costs associated with a hard money loan
What a long term rental loan is
The different types of long term rental loans
What prepayment penalties are and how they're calculated
What DSCR is and how we calculate it
How to determine your rate for your loan
Limitations around hard money lending
What seasoning periods are
and finally,
How to get a cheaper hard money loan
By the end of this video, you'll be an expert on hard money loans and will know exactly when and how to use them.
Timestamps:
0:00 Introduction
1:30 What is a hard money loan?
3:53 Common misconceptions with hard money
5:01 When should you use hard money?
7:23 Process of getting a hard money loan
8:39 Requirements and documents needed
9:40 Construction loans
11:15 Costs of a hard money loan
12:40 Example deal with hard money
13:46 Long term rental loans explained
15:05 Different types of long term rental loans
15:47 DSCR calculations
16:51 Prepayment penalties
17:36 How loans are priced
18:05 Limitations to long term rental loans
19:00 Seasoning periods explained
19:34 BRRR with hard money example
20:36 How to get cheaper hard money loans
21:31 Conclusion
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