The Beginners Guide to Hard Money Lending with Rod Stanback

On this episode of REI Mastermind Network, we delve into the world of hard money lending for real estate investors. Learn how hard money lenders like Flip Funding operate differently from traditional lenders and why they focus more on the profitability of the investment deal rather than the borrower's personal financial documents. Our guest speaker shares his experiences as a real estate educator in Philadelphia and advises first-time investors on the importance of having a solid contractor before getting a property under contract. We also discuss the current increase in interest rates and how it affects hard money loan rates. Tune in to learn more about how to get pre-qualified and pre-approved before making any real estate investments.

We chat about:
• Introduction to Hard Money lending
• Qualifying criteria for Hard Money lending
• Importance of construction budget and scope of work
• Role of materials used in the rehab process
• Understanding loan terms
• Educating First-time Investors
• Importance of choosing the right contractor
• Recent rate increases and how they impact real estate investment
• Hard money lending process
• Benefits of partnering with a hard money lender
• Experience requirements for applying for loans
• Contacting the speaker for pre-approval

Connect with Rod Stanback!
• flipfunding.com
• hardmoneyuniversity.com

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TIMESTAMPS
0:00 - Introduction to the episode's topic
0:45 - Overview of hard money lending for non-owner occupied properties
2:20 - Importance of construction budget and scope of work for appraisals
4:20 - First-time investor scenario and the importance of clear loan terms and communication
6:45 - Real estate educator's advice for first-time investors
8:50 - Interest rate trends in hard money loans and the impact on leverage
10:35 - Turnaround times for short-term and long-term loans
12:30 - Rod's regret and advice for investing
14:10 - Partnership with clients and the importance of verifying lender experience and reviews
16:20 - The importance of efficiency in the lending process and the impact on closing dates
17:50 - FlipFunding's requirements and pre-qualification process
19:35 - Conclusion and call to action for potential clients.