Quit Your Day Job

Start Living Your Best Life

Whether you’re 18, 38 or 78, years old, it’s never too late to chase after your dreams.  No matter if you’re seeking to make more money, be your own boss or, own your own company, all you have to do is, start. But where exactly is a good place to start? Ask any who has found success in any type of business and they’ll tell you they didn’t do it alone. Just like hiring a coach to get in good physical shape, you could consider hiring a coach or mentor to get in great “business shape.”

No experience? No problem! While we often cater to experience investors, we also teamed up with expert real estate investing coach, Joe Barletta in an effort to help your if you’re just getting started. Michael Barker, a loan officer for Lend Some Money recently teamed up with Joe to create this helpful segment for real estate newbies.

Click here to listen.

You can visit the coaching page on our website to learn more about hiring an investment mentor or even to chat with Michael live! You can typically catch him during business hours for immediate assistance and answers to your lending questions.

Happy New Year! We hope 2019 is your best yet!

Looking to Become a Landlord?

Becoming a Landlord

So, you’ve decided you want to try your hand at landlordship. We don’t blame you; even though there’s a lot of work upfront, the long-term return can be quite lucrative. We’ve put together this list of things to prepare and research before you purchase your first income property.

  1. Your Finances – Make sure your own finances are in order. It’s wise to have a little cushion in the bank because the fact of the matter is, it might be a few months before you start profiting.
  2. Property Selection – It’s not just about the neighborhood. Renters especially families will also consider the local schools, job market, crime rates and even amenities. This is especially true if you want to attract good, long-term renters, they’ll be looking to live and work in a safe area where they can easily access conveniences such as shopping and nightlife.
  3. Competition – Be sure to look into what future developments might be happening in the areas you’re looking to purchase your rental property. New construction could mean new competition.
  4. Vacancy Rates – These rates can affect your ability to generate income. High vacancy rates often force landlords to lower their monthly rent in order to attract tenants. Meanwhile, low rates often mean a landlord can increase the rental price.
  5. Additional Costs – Remember, you going to need to factor in the cost of insurance, taxes, legal fees, months where a unit or units are vacant, maintenance and a property management company among other things.

So before you begin, do your research, carefully manage your finances and plan ahead as best you can for both the expected and the unexpected expenses. If you’re ready to get started, click here to apply for financial assistance on your buy to rent property.

Hear Her Roar

Women of Real Estate

At the ripe age of 26-years old Sissy Knopps decided to leave her nine to five and embark on a real estate career. Married with two children at that time, she was inspired by both the ability to create her own schedule as well as help couples find a home to make lasting memories in, similar to what an agent had done for her in the past when she and her husband purchased their 3-bedroom (plus office), 2-bath, ranch style home on a half acre lot in Wisconsin.

Fast-forward four years and Sissy is mere 30-years old, still happily married and now a mother of three. She’s come a long way since the beginning of her journey and she’s experienced great success. Some of her accolades include: top sales agent of the month, multiple times for her Coldwell Banker office and in 2017 she was recognized globally and became member of the International Sterling Society. Her husband Mike is a Realtor as well, as of late their total sales volume looks like this: 2015, $7.9 million. In 2016, $8.1 million and in 2017 they reached a combined $12.3 million with Sissy being solely responsible for 9.2 million of the total.

In 2016 she and Mike took on their first flip project. Here are some things she wanted to share that might help you as you embark on your real estate investment career.

  1. In terms of overall property selection – “I try to steer clear of really old homes but overall you want good bones and a solid foundation.”
  2. In terms of renovating – “The key to finding a good flip is being able to envision what it could be. You have to look past a lot and imagine what it would look like completed. [This includes] “Things like moving walls, types of flooring and finishes, exterior and landscaping.”
  3. In terms of financing and budgeting – “It can be tough, make sure you look at the comps and are making a smart investment.”
  4. In terms of saving money – “Doing the demo yourself can save money and so can doing some of the renovations however, never cut corners, or do shoddy work to just save a few dollars.”
  5. Overall advice – “Be smart, stay within your budget and treat it as if it were your own home.”

If you’re looking to get your start in real estate investing and need a strong financial partner or would like to speak to an experienced hard money lender, contact us!

Why You Should Use Our Money, To Make Money

It Can Be that Simple

You’ve likely heard the saying “get rich using other people’s money.” Maybe you dismissed it because it seems like a scam. However, it’s quite the opposite, its actually how strategic investors make viable careers in real estate.

In fact, one of the most common mistakes people make when investing in real estate is using their life savings, retirement, and/or credit cards to purchase and rehab the property. This method of madness produces a much larger risk to you, the investor. If you can’t unload the property in a timely manner you’re stuck with the debt. If an emergency should arise, all your finances may be tied up. Another risk you run is doing damage to your credit score and that can take time to repair.

The best strategy is to use a hard money lender. This also happens to be the route used by investors and flippers you see on TV. (Think shows like HGTV’s, Flip or Flop.) When you apply for a hard money loan you are essentially asking a private investor to lend you the necessary cash on a short-term basis. Not only does it allow you to remain in control over your savings and credit but also, hard money loans can be processed much faster than bank loans. This is helpful in a competitive market and allows you to present your offer, cash in hand.

For more information, to apply for a hard money loan or to speak with a hard money lending expert visit our website.

The ABC’s of LLC’s – 5 Easy Steps to Registering Your Business

The ABC’s of LLC’s 

5 Easy Steps to Registering Your Business

Before you can obtain a hard money loan for funding your residential fix and flip, fix and lease, and buy to lease projects, you must be a registered business. Taking care of this important step will save you time during the underwriting process. Here are five easy steps to help you get going.

The first thing is to select the state in which you’ll be doing the majority of your business in. Keep in mind this is a general overview, the exact requirements vary from state to state. If you plan operating in multiple states you may apply for a foreign entity in the other state(s). Two important numbers to have on hand will be your Secretary of State’s office, and your CPA, who can help you determine which is in your best interest, establishing an LLC or, a Corporation.

Once you have determined what type of business to establish, you’ll want to name it. The name must be available for use (not in use by another entity) and must comply with your specific state’s rules. In addition, if you name your LLC or corporation one thing, and do business publicly as another, you will need to file for a DBA statement. DBA stands for “Doing Business As.”

If you chose to become an LLC, you’ll file “Articles of Organization.” This is a fairly simple process which can be completed in a few short steps and is done through the Secretary of your state. If you choose to establish a corporation, we refer to the document in this step as, Articles of Corporation. Articles of Corporation also contain Corporation By Laws.

LLC’s will prepare an Operating Agreement. This agreement outlines the financial agreements and rights of the individuals who are to be involved in the business. If there are multiple individuals involved the Operating Agreement should reflect ownership percentage. All members listed on the Operating Agreement will need to also be listed on the loan application.

The last step is to obtain an EIN (Employer Identification Number) or, a Federal Tax Identification Number. This step is necessary if you plan to have employees.

It is in your best interest to keep your entity in good standing by filing yearly reports. Also, as mentioned, it’s important to have your business registered before you apply for your loan. This way, you can start looking for the perfect investment opportunities and Lend Some Money can get you approved for funding in as little as 24-hours.

Pennies to Profits – How to Jump-Start Your Career in Real Estate

Pennies to Profits

How to Jump-Start Your Career in Real Estate

 

You may think you need a big pile of cash to jump start your career as a real estate investor. You know that not having a large amount of capital means you’ll likely need to borrow money to get started. Maybe that’s why you haven’t started, the entire traditional lending process can certainly be intimidating. However, let’s explore some ways you can turn your pennies, into properties and begin profiting in a short amount of time.

As mentioned, lending from a bank can mean some pretty ridged restrictions. For example, you may be required to put a certain amount of money down, your credit and income will be scrutinized and the overall process is time consuming. So, what do you do when you’re good for the money, but not in the eyes of a bank? Consider a private lender.

Securing money from a private lender is one of the fastest options available. We all know, time is money. The more time you save, the sooner you can buy, flip, rent or sell the property for a profit. One reason why lending from a private investor is faster, is because it’s not as complex. Private lenders put heavier consideration on the property to be invested upon rather than the investors income and credit history.

This can benefit you especially if you’re a first-time investor. Imagine having an entity with strong financial analysis and business analytical chops look at your investment and approve it. It’s validation that you’re likely to succeed in your new business venture. Of course, your success still relies on your ability to flip, rent, sell, etc. while meeting market demands, but a little reassurance never hurt anyone.

But how do you find a private lender and apply for a private loan? Start right here, at lendsomemoney.com. The application is quick and painless. You could be approved in as little as 24-hours. Our system is set up so that if we can’t approve your loan, someone in our network most likely can. Don’t wait, get the funding you need for your future, today!