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How To Use Hard Money And Be A Private Lender
Enjoy this week’s episode about using hard money for flipping houses, lending money and qualifying property and borrowers with special guest, Wendy Sweet
“Borrow money from the lender’s perspective” – Wendy Sweet
Discussion Points:
- Being a Lender can have the lowest risk (if done right) and the highest returns
- Borrow money from the Lender’s perspective
- It is a myth that you can borrow hard money with no cash in the deal and no cash reserves in the bank
- When buying investment properties always have 2 exit strategies
- Good collateral and deals keep deals safe
- Borrower qualifications should always include a full background check
- Process for draws and funding as rehabs progress
3 People That Have Made An Impact On Wendy’s Journey:
- Larry Goins
- Jason Medley
- David Phelps
Rehabbing Success Tips:
- Find great contractors and pay them fairly
- Standardize your rehabs (same types of houses, finishes, etc)
- Do not mix funds hoping to make up ground on rehabs
Web Resources:
Carolina Hard Money: carolinahardmoney.com
Carolina Fund: www.carolinacapitalreservefund.com
About Our Guest:
Wendy Sweet began her career in Commercial Real Estate and Hotel Management. She developed Fairman & Associates in 1995, sharing her knowledge and marketing expertise with Private, Semi- Private and Daily Fee/Resort Clubs and Residential Communities across the Country.
Wendy began working for a national lender as an account executive promoting their niche product of non-owner occupied programs to mortgage brokers and was led to Larry Goins at Financial Help Services, Inc. where she and Larry became partners in the Mortgage Company and began brokering Hard Money Loans as well. Together, Wendy and Larry started Investors Rehab, a wholesale Learn Key company.
In 2007, the year of the CRASH, Wendy started South Street Mortgage establishing a company geared toward the owner occupied market and continued offering hard money for investors. She served on the Board of Directors for Metrolina Real Estate Investors Association from 2005-2007. Wendy closed South Street Mortgage and opened Carolina Hard Money with her brother Bill Fairman in 2012. They offer financing options for residential and commercial rehab investors and lending opportunities through their investment fund for those anxious to earn a solid profit on their money. They have established a private placement Fund they are managing and Wendy teaches private lenders how to safely lend their money and borrowers on how to best position and leverage their investments for the greatest return.
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