How to Get Easy Loans for Fixer Properties in 2025 (Hard Money EXPLAINED)

[@deanbranson517]

On the day this video posted I had never heard of hard money lenders. Late that night an off market deal that fit in my buy box landed in my email. Three weeks later I am now the owner of that property! It was quite an up and down three weeks working with multiple lenders and my first time working with a wholesaler. It's a brand new day for my business.

[@CoachChadCarson]

@@deanbranson517 congratulations! And kudos to you for taking action. Did you use a hard money lender to buy?

[@deanbranson517]

Yes it was a hard money lender.

[@leeroach3381]

Very helpful Thank you for sharing this

[@deanbranson517]

Another informative video. The topic is very timely for me. Thank you both.

[@CoachChadCarson]

Glad you enjoyed it! Thanks for the feedback.

[@taramyrick1573]

Carson, but what if I don't have any cash reserves? I have a duplex that has a mortgage. Would that be useful?

[@therealaboutentrepreneurship]

Does hard money work for properties owned free and clear but need repairs before being able to rent out?

[@CoachChadCarson]

yes! that would be a good use case. And I assume you mean you already own this property, don't have any debt, but you need an extra $40k (for example) to fix it up and get it ready to rent. Is that right?

[@CoachChadCarson]

you could potentially also do a line of credit or maybe a local bank commercial loan. Might be harder to get but lower interest rate cost.

[@therealaboutentrepreneurship]

@@CoachChadCarson yes that’s correct.

[@channel6sandiego]

Ok how do i set up a loan program to loan money to myself! I have the money in the bank at a low interest, so my thought would be to loan it to my company at a higher interest rate? does this make any sense! Thanks Chad

[@chrisa5680]

I am working towards acquiring my first investment property. Please, I have question that has been bugging me. At what point do i approach a mortgage company for a loan. Since the quote is valid for a period of time, if i don't get into contract and the quote expires, it means I will need another quote. How does this work?

[@benjaminandrews9519]

I think the links are broken on their website. I wasn't able to download either checklist.

[@johnmcguire6443]

Do you have to get a title search and survey in order to close with a hard money lender? Those things can take a month here in NY state

[@CoachChadCarson]

Yes to a title search. Depends on the lender for a survey. If it takes a month to get a title search that may be the limiting factor on how fast you can close. But I'd always like to get one no matter what!

[@TropicTrdr]

That's a good way to deal with an inheritance...

[@johnmcguire6443]

What's the diff between hard and private money lenders

[@CoachChadCarson]

Very similar. Sometimes there is crossover between the two. But hard money lenders are more of a business. Often it's a broker or business owner who loans money for a small group of people. While a private money lender is an individual investor who loans their own money.

[@BiggMo]

And where do loan sharks fall into the mix?

[@kevlwms]

If something happens to the borrower when using a private money source for the down payment, doesn’t the hard money lender have the first lien position? Is it easy for that private money lender to receive their investment back?

[@CoachChadCarson]

If private lender is in 2nd position - then yes it's more risky. They could lose it all if the first mortgage foreclosures. So, that lender needs to watch things carefully. They could even collect both payments and then make the payment to the first so they know it's paid (or have the borrower send a receipt of payment every month).

[@oceanangel4]

how do you get a deal under contract first without any kind of preapproval or proof of funds? I'd imagine the seller wouldn't even accept your offer if you didn't already have an idea where the money is going to come from?

[@CoachChadCarson]

depends on the seller. Sellers with an agent typically would want preapproval letter. But not all sellers you work with directly. Also, it's not hard to get preapproval letters. Many hard money lenders or banks will do it subject to final approval. I think our main point here is to not wait and overthink things if you have a good deal. Get it under contract subject to a contingency and then work hard to solidify the money aspect of it.

[@user-uc8rc9vn1q]

can you talk about Islamic loan 0 llc fees

[@CoachChadCarson]

I am not familiar but would love to learn more if you know of any resources.

[@user-uc8rc9vn1q]

@@CoachChadCarson UIF Corporation

[@user-uc8rc9vn1q]

Islam forbids interest-bearing loans, so Muslims may prefer to seek a halal alternative when purchasing a property. There are a range of Islamic mortgage alternatives available, allowing buyers to get on the property ladder while being sharia-compliant. What is an Islamic mortgage and how do they work? Sharia-compliant mortgages are really ‘mortgage alternatives’ and function as no-interest home purchase plans. Though there are several variations across the market, all work in the same basic way: the bank buys the property on your behalf and becomes the legal owner. Your monthly payments function more like rent, with a portion going towards buying out the property owner’s stake. At the end of the term you should either have bought the property back, or have an outstanding sum left to settle before you become the legal owner.

[@chrisa5680]

Thank you very much for this content.