Mar 19, 2020
It is all too common for real
estate investors to get initially excited about a deal, only to get
deflated when that deal gets rejected by a hard money lender. What
are some of the most notable reasons hard money lenders say no?
What are the most important skills real estate investors need to
have to increase their chances of getting approved? In this
episode, investor and hard money lender Ryan Wright joins us to
discuss how to win with the right lenders.
Three Things We Learned
Educate yourself on what gets a deal
approved
The 3 parts of
a real estate deal that can lead to hard money lenders saying no is
not being clear on the pricing of the property, the cost and scope
of repairs, and the involvement of a contractor.
Don’t delegate the pricing
Realtors are in the retail business so they see
deals differently, and they don’t always have the best pricing
information and knowledge. Knowing how to do comps comes from
experience and research. It’s important to learn how to price
properties ourselves so we can approach deals
authoritatively.
Find motivated sellers with a problem you can
solve
Some people don’t
want to deal with the stress of owning a home, and those people are
often willing to sell at a discount. We can find good prospects at
city violations court, where the stress of being fined may be
enough for them to want to sell.
Guest Bio-
Ryan Wright is an Entrepreneur,
Real Estate Investor & Hard Money Lender. He has been a prolific
fix & flip entrepreneur since 2002 and has mentored thousands of
new real estate investors during that time.
He first started in real estate as an agent, along with his wife, almost 20 years ago. The success came quickly. The Salt Lake Board of Realtors named him “Real Estate Rookie of the Year” and his company won “Best of State” as well.
Despite these successes, he never truly experienced the time & money-freedom he thought would come with that career. So he knew that he needed to expand his reach and that led to the formation of his hard money lending company and ultimately to the launch of the Income Hacker Podcast.
For more information, visit https://www.dohardmoney.com/ and listen to the podcast here https://www.incomehacker.com/.