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Study Hall: REAL ESTATE FINANCING · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 2: Sponsored by the United States Department of Homeland Security. Get
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  Speaker 2: into the investor loan programs right.
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  Speaker 3: So, COVID nineteen came, a lot of things changed with
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  Speaker 3: the underwriting guidelines. But I'm here to tell you guys,
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  Speaker 3: a lot of programs are opening back up. So we're
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  Speaker 3: going to talk about tonight conventional financing using traditional Fannie MAE,
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  Speaker 3: Freddie MAC, income based financing to buy your first property
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  Speaker 3: or your tenth property. Hard money loans, We're going to
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  Speaker 3: talk about that. There's been a lot of changes, but
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  Speaker 3: a lot of hard money private lenders are opening back
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  Speaker 3: up again. I had conversations with several of them over
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  Speaker 3: the past week. Programs are coming back, Flexibility is coming back,
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  Speaker 3: So we're going to go through you know what I found,
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  Speaker 3: and asset based lending my favorite, right, income based loans,
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  Speaker 3: your exit strategy to get out of a hard money
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  Speaker 3: loan if you're doing a buy fix and then you
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  Speaker 3: want to hold it a long time. So that's the
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  Speaker 3: great thing that I want to report to you guys,
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  Speaker 3: that asset based loans are really coming back to full swing.
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  Speaker 3: So I'm gonna break these programs down for you. So
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  Speaker 3: conventional finance minimum six to eighty credit score. So I'm
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  Speaker 3: just going to give you guys kind of like the
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  Speaker 3: ABC's what you need to qualify.
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  Speaker 2: For, and then we go through Q and A. I'm
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  Speaker 2: pretty sure you guys are going to have a lot
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  Speaker 2: of questions about this stuff.
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  Speaker 3: So minimum crick six to eighty credit score. It's a
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  Speaker 3: full documentation loan, meaning it's income base.
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  Speaker 4: Right.
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  Speaker 3: W two's taxi turns paced up, just like you're gonna
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  Speaker 3: buy your primary residents.
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  Speaker 2: Right.
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  Speaker 3: Your minimum down payment is fifteen to twenty five percent
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  Speaker 3: of the purchase price. Now a single family or a
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  Speaker 3: condo investment property, you can put down as little as
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  Speaker 3: fifteen percent. Multifamilies, duplex, triplex squads twenty five percent down payment.
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  Speaker 2: No if ansbuch about it.
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  Speaker 3: Maximum sellers concession is three percent. Sellers concession guys is
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  Speaker 3: when the seller agrees to pay a portion of your
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  Speaker 3: closing cost. So one hundred thousand dollars sales price a
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  Speaker 3: three percent concession three thousand.
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  Speaker 2: Dollars that the seller is going to pay.
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  Speaker 3: One to four family properties like I said, Fanny may
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  Speaker 3: approve condos. The max loan amount is based off the
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  Speaker 3: Fandy mad loan limits. Single families are five hundred and
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  Speaker 3: ten thousand. If you live in high cost areas like
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  Speaker 3: New York Cali areas like that, single family goes up
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  Speaker 3: to seven sixty five, and you can go up to
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  Speaker 3: one point four million dollars with a four family property.
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  Speaker 2: All right.
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  Speaker 3: Rehab money is available for conventional investment properties. Only one
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  Speaker 3: family properties are allowed currently under the Fanny Made Homestyle program.
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  Speaker 2: That program right now, you.
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  Speaker 3: Need about a six sixty credit score to start off
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  Speaker 3: with that. Six to twelve months of reserves are required
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  Speaker 3: for each property owned. Now, this is one of the
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  Speaker 3: big things with conventional loans, the reserve requirement. Fanny Main
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  Speaker 3: and Freddie Mack will allow you to have up to
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  Speaker 3: ten finance properties, but for each finance property, you need
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  Speaker 3: to have six to twelve months of reserves.
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  Speaker 2: For each property.
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  Speaker 3: It could be in a retirement plan liquid but you
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  Speaker 3: have to document right. And this is where conventional financing
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  Speaker 3: gets a little bit tricky because some investors are just
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  Speaker 3: they just don't have that type of reserves handy. But
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  Speaker 3: one of the main reasons why you guys would want
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  Speaker 3: to go with conventional financing is because of the interest rates.
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  Speaker 2: The interest rates are going to be really cheap. I
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  Speaker 2: mean right now we're locking in people in the.
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  Speaker 3: Low four percent range on thirty year fixed mortgages even
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  Speaker 3: had a couple coming and the hot threes for investment properties, multifamilies,
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  Speaker 3: refinances and purchases. So that's one of the main reasons
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  Speaker 3: why you would go with a Fannie May of Freddie
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  Speaker 3: Mac conventional financing, because you really want to take take
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  Speaker 3: that cheap money that's available. Now, your LLC can be
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  Speaker 3: invested in the deed post closing if you are one
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  Speaker 3: hundred percent owner of that LLC and you're the owner
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  Speaker 3: of the property, but the mortgage will be in your
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  Speaker 3: personal name. Okay, you cannot get a mortgage in your
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  Speaker 3: LLC with conventional financing. So conventional finance, and again many
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  Speaker 3: many of clients of Minds have used this to buy
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  Speaker 3: Airbnb properties single families that they want to rehab and
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  Speaker 3: and rent them out long term because.
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  Speaker 2: It's the money. It's just so cheap.
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  Speaker 3: But if you don't again, income base W two's tax returns,
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  Speaker 3: pay stubs, that's the documents that we need to.
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  Speaker 2: See rental income.
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  Speaker 3: We can help use to help you qualify if you
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  Speaker 3: have a history of collecting rental income.
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  Speaker 2: On your tax returns.
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  Speaker 3: So those are the kind of the basics of the
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  Speaker 3: conventional program. All right, so let's let's move on. We're
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  Speaker 3: going through this. Okay, guys, good, all right, all right,
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  Speaker 3: So hard money loans, right, So, hard money loans favorite
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  Speaker 3: of most investors, especially if you're going to do a.
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  Speaker 2: Fix and flip.
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  Speaker 3: You want to buy forll closed property that's a multi failure,
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  Speaker 3: but you want to hold it in a long run.
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  Speaker 2: You want to go the hard money route. This is
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  Speaker 2: the way to get the quickest, cheapest, fastest money.
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  Speaker 3: If you're buying at an auction, if you're buying, you know,
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  Speaker 3: one of those properties, if they say all cash, typically
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  Speaker 3: hard money is allowed. So you have very flexible times
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  Speaker 3: with this out Let me get back to conventional real
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  Speaker 3: quick closing time.
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  Speaker 2: Closing time with conventional loans are going to be.
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  Speaker 3: Around thirty to sixty days, just depending on the lender also,
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  Speaker 3: and that's very important if you're in a competitive bidding
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  Speaker 3: more on a property, you need to be able to
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  Speaker 3: close fast. So that's a con with conventional loans for investors.
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  Speaker 3: Just want to throw that out there.
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  Speaker 2: Closing time with hard money typically around two weeks.
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  Speaker 3: Some guys say they can do it in ten days,
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  Speaker 3: but I'll tell yourself, just prepare for two weeks closing.
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  Speaker 3: There's no income verification, so unlike traditional fanny made loans,
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  Speaker 3: you don't need W two's pay stuffs, TAXI terms, you
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  Speaker 3: don't need any of that information. The property is in
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  Speaker 3: your LLC's name, you will personally guarantee it. But it's
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  Speaker 3: probably ninety five percent of the hard money private lenders
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  Speaker 3: out there, they will take a look at your credit score.
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  Speaker 3: That's why they need a minimum six twenty to six sixty.
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  Speaker 3: This depends on who you're going to. Some people are
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  Speaker 3: still as six twenty. Some people want the highest score.
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  Speaker 3: It just all depends on what you're talking to. But
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  Speaker 3: you don't need no income documentation, all right. Minimum down
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  Speaker 3: payment dependent on experience, will be anywhere right now from
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  Speaker 3: fifteen to thirty percent if you have if you have
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  Speaker 3: a lot of experience, you can probably get the higher financing.
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  Speaker 3: But if you don't have experience, if your first time
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  Speaker 3: and right now, you can expect to put down twenty
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  Speaker 3: to thirty percent down payment.
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  Speaker 2: One hundred percent.
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  Speaker 3: Rehab court is available out of sixty five percent ARV.
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  Speaker 3: All right, pre COVID, you have some very aggressive lenders
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  Speaker 3: out there that.
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  Speaker 4: Will do you just explain? Can you just explain what
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  Speaker 4: ARV is?
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  Speaker 2: So after renovated value, okay, after rented value. Renovated value
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  Speaker 2: is your ARV.
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  Speaker 3: So it's basically the comps right, that's basically what you
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  Speaker 3: have to look at when you're going into any type
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  Speaker 3: of rehab situation. So easy numbers, right, how you figure
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  Speaker 3: out sixty five percent ARV. So you got one hundred
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  Speaker 3: fifty thousand dollars acquisition price, fifteen thousand dollars in repairs
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  Speaker 3: at sixty five sixty five thousand total between rehab and acquisition,
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  Speaker 3: the helmet will be worth one hundred thousand per the comps.
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  Speaker 3: The comps are comparable sales, typically within a one mile
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  Speaker 3: radius of the property sold within the past six months,
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  Speaker 3: depending on the area. If it's not enough sales, the
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  Speaker 3: praiser can go further out in time or in distance.
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  Speaker 3: They just have to notate that. But that's pretty much
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  Speaker 3: what you want to look for is the comps, and
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  Speaker 3: that's going to determine. So in that situation is one
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  Speaker 3: hundred thousand dollars comps, it will sell one hundred k.
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  Speaker 2: So your ARV in that situation is sixty five percent.
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  Speaker 4: Man, Man, what kind of interest rates are we looking at?
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  Speaker 4: Fo hard money?
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  Speaker 2: So boom, there we go.
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  Speaker 3: Oh, interest rates are going to be somewhere in that
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  Speaker 3: right now, nine to fifteen percent range, depending on who
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  Speaker 3: you talk to, your relationships, new or season investor. You know,
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  Speaker 3: the guys who've been out here consistently doing numbers, they're
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  Speaker 3: still getting that nine to ten percent with the more
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  Speaker 3: favorable terms.
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  Speaker 2: Right now, the people who are new are getting.
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  Speaker 3: The thirteen to fourteen percents and the twenty five to
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  Speaker 3: thirty percent down payment.
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  Speaker 2: So it's this all depends on where you are in life.
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  Speaker 2: But again a lot.
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  Speaker 3: Of them are starting to As America starting to reopen,
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  Speaker 3: construction starting, people are starting to loosen that up. So
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  Speaker 3: from what I'm hearing, by mid summer beginning August somewhere
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  Speaker 3: around there, this should the requirements for down payment should
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  Speaker 3: go back up if things keep moving the way they're
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  Speaker 3: going right now, godre all right, So one four family
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  Speaker 3: investment properties only. You can't buy your primary residents and
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  Speaker 3: get a hard money loan. It's only investment properties. Some
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  Speaker 3: hard money lenders are requiring reserves anywhere from three.
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  Speaker 2: To six months.
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  Speaker 3: But again, depending on your relationships and who you are,
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  Speaker 3: you probably don't need no reserves.
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  Speaker 5: And that's one good thing, not to not to cut
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  Speaker 5: you offrom that, but not to cut you off.
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  Speaker 4: But I'm gonna cut you off. But that's yeah, we
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  Speaker 4: did a.
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  Speaker 5: Hard money class on Eyo University because a lot of
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  Speaker 5: people act all the time like you know, who should
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  Speaker 5: I contact about hard money and stuff like that. It's
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  Speaker 5: a variety of different people, but it's all about relationships.
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  Speaker 5: So that's one of the things that we try to
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  Speaker 5: provide at Eyo University. Also is that you know, you
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  Speaker 5: have direct access city people. So I believe the gentlemen
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  Speaker 5: that did the classes he works with DJMV and Cason
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  Speaker 5: absolutely absolutely.
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  Speaker 2: Kevin. Kevin a great guy. We can you know, he's
• 10:48
  Speaker 2: the go to for the team. I work a lot
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  Speaker 2: with him.
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  Speaker 3: He closes a lot of deals for everybody, so yeah,
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  Speaker 3: he's that guy we use and he.
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  Speaker 4: Gave everybody his contact and all that, right.
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  Speaker 3: Absolutely at A lot of the people have been in
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  Speaker 3: touch with Kevin getting deals done, so he's he's made
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  Speaker 3: it suff available for eyl University members all right. All right,
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  Speaker 3: So three to six months are reserves depending on the
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  Speaker 3: lender closing your LLC. Name only experience is preferred, but
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  Speaker 3: it's not required, all right, Licensed contractors required. Some lenders
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  Speaker 3: don't care if you have a licensed contractor or not.
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  Speaker 3: Just all depends on the lender. Twelve month terms, particularly
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  Speaker 3: for hard money so you got to have your exit strategies.
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  Speaker 3: You got to know how you get rid of that property.
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  Speaker 3: For your newcomers. You don't want to get full closed on.
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  Speaker 3: You can get extensions depending on who you're talking to,
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  Speaker 3: anywhere from three months to six months for an extensions
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  Speaker 3: is going to come out of feed. It's probably going
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  Speaker 3: to be very expensive. And like I said earlier, TROIT
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  Speaker 3: interest rates on hard money loans right now ranging between
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  Speaker 3: nine and fifteen percent and with the points is two
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  Speaker 3: to four points. Now points is a one percent of
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  Speaker 3: your loan amount. So if it's one hundred thousand dollars loan,
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  Speaker 3: you're looking at two points. That's two grand.
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  Speaker 4: Right.
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  Speaker 2: The smaller the loan, the more points you're going to
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  Speaker 2: be charged, the least amount of experience, The more points
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  Speaker 2: you're going to get charged, the more experienced, the cheaper
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  Speaker 2: the rate, the cheaper the cost.
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  Speaker 6: All the terms usually just twelve months or have we
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  Speaker 6: seen them extended past twelve, like twelve to eighteen?
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  Speaker 2: Yeah, you've seen them extend up to eighteen.
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  Speaker 3: You know, there's a lot of lenders that had to
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  Speaker 3: do four bearans because some investors just couldn't work right
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  Speaker 3: during COVID. So you know, a lot of that is
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  Speaker 3: now starting to reopen up again, so extensions might be
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  Speaker 3: a little bit more generous in the next couple of months.
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  Speaker 3: But I know a lot of people had to hold
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  Speaker 3: a lot of notes because of the four barances and everything.
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  Speaker 5: That you got something on your screen that says the
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  Speaker 5: recording has been stopped. I mean, it's all good. We
• 12:54
  Speaker 5: can still hear you answer you. But yeah, there's like
• 12:56
  Speaker 5: some letters on your screen that says, man, we.
• 13:00
  Speaker 2: Got my camera trying to Teddy Riley mean, all right,
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  Speaker 2: so we're gonna keep going.
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  Speaker 4: Yeah, you're good, keep going. Yeah.
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  Speaker 2: Yeah, So all right, so we got that's what the
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  Speaker 2: hard money? We got any questions while I'm doing this
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  Speaker 2: real quick?
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  Speaker 4: Yeah we do?
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  Speaker 2: Actually, yeah, take take one two.
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  Speaker 6: Well, you got your hosting it, so you gotta put jamal.
• 13:20
  Speaker 6: Jamal is trying to ask question as his hand raise.
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  Speaker 6: Go ahead and take control real quick, all right, gotcha, Jamal,
• 13:30
  Speaker 6: we're coming to you. Mute yourself. You've been unmuted.
• 13:35
  Speaker 2: On Matt. Yeah, what's going on?
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  Speaker 4: The quick?
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  Speaker 7: Question about your experience or was it experience with hard
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  Speaker 7: money or your experience with uh, you know, rehabbing homes?
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  Speaker 7: Can you break that down a little bit both, right,
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  Speaker 7: So mainly didn't want to look for your experience with
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  Speaker 7: hard money.
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  Speaker 2: But if you have.
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  Speaker 3: Investment properties, they will count that also just to pay
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  Speaker 3: on how many property.
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  Speaker 2: It just depends on how many properties you are. Okay,
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  Speaker 2: but what about flipped in the past. Was it in
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  Speaker 2: the past twenty four months? Yeah?
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  Speaker 3: Yeah, that's fine. So they'll go back on your resumes.
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  Speaker 3: So when you're when you guys are applying with lenders,
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  Speaker 3: they're going to ask you how many transactions you completed.
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  Speaker 3: Most want to see twenty four months, some will go
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  Speaker 3: twelve months. But for the most part, if you got
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  Speaker 3: experience even three.
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  Speaker 2: Years ago, disclose it. Right.
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  Speaker 3: The more experience you have, even if it's spread out
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  Speaker 3: over ten years, Let's say if you did five flips
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  Speaker 3: or seven flips in the last ten years, like, you
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  Speaker 3: still have experience, right, Okay, thank you.
• 14:41
  Speaker 4: I appreciate you. I appreciate that.
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  Speaker 2: No problem.
• 14:44
  Speaker 4: Yeah, we met.
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  Speaker 6: I got a couple so I'm gonna go to a
• 14:46
  Speaker 6: few months that go. Yeah, yeah, go ahead, all right,
• 14:48
  Speaker 6: Patrice be coming to you.
• 14:49
  Speaker 4: I meet yourself. You've been unmuted.
• 14:54
  Speaker 5: Hi, I had a question outside of flip properties, what
• 14:56
  Speaker 5: other benefits.
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  Speaker 2: Would people use hard money for to flip properties? That's it.
• 15:04
  Speaker 3: That's the only Like it's like a hammer, right, What
• 15:06
  Speaker 3: else are you gonna use a hammer for just a
• 15:09
  Speaker 3: driller nail or hit somebody in the head.
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  Speaker 2: But like you know what I'm saying.
• 15:13
  Speaker 3: But like, hard money is a tool, right, that's the
• 15:17
  Speaker 3: main purpose of the tools to flip a house or
• 15:20
  Speaker 3: get a house to rehabit. It's short term solution. It's
• 15:23
  Speaker 3: quick funding.
• 15:26
  Speaker 2: Okay, So not read somebody I see somebody else post
• 15:28
  Speaker 2: it to not rehabit holds.
• 15:31
  Speaker 3: Yeah, you can rehabit holds. So you can use it
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  Speaker 3: to rehab the property. You can flip the property, or
• 15:36
  Speaker 3: you can hold the property. And that's why you need
• 15:37
  Speaker 3: to refinance out of it and get yourself into an
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  Speaker 3: asset based loan, which I'm a covered.
• 15:42
  Speaker 2: Right after I get this camera.
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  Speaker 5: Right, So you want to refine mat Just from my
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  Speaker 5: understanding from talking to the guys that really do hard
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  Speaker 5: money a lot, the reason why you don't want to
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  Speaker 5: stay in the hard money long long term is because
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  Speaker 5: the interest rates is so much higher, right.
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  Speaker 3: Yeah, absolutely, I mean interest rates are much higher. You
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  Speaker 3: got none to fifteen percent. It's interestingly you know that
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  Speaker 3: can get expensive depending on your loan amount.
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  Speaker 2: Right that carrying corust can add up. So you want
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  Speaker 2: to get out of it.
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  Speaker 3: And it's only a twelve month term, it's going to
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  Speaker 3: balloon on you, so you you have to go. Hard
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  Speaker 3: money is all about getting in and getting out, whether
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  Speaker 3: you're flipping it or whether you're going to buy and hold.
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  Speaker 3: You need if you're going to a buide hold or
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  Speaker 3: rehab and then hold, you need to know your asset lender.
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  Speaker 3: You need to know who's going to be the person
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  Speaker 3: that's going to refinance you out of it. You need
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  Speaker 3: to know their qualifications. You already have to have that
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  Speaker 3: lined up, so it's a seamless transition.
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  Speaker 2: You don't get jammed up.
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  Speaker 6: Man, when you're looking for a hard money lender. Are
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  Speaker 6: you looking for somebody that is in a close proximity,
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  Speaker 6: like somebody that's local or can we do this anyway
• 16:45
  Speaker 6: in the United States?
• 16:46
  Speaker 3: Man, I don't care if they're in Hawaii. You know
• 16:49
  Speaker 3: they're able to fund fund perfect.
• 16:52
  Speaker 4: Patrice. We appreciate you, thank you, thank you, thank you,
• 16:56
  Speaker 4: thank you. Morgan. We coming to you. I mute yourself.
• 17:00
  Speaker 4: You've been unmuted. What's going on?
• 17:03
  Speaker 8: With fellas.
• 17:04
  Speaker 4: How y'all doing. How you I'm all right.
• 17:07
  Speaker 8: I had a quick question about you, I said earlier.
• 17:10
  Speaker 8: I think it was in a conventional loan for the
• 17:13
  Speaker 8: rehab money for the single families. I just wanted to know,
• 17:17
  Speaker 8: is there also opportunities to get money or different incentives
• 17:21
  Speaker 8: if you get that single family and the opportunity zone.
• 17:27
  Speaker 3: If you get the single family and the opportunity zone
• 17:29
  Speaker 3: for investment property, you can use family made home style.
• 17:34
  Speaker 3: It's not like you get like extra money just because
• 17:37
  Speaker 3: it's in the oz.
• 17:38
  Speaker 2: I mean that.
• 17:41
  Speaker 6: This episode is brought to you by P and C Bank.
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• 20:29
  Speaker 3: The money you'll get is in the future, you know, seven, eight,
• 20:33
  Speaker 3: nine years from now when people probably start selling because
• 20:36
  Speaker 3: it's all gonna be tax free.
• 20:39
  Speaker 2: Okay, I got you.
• 20:42
  Speaker 4: Appreciate it.
• 20:42
  Speaker 2: Morgan, appreciate you, marg I appreciate you. My guy shout
• 20:47
  Speaker 2: out to all the ernest.
• 20:50
  Speaker 6: I got like two more, man, you want to take
• 20:52
  Speaker 6: two more and then keep going?
• 20:53
  Speaker 2: Yeah? You go ahead?
• 20:54
  Speaker 6: All right, Christopher, you are unmuted.
• 20:57
  Speaker 4: I'm mute yourself. God.
• 21:00
  Speaker 2: Hello, yeah, yeah you just what's going on?
• 21:04
  Speaker 8: Man?
• 21:04
  Speaker 2: Just a quick question? So hard money could har money
• 21:07
  Speaker 2: be used.
• 21:08
  Speaker 3: For sixty teen units of ten to fifteen property? Depends
• 21:13
  Speaker 3: depends on who you're talking to. You do have hard
• 21:15
  Speaker 3: money lenders out there that only focus on the big
• 21:18
  Speaker 3: commercial stuff. So yeah, there are opportunities out there, but it's,
• 21:23
  Speaker 3: you know again, experience. If you have the experience, then
• 21:26
  Speaker 3: you can you can find financing for anything you want.
• 21:30
  Speaker 6: Appreciate you, bro, Thanks Chris, Stephanie, we got you. U
• 21:35
  Speaker 6: mute yourself, You've been unmuted, God.
• 21:39
  Speaker 8: Thank you.
• 21:40
  Speaker 10: Hi everyone, I have a question. I'm trying to figure
• 21:43
  Speaker 10: out how if you don't own a property currently and
• 21:47
  Speaker 10: you know how if you have an FAHA or conventional
• 21:49
  Speaker 10: it can be three and a half if it's your
• 21:51
  Speaker 10: primary resident. So I'm trying to figure out if you
• 21:54
  Speaker 10: don't own anything, how do they know it's going to
• 21:56
  Speaker 10: be an investment property if technically it can be your
• 22:00
  Speaker 10: primary if you don't own another property.
• 22:02
  Speaker 2: Does that make sense?
• 22:04
  Speaker 3: So are you talking about if you're buying with hard
• 22:06
  Speaker 3: money or investment propertys or just FAHA and just in general.
• 22:12
  Speaker 10: Just in general, Like I know you have to put
• 22:14
  Speaker 10: fifteen percent to twenty five like you said if it's
• 22:17
  Speaker 10: an investment property, But what if I don't own another
• 22:20
  Speaker 10: property and this is my first property? And yes I
• 22:22
  Speaker 10: do want to look to rent it out later in life,
• 22:25
  Speaker 10: but like, how can I get in with just the
• 22:28
  Speaker 10: three and a half down versus going on.
• 22:31
  Speaker 2: Very very easy and simple just live there.
• 22:35
  Speaker 3: Okay, that's what you gotta do, bio multi family living
• 22:38
  Speaker 3: it for a year and then house hack your life away.
• 22:41
  Speaker 6: Okay, okay, you know.
• 22:43
  Speaker 2: So you can.
• 22:44
  Speaker 3: You can use FAHA as a tool to help you
• 22:47
  Speaker 3: build wealth with real estate. Three point five percent down
• 22:51
  Speaker 3: right now, credit scorees of ranging anywhere between six hundred
• 22:54
  Speaker 3: and six forty as a minimum score, just depending on
• 22:56
  Speaker 3: who you're speaking to. So yeah, you can buy own
• 22:59
  Speaker 3: an your pod multi family properties with the FAH loan
• 23:04
  Speaker 3: and just hold for a year.
• 23:06
  Speaker 2: Yeah, just living it for you.
• 23:07
  Speaker 3: Look, guys, if you want to go ahead in three
• 23:09
  Speaker 3: point five percent, get grant money, you know, do oer
• 23:13
  Speaker 3: PM your life away house hack your life away. The
• 23:15
  Speaker 3: system is heir is designed for you to do it.
• 23:18
  Speaker 3: You just got to play by the rules, you know,
• 23:20
  Speaker 3: and sacrifice that one year.
• 23:22
  Speaker 2: One year is nothing. Absolutely, thank you, Matt. Appreciate you.
• 23:29
  Speaker 6: Earn as we see, Matt, well, I'm gonna give you
• 23:31
  Speaker 6: the whole privileges back. I see there's a lot of questions.
• 23:34
  Speaker 6: We're gonna get to all the home. But let's take
• 23:36
  Speaker 6: an intimission. So YouTube YouTube, shout to everybody in YouTube,
• 23:40
  Speaker 6: shout out to prove it, mom for making encouraging people
• 23:42
  Speaker 6: to hit the like button.
• 23:43
  Speaker 4: Appreciate it's almost to prove that, mom.
• 23:46
  Speaker 5: If we can get everybody just to take a millisecond
• 23:49
  Speaker 5: and hit the like button, it's extremely free. You won't
• 23:53
  Speaker 5: even burn a calorie. So but it does actually help.
• 23:56
  Speaker 5: It helps with the algorithm and it helps the channel.
• 23:59
  Speaker 5: So we would greatly appreciate it if you guys can
• 24:03
  Speaker 5: just take a second out of your day and hit
• 24:05
  Speaker 5: the like button, we appreciate that.
• 24:07
  Speaker 3: And yeah, so also share this, man, share this with
• 24:11
  Speaker 3: your community right now. Tell your people as you getting
• 24:13
  Speaker 3: some good knowledge, and tell them to come come join
• 24:15
  Speaker 3: the party with us live.
• 24:17
  Speaker 4: That's a fact.
• 24:18
  Speaker 5: And yeah, once again, if people are just joined us,
• 24:21
  Speaker 5: they might be wondering, like who's on the zoom call.
• 24:23
  Speaker 5: So this is an open enrollment. Once a month we
• 24:27
  Speaker 5: do an open class just showing showcasing Eyo University. We
• 24:31
  Speaker 5: do this stuff every single week. We did a hard
• 24:33
  Speaker 5: money class. We do all kinds of different classes. And
• 24:36
  Speaker 5: if you're interested in joining Eyo University, you get access
• 24:39
  Speaker 5: to seventy past webinars, weekly webinars, access to our private
• 24:43
  Speaker 5: investment group on Facebook, access to the book and movie club,
• 24:46
  Speaker 5: and then Matt does a bi weekly real estate session
• 24:49
  Speaker 5: with the group.
• 24:50
  Speaker 6: So I see people that are asking questions like this,
• 24:52
  Speaker 6: what about NAC or what about Sony Maine.
• 24:54
  Speaker 4: We actually have class.
• 24:55
  Speaker 5: Now, we have a class on everything, class on that community.
• 24:58
  Speaker 5: We got a class on hard money. We got a
• 25:00
  Speaker 5: class on Section eight. So every single week it's a
• 25:03
  Speaker 5: different class.
• 25:03
  Speaker 3: We got a class on that class on wholesale and.
• 25:08
  Speaker 5: That I'm gonna be teaching a class soon about saving
• 25:11
  Speaker 5: for your kids because everybody keeps asking about that. So
• 25:14
  Speaker 5: I'm gonna teach a class about that, about how to
• 25:15
  Speaker 5: invest money for your kids. So yeah, the price, the
• 25:18
  Speaker 5: price is going up tomorrow. The price is told so
• 25:21
  Speaker 5: if you want to take advantage of this is the
• 25:23
  Speaker 5: lowest price it'll ever be. Put the information in here.
• 25:26
  Speaker 5: The code is earners and yeah, we would love to
• 25:29
  Speaker 5: see you on the other side. But Matt, I had
• 25:30
  Speaker 5: a question. Somebody said house hacking. You said that, Can
• 25:33
  Speaker 5: you just explain for people that might not be familiar
• 25:36
  Speaker 5: with what house hack? Because we always we always want
• 25:38
  Speaker 5: to make sure that everybody is taking part of the conversation.
• 25:42
  Speaker 4: We don't want to leave anybody behind.
• 25:43
  Speaker 6: Yeah, there was a few people like, oh man, this
• 25:45
  Speaker 6: sounds a little advanced, So let's go down just so what.
• 25:48
  Speaker 4: What what is house hacking? All right?
• 25:50
  Speaker 2: Gods?
• 25:50
  Speaker 3: So look, house hacking could be a variation of different things, right,
• 25:55
  Speaker 3: many people have different definitions for it. So when I
• 25:58
  Speaker 3: speak of house hacking, I'm more so saying go and
• 26:01
  Speaker 3: building a real estate portfolio using you know, minimum down
• 26:05
  Speaker 3: payments right, using the owner occupy strategy, staying in the
• 26:09
  Speaker 3: house for one or two years. Start off with a
• 26:11
  Speaker 3: four family FAHA three point five percent down refinance in
• 26:17
  Speaker 3: a year out off out of the FHA into a
• 26:20
  Speaker 3: conventional loan, Move out of the house, go buy another
• 26:24
  Speaker 3: property three family three point five percent down, living it
• 26:28
  Speaker 3: for a year to two, then repeat the cycle. Go
• 26:31
  Speaker 3: to the two families, so you go four three two one.
• 26:33
  Speaker 3: If your area is not does not have a lot
• 26:37
  Speaker 3: of four families or triplexus, then go duplex.
• 26:41
  Speaker 2: Right. It can work either which way. You can also
• 26:44
  Speaker 2: house hack by getting a single family and having roommates
• 26:47
  Speaker 2: right written out your rooms. I know folks who live
• 26:51
  Speaker 2: in the basement and airbnb their homes. Right. There's many different.
• 26:54
  Speaker 3: Ways to house hack to live for free. You just
• 26:58
  Speaker 3: have to pick a strategy that will works best for you.
• 27:01
  Speaker 3: This stuff is like real estate investment or just running
• 27:04
  Speaker 3: a business period. I think personally is unique to you.
• 27:08
  Speaker 3: It's like your fingerprint, right. You got to do what's
• 27:11
  Speaker 3: best for you. At the end of the day, everybody's
• 27:13
  Speaker 3: going to have an opinion. Run your business as you
• 27:15
  Speaker 3: see fit. Pick your lane of what you want to
• 27:18
  Speaker 3: go in and just go do it. You know, if
• 27:21
  Speaker 3: you don't have the capital to do twenty percent down,
• 27:25
  Speaker 3: thirty percent down, you can only do three point five.
• 27:29
  Speaker 2: Great, do it. There's options. You know, you can get
• 27:31
  Speaker 2: grants to help you with down payment.
• 27:33
  Speaker 3: You got programs like Sony Made, like you mentioned in
• 27:35
  Speaker 3: just a little while ago, where you can get down
• 27:37
  Speaker 3: payment assistance, and these things are available all over the country.
• 27:40
  Speaker 3: You just have to know where to look. You have
• 27:42
  Speaker 3: to work with the right team of real estate professionals, realtors,
• 27:45
  Speaker 3: loan offices, and use Google and Google this stuff is
• 27:49
  Speaker 3: right there at your fingertips. So there's many different options,
• 27:52
  Speaker 3: and there's many different ways where people can get in
• 27:55
  Speaker 3: the game and house hack and build up a portfolio
• 27:57
  Speaker 3: in a couple of years. I've seen it time and
• 27:59
  Speaker 3: time again.
• 28:00
  Speaker 6: Yeah, man, you said a lot of important people just
• 28:04
  Speaker 6: now in what you were saying. But if I'm a
• 28:06
  Speaker 6: first time investor, like who should be on my team?
• 28:09
  Speaker 6: Like what players should I be putting on my team
• 28:11
  Speaker 6: if I'm going into the investment game.
• 28:13
  Speaker 3: So I think if you're buying real estate period, you
• 28:16
  Speaker 3: should have a loan officer or you know, a money
• 28:20
  Speaker 3: a mortgage guy, mortgage girl. Right, you need a realtor,
• 28:23
  Speaker 3: you need a wholesaler, you need a contractor you know
• 28:27
  Speaker 3: what I'm saying.
• 28:27
  Speaker 2: You need hope.
• 28:29
  Speaker 3: You need attorneys very important. You definitely need attorneys. Even
• 28:33
  Speaker 3: if your state is not an attorney state, you still
• 28:37
  Speaker 3: need an attorney just in case someone's going to suit you.
• 28:40
  Speaker 2: Right, you need property managers.
• 28:42
  Speaker 3: If you're investing out of state, you need someone who
• 28:44
  Speaker 3: can help manage those properties. Man, you need a CPA.
• 28:49
  Speaker 3: Let's talk about that for a second, because remember this
• 28:52
  Speaker 3: is a whole wealth play, right, This is about generational wealth,
• 28:55
  Speaker 3: and you need to have your CPA. You need to
• 28:59
  Speaker 3: have a U, the state plan. You need to be
• 29:02
  Speaker 3: able to have these these things together because if you're
• 29:05
  Speaker 3: going to be out here buying real.
• 29:06
  Speaker 2: Estate, you need to be able to pass it down.
• 29:08
  Speaker 4: Right.
• 29:08
  Speaker 3: We're working hard out here to acquire this knowledge, to
• 29:11
  Speaker 3: acquire this wealth that we all have opportunity to get. Yo,
• 29:16
  Speaker 3: make sure you do it right, man, Get your state plans,
• 29:19
  Speaker 3: get your insurance, get everything that you need, and that
• 29:23
  Speaker 3: needs to be a part of your team.
• 29:24
  Speaker 4: Right.
• 29:24
  Speaker 2: It's not just about can I go buy some houses?
• 29:27
  Speaker 2: You know what I mean? You need to have everything
• 29:29
  Speaker 2: come full circle.
• 29:31
  Speaker 5: Dope, dope, just all right? So you want to keep
• 29:35
  Speaker 5: going with your slides. You want to take some more.
• 29:36
  Speaker 3: Questions now, No, no, no, let me let me keep going
• 29:38
  Speaker 3: so we can wrap this up. I can wrap this
• 29:40
  Speaker 3: up in like five minutes, all right, all right, So
• 29:43
  Speaker 3: look I see my screen.
• 29:47
  Speaker 2: All right, great, so let's get onto asset base.
• 29:49
  Speaker 6: Right.
• 29:49
  Speaker 3: So a lot of people in the comments on YouTube
• 29:51
  Speaker 3: earners asking about the birth strategy buy, renovate, refinance, rent
• 29:56
  Speaker 3: and repeat. Right, So this is the most important part
• 29:59
  Speaker 3: of that birth strategies. Your refinance. Okay, your asset based lender.
• 30:03
  Speaker 3: You need to find your asset based lender EYL private
• 30:06
  Speaker 3: Facebook group. No worries, I'm gonna put it some in
• 30:09
  Speaker 3: the group so that way you guys have direct access
• 30:11
  Speaker 3: to it. All right, minimum credit score six sixty to
• 30:15
  Speaker 3: six eighty. No income verification is needed, so no W two's,
• 30:20
  Speaker 3: no pay stubs, no bank statements, none of that stuff.
• 30:23
  Speaker 3: Like a conventional loan. Only rental income is used to
• 30:26
  Speaker 3: qualify for the loan closed thirty to forty five days,
• 30:33
  Speaker 3: all right. Thirty day of ownership seasoning very important. So
• 30:37
  Speaker 3: if you buy, you know, a home at of foreclosure auction,
• 30:41
  Speaker 3: you use hard money, it needed a light fix up.
• 30:44
  Speaker 3: You can be in and out of that project thirty days.
• 30:47
  Speaker 3: Refinance into an asset based loan, no season and no
• 30:50
  Speaker 3: problem as long as the rental income is enough for
• 30:55
  Speaker 3: the owner to make at least twenty percent profit. Right DSCR.
• 30:58
  Speaker 3: We'll have a class on that. Eyou about DSR. Five
• 31:03
  Speaker 3: seven year arms and thirty year terms are available, so
• 31:06
  Speaker 3: you can do a five year, seven year justible rate.
• 31:09
  Speaker 2: All you can do a thirty year fix.
• 31:11
  Speaker 3: Twenty percent down for purchase price for a purchase, seventy
• 31:16
  Speaker 3: five percent for a rate in turn refinance, seventy percent
• 31:20
  Speaker 3: for a cash out refile. Now this is for one
• 31:23
  Speaker 3: to four family properties, so you can with an asset
• 31:25
  Speaker 3: based loan if you if you have twenty percent down
• 31:28
  Speaker 3: and you want to buy a multifamily, you can put
• 31:31
  Speaker 3: twenty percent down if you want to refinance out of
• 31:33
  Speaker 3: your hard money. This seventy five percent, right, there is
• 31:37
  Speaker 3: the key. Right, you can go a rate in term
• 31:40
  Speaker 3: up to seventy five percent LTV. So remember, guys, in
• 31:43
  Speaker 3: that example I gave earlier, you purchase the price for
• 31:46
  Speaker 3: fIF the property for fifty thousand, You put fifteen thousand
• 31:50
  Speaker 3: to rehab into it, so that's sixty five thousand. So
• 31:53
  Speaker 3: if we can do a rate in turn refinance, I
• 31:57
  Speaker 3: want you guys to put in the comments. If my
• 31:59
  Speaker 3: max LTV is seventy five percent, what what amount can
• 32:04
  Speaker 3: we go up to?
• 32:04
  Speaker 2: What's the max loan amount? Let's see if you guys
• 32:06
  Speaker 2: are paying attention. YouTube.
• 32:08
  Speaker 3: Let's see if you're paying attention. Put that in the
• 32:10
  Speaker 3: comments for me. Right, if you're LTV on the rate
• 32:12
  Speaker 3: in turn refinance is seventy five you pay fifty fifteen
• 32:15
  Speaker 3: K a rehab. What's your maximum loans amount to be
• 32:18
  Speaker 3: up to put in the comments? All right, seventy percent
• 32:21
  Speaker 3: cash out refinance. And I guess everybody's slow with the
• 32:26
  Speaker 3: math today.
• 32:30
  Speaker 2: Yeah number, Yeah, I can't.
• 32:35
  Speaker 4: I can't.
• 32:36
  Speaker 3: I can't see it on the earners, but in YouTube
• 32:38
  Speaker 3: they still is my lasses.
• 32:40
  Speaker 4: Yeah, earners is really smart people.
• 32:41
  Speaker 5: I just really algebra these formulas.
• 32:47
  Speaker 4: No calcul.
• 32:51
  Speaker 2: Maybe quick math. You got to know the numbers, kid,
• 32:53
  Speaker 2: like Darren Falcon said, you gotta.
• 32:55
  Speaker 4: Know your numbers to know your numbers.
• 32:56
  Speaker 3: Doesn't know your numbers. How you're going to analyze the deal?
• 33:00
  Speaker 4: We go YouTube running up the numbers. Now there were
• 33:01
  Speaker 4: going to.
• 33:02
  Speaker 2: Finally YouTube, Finally, I don't know if it's a delay
• 33:04
  Speaker 2: on my device.
• 33:07
  Speaker 4: Definite bro. Shout out to YouTube.
• 33:10
  Speaker 2: Shout out to YouTube, but shout out to the earnest.
• 33:12
  Speaker 4: Somebody said, I'm.
• 33:16
  Speaker 3: All right, so you could close the LLC name investment
• 33:19
  Speaker 3: properties only, Like I said, rent ready properties very important.
• 33:23
  Speaker 3: You cannot do an asset based loan that needs If
• 33:27
  Speaker 3: it needs rehab it won't work.
• 33:29
  Speaker 2: It needs to be rent ready. It doesn't have to
• 33:31
  Speaker 2: be rented.
• 33:32
  Speaker 3: You can use market rents to help qualify for the
• 33:36
  Speaker 3: refinance or the purchase. It doesn't have to be rented,
• 33:38
  Speaker 3: but it has to be rent ready.
• 33:40
  Speaker 2: Right.
• 33:40
  Speaker 3: You can do use long term and short term rental
• 33:43
  Speaker 3: income to help you qualify as well.
• 33:45
  Speaker 5: So Matt with the answer to the question, seventy five thousand.
• 33:48
  Speaker 2: Yeah, seventy five thousand, that was the answer.
• 33:50
  Speaker 3: Okay, seventy five percent LTV shout out to everybody who
• 33:53
  Speaker 3: says seventy five thousand. There was a few on on YouTube,
• 33:56
  Speaker 3: but a lot of them was way off. Right.
• 34:02
  Speaker 2: I ain't gonna call y'all out by name, but jeez man,
• 34:07
  Speaker 2: it's so good, so good.
• 34:09
  Speaker 4: That's all good.
• 34:09
  Speaker 3: That's why, that's that's why you need a mortgage guy
• 34:13
  Speaker 3: or a mortgage girl higher at us.
• 34:15
  Speaker 4: Right.
• 34:16
  Speaker 3: So, look, this is the most important part of the
• 34:18
  Speaker 3: presentation to me, Right, why should you buy and invest?
• 34:21
  Speaker 4: Right?
• 34:21
  Speaker 3: This is especially in today's time. Right, we have a
• 34:25
  Speaker 3: lot going on with the race war and everything. So
• 34:27
  Speaker 3: we got to really understand where we came from. And
• 34:30
  Speaker 3: while we need to take pride and ownership right. I
• 34:33
  Speaker 3: see a lot of people on the internet time I
• 34:34
  Speaker 3: never buy a single family home, Never do this, never
• 34:37
  Speaker 3: do that. Look, screw everybody, right, we gotta take priduct ownership.
• 34:42
  Speaker 3: Own some ship. I don't care if you own primary residents.
• 34:46
  Speaker 3: If you just want to rent your whole life, go
• 34:48
  Speaker 3: own some investment properties. There's plenty of places where you
• 34:50
  Speaker 3: can go for cheap and get some investment properties. But
• 34:53
  Speaker 3: we got to take pride in this ownership right. Generational
• 34:57
  Speaker 3: wealth in real estate is the number one source of
• 35:01
  Speaker 3: generational wealth in America.
• 35:04
  Speaker 2: It's proven fact.
• 35:05
  Speaker 3: But we've been through gym core laws, red lining, systemic racism.
• 35:10
  Speaker 3: We've been through so much, and our ancestor has been
• 35:13
  Speaker 3: through so much to get us to the right to
• 35:15
  Speaker 3: where we can really go at any hood right, any
• 35:18
  Speaker 3: hood and buy right. Money is available for us.
• 35:21
  Speaker 2: Right.
• 35:22
  Speaker 3: They tried to red line us forty fifty sixty years ago,
• 35:25
  Speaker 3: but they can't stop us now. Right, anyway you put it,
• 35:29
  Speaker 3: they can't stop us. They're going to try to still
• 35:31
  Speaker 3: do the bs. But look, we control this man. I'm
• 35:34
  Speaker 3: telling you, we're lending billions and billions.
• 35:36
  Speaker 2: Of dollars to people. People.
• 35:38
  Speaker 3: Come get your piece of it, because our people fought
• 35:41
  Speaker 3: for this, for this right, for us to be sitting
• 35:43
  Speaker 3: here today, to be able to talk about this. They
• 35:46
  Speaker 3: fought for this. You got to really think about that.
• 35:48
  Speaker 3: So when you guys are sitting on the sidelines, just
• 35:51
  Speaker 3: think about You got people that came wait before you
• 35:53
  Speaker 3: to get us to where we are. And if you
• 35:55
  Speaker 3: look at the Black home ownership rate, it increased by
• 35:58
  Speaker 3: four percent year over year, but we got so much
• 36:01
  Speaker 3: room to grow. Like our peers sixty five percent. You
• 36:05
  Speaker 3: know what I'm saying, we have forty four percent. But
• 36:08
  Speaker 3: we got a lot of people out here looking rich,
• 36:10
  Speaker 3: but a lot of people still ain't owner stuff. We
• 36:13
  Speaker 3: got to take pride in this ownership man. Our neighborhoods
• 36:15
  Speaker 3: are the opportunity zones. If we don't gentrify our own hoods,
• 36:18
  Speaker 3: we can't complain about it. We now have the knowledge,
• 36:22
  Speaker 3: the expertise. We have people that look just like us
• 36:25
  Speaker 3: that can assist you with home ownership, whether it's investing,
• 36:30
  Speaker 3: whether it's behind the primary residents, whatever it is. Right,
• 36:33
  Speaker 3: we have these opportunities in front of us, So please
• 36:36
  Speaker 3: don't take this for granted. Guys, we owe it to
• 36:39
  Speaker 3: our ancestors to be owners. The only way we combat
• 36:42
  Speaker 3: racism is if.
• 36:44
  Speaker 2: We go out here and own some shit.
• 36:47
  Speaker 4: Right.
• 36:47
  Speaker 2: We can't change nothing if we're not own this.
• 36:49
  Speaker 3: If we're always going to have that consumer mentality and
• 36:52
  Speaker 3: not own our stuff, then we're never going to change anything.
• 36:56
  Speaker 8: We have.
• 36:56
  Speaker 3: The best, like our black dollar is crazy. We got
• 37:00
  Speaker 3: to stop putting this into our own neighborhoods and.
• 37:03
  Speaker 2: Really going out here to start buying. So that's all
• 37:06
  Speaker 2: I got to say.
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