Non-Bank or non-conventional loans. Usually, there is a need for speed to close the deal and the homes are not usually in good shape.
They come with higher interest rates. The loans are interest-only so payments are lower. They are a higher risk loan.
Why should you use Hard money?
Speed has a lot to do with it. You can lose a deal if you are waiting for a bank approval.
What are the No-No's of real estate deals?
1) Never force a deal
2) This is a business decision, not an emotional decision
3) The deal must be a Win-Win for everyone
Owning a rental property worth the headache?
There is no guarantee the house will go up in value short term. Rentals are for cashflow.
What are rookie mistakes people often make?
1) Pay too much for the house.
2) What it will rent for
3) Understanding rehab costs
What is the saddest thing you've seen in a vacant home?
Family photos, awards left behind.
What would make you walk away?
If it is not a good deal/ If there looks like fraud or dishonesty.
Are Zillow estimates accurate?
Not as accurate as a regular appraisal but it gives a good ballpark estimate.
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the "Small Builder" borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and "Ground up Construction Loans" for investors only in NC, SC, GA, VA and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
