Buying rental properties with hard money loans is a great idea if you need to renovate the property. Hard money loans are easy and fast to get approved and closed. Most hard money lenders like to extend a one-year term on hard money loans. Here is a blog on buying rental properties with money loans on Gustan Cho Associates. It is a comprehensive blog on buying rental properties with hard money loans. https://gustancho.com/buying-rental-properties-with-hard-money-loans/

• This discussion was modified 11 months ago by  Gustan Cho.

gustancho.com

Real Estate Investing Mortgage Loan Programs For Investors

Real estate investing comes with risk. Rewards can outweigh the risks. The acquisition price is the key most important factor for property investors.

There is thousands of acres right across the Illinois/Wisconsin border on the Wisconsin side. Any real estate investor delve into buying acreage and subdividing into lots and building manufactured homes? Homes in Illinois are skyrocketing due to competition so why not cross the Illinois-Wisconsin state line and start subdividing acreage and build your dream home. Manufactured homes are better looking and better built than stick built homes. Plus the cost is a fraction of stick built homes. Amazing deals on manufactured homes.

Per CEO MIKE KORTAS NEXA Mortgage has submitted the NMLS State Mortgage Corporate Application in New York. New York has a reputation for taking longer than any other states in approving state Mortgage NMLS licenses for companies. Branches and individuals for their NMLS licensing. The tentative expected date is around six months to one year. We will keep everyone updated occasionally when we hear anything.

• This discussion was modified 11 months ago by  Gustan Cho.

Listen to this entrepreneur explain how the food truck business works. He says the labor and food costs are the biggest expense. Location is very important—strong AC during summer and good heat in winter. Keep stability. Don’t keep on driving around. Stay in one spot for at least one year.

https://www.youtube.com/watch?v=Qi_RBWualJ8

Getting a mortgage in North Dakota involves several steps similar to other states. Here’s a general process:

1. **Evaluate your Financial Situation**: Analyze your credit score, income, debt, and financial stability. These factors will determine the terms and rates of your mortgage. If your credit score is low, you might need to take steps to improve it before applying for a mortgage.

2. **Research Different Types of Mortgages**: There are various types of mortgages – conventional, Federal Housing Administration (FHA), Veteran’s Administration (VA), and United States Department of Agriculture (USDA) loans. Each has different requirements and benefits. Look into these to see which one is the best fit for you.

3. **Budget for Your Home**: Decide on a price range for your home. The amount of mortgage you’ll need will depend on this. Remember to include the down payment (typically 3-20% of the home price), closing costs (2-5% of the loan amount), and monthly payments (including insurance, taxes, and private mortgage insurance if your down payment is less than 20%).

4. **Preapproval**: A preapproval letter from a lender tells you how much you can borrow, based on your financial information. This makes you a more attractive buyer to sellers. To get preapproved, you’ll need to provide your lender with various financial documents, like pay stubs, tax returns, and bank statements.

5. **Find a Lender**: Research various lenders and compare interest rates and terms. North Dakota has numerous local lenders as well as national banks and online lenders who can provide mortgages.

6. **Apply for the Mortgage**: Once you’ve chosen a lender and a type of mortgage, you’ll need to fill out an application. This usually involves providing more in-depth financial information.

7. **Home Inspection and Appraisal**: After your offer on a house is accepted, you’ll usually need to get a home inspection to check for any unseen issues. Your lender will also order an appraisal to determine the home’s value.

8. **Close on Your Home**: If everything goes smoothly with your application, inspection, and appraisal, you’ll then be able to close on your home. This involves signing a lot of paperwork, paying closing costs, and receiving the keys to your new home.

Remember, each person’s situation is unique and these steps might vary based on personal circumstances. It’s important to consult with a financial advisor or real estate professional to understand your options and decide the best path forward.

South Dakota, located in the Midwestern region of the United States, has a diverse array of beautiful homes in its towns and cities. Some of the best places to live with picturesque residences include:

1. **Sioux Falls**: As the largest city in the state, Sioux Falls offers a mix of urban living and outdoor activities. It has many upscale neighborhoods with beautiful homes, like the historic McKennan Park district.

2. **Rapid City**: Known as the “Gateway to the Black Hills”, Rapid City is surrounded by breathtaking natural beauty. The West Boulevard Historic District showcases many beautiful historic homes.

3. **Spearfish**: Nestled in the northern Black Hills, this small city has an abundance of outdoor activities and is near Spearfish Canyon, a location known for its natural beauty.

4. **Deadwood**: This historic city offers a blend of modern living with an old western charm. Homes here have a unique architectural style and historic feel.

5. **Brookings**: Home to South Dakota State University, Brookings has a vibrant community with a number of beautiful homes, particularly in the historic districts.

6. **Pierre**: As the capital city of South Dakota, Pierre has many beautiful homes. With the Missouri River running alongside the city, some residences even offer waterfront views.

7. **Aberdeen**: This city is a regional hub and the third most populous city in the state. The historic districts, like Highlands Historic District, feature lovely homes with classic architecture.

8. **Hill City**: Known as the “Heart of the Hills”, Hill City is the oldest city in the Black Hills and has many beautifully designed homes amidst the forests and hills.

9. **Vermillion**: Home to the University of South Dakota, Vermillion has a rich cultural scene and an array of housing options, from historic houses to modern designs.

10. **Belle Fourche**: This small town is a rural, scenic paradise with the Redwater River flowing through it. Belle Fourche has many charming, picturesque homes.

Remember to visit these places personally and consider other factors like cost of living, education, employment opportunities, healthcare facilities, and community engagement while deciding where to live. Also, remember that “best” and “beautiful” are subjective terms, and personal preferences may vary.

Utah requires 15 NMLS hours to get a mortgage loan originator license. This extra 15 hours of NMLS CE is a one-time deal besides the 20-hour NMLS CE course required for loan officers. If you want to be a manager because you have a branch office or a mortgage company, you need to take an additional 40 hours of NMLS CE course and take a state Principal Lending Manager (PLM) four-hour PLM exam. The exam is for the state of Utah DRE/DFI and is over 200 questions. The issue is getting study materials with practice exams for the Utah Principal Lending Manager license is very difficult. I had to take the 40-hour UTAH PLM course two times because the class is only good for one year. I failed the Utah Principal Lending Manager license twice and I am scheduled to take the third time on Monday July 24th, 2023. I will keep you all posted.

Lending Network, LLC offers hard money loans up to 70% loan-to-value in most states nationwide. HARD MONEY LOANS loan-to-value up to 75% in Utah and Nevada at Lending Network, LLC. per CEO Gustan Cho.

Hard Money Loans

Hard money loans are short-term loans secured by real estate. These loans are primarily used by real estate investors to quickly finance the purchase and renovation of a property, often to sell it for a profit (fix-and-flip) or refinance it into a long-term loan. Hard money loans are typically easier to obtain than traditional mortgages but come with higher interest rates and shorter terms.

Key Features of Hard Money Loans:

Quick Approval and Funding: Hard money loans can be approved and funded faster than traditional loans, often within days.

Asset-Based Lending: These loans are based on the property’s value as collateral rather than the borrower’s creditworthiness.

Higher Interest Rates: Interest rates on hard money loans are generally higher than those on conventional loans, reflecting the higher risk for lenders.

Short-Term: Hard money loans typically have terms ranging from 6 months to a few years, making them suitable for short-term projects.

Flexible Terms: Lenders can be more flexible with loan terms, allowing for tailored agreements based on the borrower’s and project’s specific needs.

Down Payment: Borrowers usually need to make a significant down payment, often around 20-30% of the property’s value.

Common Uses of Hard Money Loans

Fix-and-Flip Projects: Financing for purchasing, renovating, and reselling properties quickly for a profit.

Bridge Loans: Temporary financing until permanent financing can be secured or an existing obligation is removed.

Construction Loans: Funding for new construction projects or major renovations.

Land Loans: You are purchasing land to develop it in the future.

Pros and Cons of Hard Money Loans

Pros of Hard Money Loans

• Fast approval and funding
• Less stringent approval criteria
• Flexible loan terms
• Useful for time-sensitive projects

Cons of Hard Money Loans

• Higher interest rates
• Shorter loan terms
• A larger down payment is required.
• Higher risk of default due to shorter repayment period

Finding Hard Money Lenders:

Local Real Estate Investment Groups: Networking with local investors can lead to recommendations for reputable hard money lenders.

Online Directories: Websites and directories list hard money lenders by region and specialty.

Mortgage Brokers: Some brokers specialize in hard money loans and can connect borrowers with suitable lenders.

Steps to Obtain a Hard Money Loan:

Identify a Property: Find a suitable property for investment that meets the lender’slender’s criteria.

Prepare Documentation: Gather necessary documents, including property details, renovation plans, and a clear exit strategy.

Contact Lenders: Reach out to potential hard money lenders to discuss terms and conditions.

Property Appraisal: Appraising the property to determine its current and after-repair value (ARV).

Review and Accept Terms: Review the loan terms, interest rates, and repayment schedule, then accept the best offer.

Close the Loan: Complete the loan closing process and receive the funds.

Feel free to ask if you have any questions about hard money loans or need assistance finding a lender!

https://gustancho.com/what-are-hard-money-lenders/

• This discussion was modified 11 months ago by  Gustan Cho.
• This discussion was modified 2 months, 2 weeks ago by  Sapna Sharma.
• This discussion was modified 2 months ago by  Sapna Sharma.

gustancho.com

What Are Hard Money Lenders

What Are Hard Money Lenders? Hard Money Lenders are investors who lend money on real estate based on the asset rather than the credit of the borrower.

Great NEWS. Like to thank our National Operations Director at Gustan Cho Associates Angelica Torres for coordinating the team at Gustan Cho Associates | NEXA Mortgage to officially be an approved lender for Utah Down Payment Assistance homebuyers program. More details on the two down payment assistance homebuyer’s program coming soon.

• This discussion was modified 11 months ago by  Gustan Cho.

https://www.youtube.com/watch?v=NqQebl57Q1Q

Like to congratulate Dino Hasapis for earning the best Chicago Real Estate Agent Award for Chicago Area. Dino Hasapis always goes above and beyond for all his clients. Dino Hasapis not only treats his clients like family but he follows up after each closing and makes sure his clients have no questions and is Johnny on the spot if his clients needs a referral on the area his clients moved to. Dino is trusted, loved, and respected by his clients, family and friends. All of Dino Hasapis clients become his lifelong friend and family. Very proud of you my man.

https://www.facebook.com/share/tBBjMumuX8QdXJKn/?mibextid=oEMz7o

facebook.com

Dino Hasapis

I am both humbled and thrilled to announce that I've been recognized again by Chicago Association of Realtors as a top producer. I'm grateful for each and every person I have had the opportunity to...

Greetings all, I have a commercial scenario, below are the details.  What rate could we offer?

commercial
refinance
in LA
on Westin
currently occupied to child care center
government program
DSCR is 1.49
building appraised for $1.2mn
$500k loan currently on property
mortgage she’s paying is $3500
income from child care center is $5400
good DSCR

You can email me at taylorgilmore86@gmail.com

I have a scenario where my borrower would like to renovate their current home (No Mortgage) and the cost for the renovation would range from $50-60K. She’s a Teacher, Salaried with a $52K/year. With a FICO 635 Credit Karma and just bought a new car.

What can we offer her or her options?

Thank you

Do most homes in Louisiana  require flood insurance? I had about a dozen homebuyers in Lousiana and every buyer required property tax insurance on their home purchase.

Peter Schiff REPORTS on Gold & Silver Sell-Off on Friday due to China stop buying Gold after 18 month buying streak. Government of China buying on Friday alarmed investors. Gold fell $40 per ounce on the initial news of the government not buying Gold. Then later in the day when economic data was released another $30 dollar an ounce dropped to end $70 per ounce for the day. With the economic news of surplus, China will be buying Gold. Non-farm payroll came out better than expected which are not accurate. Weak employment is the fact but government has a track recording of deceiving numbers. The economy is not stable.

https://www.youtube.com/live/dJiWMAJ0m_I?si=ENDLlN0LqtScI08g

Planning can be a helpful way to set goals and achieve them. Here are some steps you can take to create a plan and start moving forward:

1. Reflect on your values and priorities: Take some time to think about what really matters to you in life. Consider your values, passions, and the things that bring you joy. This will help guide you in setting meaningful goals.

2. Set specific and realistic goals: Break down your larger goals into smaller, actionable steps. Make sure your goals are specific, measurable, attainable, relevant, and time-bound (SMART goals). This will make them more manageable and increase your chances of success.

3. Create a plan of action: Outline the steps you need to take to achieve each goal. Break them down into smaller tasks and set deadlines for each. This will help you stay organized and focused.

4. Seek support: Don’t be afraid to reach out to friends, family, or professionals for support. They can provide guidance, encouragement, and accountability as you work towards your goals.

5. Take care of yourself: Self-care is crucial during times of difficulty. Make sure to prioritize your physical and emotional well-being. This can include activities such as exercise, healthy eating, getting enough sleep, and practicing mindfulness or relaxation techniques.

Remember, it’s important to be patient with yourself and allow for flexibility in your plan. Life can be unpredictable, and it’s okay to adjust your goals and plans as needed.

The Lamborghini Murciélago and the Lamborghini Aventador are two distinct and iconic models produced by the Italian automaker Lamborghini.

1. Lamborghini Murciélago:

   • The Lamborghini Murciélago was first introduced in 2001 and was in production until 2010. It succeeded the Lamborghini Diablo and was succeeded by the Lamborghini Aventador.
   • The Murciélago was available in various versions, including the Murciélago Coupe and the Murciélago Roadster.
   • It featured a mid-engine layout and was powered by a naturally aspirated V12 engine, which produced different power outputs in various iterations.
   • The Murciélago was known for its striking and aggressive design, which included distinctive scissor doors.
   • It was one of the flagship models of Lamborghini during its production period and garnered attention for its high-performance capabilities and exotic styling.

2. Lamborghini Aventador:

   • The Lamborghini Aventador was introduced in 2011 as the successor to the Murciélago.
   • It, too, features a mid-engine layout and is powered by a naturally aspirated V12 engine. The Aventador has seen various iterations with power outputs, including the Aventador LP 700-4 and Aventador S.
   • Like its predecessor, the Aventador is known for its aggressive and futuristic design and its distinctive scissor doors.
   • The Aventador is a high-performance supercar that offers impressive acceleration and top speeds, making it a flagship model in Lamborghini’s lineup.

The Murciélago and the Aventador are renowned for their performance, style, and distinctive Lamborghini driving experience. These cars are often considered icons in the world of supercars and have a dedicated fan base among automotive enthusiasts. Please note that my knowledge is based on information available up to January 2022, and new developments or models may have been introduced since then.

https://www.youtube.com/watch?v=jp5FfeWTC2o

How much does it cost to live in the neighborhood boundaries of Chicago’s Top Rates Public Elementary Schools?

https://www.openhausrealty.com/blog/how-much-does-it-cost-to-live-in-one-of-chicago-public-schools-top-elementary-neighborhood-schools/

So often when you think of Las Vegas you think of casinos, restaurants and entertainment venues. On first glance, Las Vegas does not feel very family friendly. The truth is there are many family friendly neighborhoods offering great schools and activities. The job market is strong and property values are good. Niche list of neighborhoods can be found here – https://www.niche.com/places-to-live/search/best-neighborhoods-for-families/m/las-vegas-area/

Climate change refers to long-term shifts and alterations in temperature and weather patterns, primarily driven by human activities. These changes can manifest over decades to millions of years and can result from natural factors as well. However, the current trend of climate change is largely attributed to anthropogenic factors. Here’s a detailed overview:

Causes of Climate Change

1. Greenhouse Gas Emissions:

   • Carbon Dioxide (CO2): Released from burning fossil fuels (coal, oil, natural gas), deforestation, and various industrial processes.
   • Methane (CH4): Emitted during the production and transport of coal, oil, and natural gas, as well as from livestock and other agricultural practices.
   • Nitrous Oxide (N2O): Released from agricultural and industrial activities, as well as during fossil fuel combustion.
   • Fluorinated Gases: Synthetic gases used in various industrial applications.

2. Deforestation:

   • Trees absorb CO2, and when they are cut down or burned, the carbon stored in them is released into the atmosphere.

3. Industrial Activities:

   • Emissions from manufacturing and energy production contribute significantly to the accumulation of greenhouse gases in the atmosphere.

Effects of Climate Change

1. Temperature Increases:

   • The Earth’s average surface temperature has risen, leading to more frequent and intense heatwaves.

2. Melting Ice and Rising Sea Levels:

   • Polar ice caps and glaciers are melting, contributing to rising sea levels.
   • This poses a threat to coastal communities through increased flooding and erosion.

3. Extreme Weather Events:

   • Increased frequency and severity of storms, hurricanes, and typhoons.
   • More intense and prolonged droughts and floods.

4. Impact on Ecosystems and Biodiversity:

   • Species migration and changes in the distribution of wildlife.
   • Increased risk of extinction for many species unable to adapt to changing conditions.

5. Ocean Acidification:

   • Increased CO2 absorption by oceans, leading to a decrease in pH levels, which affects marine life, particularly coral reefs.

Mitigation and Adaptation

1. Mitigation:

   • Reducing Emissions: Transitioning to renewable energy sources like wind, solar, and hydroelectric power.
   • Energy Efficiency: Enhancing energy efficiency in buildings, vehicles, and industries.
   • Carbon Sequestration: Planting trees and employing technologies to capture and store CO2.

2. Adaptation:

   • Infrastructure Resilience: Building infrastructure to withstand extreme weather events.
   • Water Management: Developing strategies to cope with changes in water availability.
   • Agricultural Practices: Adapting farming techniques to new climate realities.

Global Efforts and Agreements

1. Paris Agreement:

   • An international treaty aiming to limit global warming to below 2 degrees Celsius above pre-industrial levels, with efforts to limit the increase to 1.5 degrees Celsius.

2. United Nations Framework Convention on Climate Change (UNFCCC):

   • An international environmental treaty established to address climate change and its impacts.

• This discussion was modified 11 months, 3 weeks ago by  Gustan Cho.

Hunter Biden has been convicted of guns charges. What does this mean for the Joe Biden Administration. Besides gun charges, Hunter Biden was widely reported to have been under federal investigation related to potential tax issues and making a false statement in relation to a firearm purchase in 2018, but there has been no announcement of any convictions from reputable major news sources that I can find. Unless you have a confirmed report from a trustworthy journalistic outlet, it would be premature and potentially spread misinformation to state that Hunter Biden has definitely been convicted. The investigation appears to still be ongoing based on publicly available information. Without a conviction, this hypothetical scenario would not directly impact the Biden Administration. However, if there were confirmed charges or convictions brought against the President’s son related to taxes or firearms, it could potentially become a political issue. But substantiated facts would be required before making any definitive claims. Please let me know if you have a credible source reporting a conviction that I am unable to find.

https://www.youtube.com/watch?v=wyLTLwKn5Ww

There’s a lot of talk about how Democrats are trying to destroy America. What is the 16-Year Plan? How are the Democrats trying to destroy America 🇺🇸? Why was COVID created? How was coronavirus vaccine a weapon for human depopulation?

https://www.youtube.com/watch?v=9qw0fqiP1g0

• This discussion was modified 11 months, 1 week ago by  Gustan Cho.

Did you know you can purchase an owner-occupied property without income, employment or debt to income restrictions? Well, you can!

There are restrictions based on state law of course, but you can purchase or refinance a home without income or employment. Admittedly, that feels odd.  How can that be?

The lenders that provide no-ratio loan qualify the borrower based on credit and assets.

• Credit scores must be over 660
• 12-18 months of reserve mortgage payments must be documented.
• Maximum Loan to value 70% on a cash out refinance, the cash out can be used for reserves
• Rate and term refinance maximum Loan To Value of 80%
• Purchase Loan To Value 65-80%.
• The lender will verify funds electronically with a VOD (verification of deposit)
• Gift funds are allowed to 95%  – 5% of funds and reserves must belong to the borrower.
• Ability to repay is satisfied through taking the Framework home buyer’s class.

Can someone explain to me how and why our nation’s capital has such a high crime rate? They cannot even get their own backyard cleaned up and they want to reach out and touch other states.

Here is my Ferrari F40 Supercar

https://fb.watch/olpywYwpgh/?mibextid=Nif5oz

Had a memorable great lunch with my two son’s Kristian (32 years old) and Tim (30 years) at Iron Age Korean Steak Restaurant for Father’s Day 2024. Tim called me last week extend an invitation for today at 11:30 am with Kristian. Iron Age Korean Steak House was near the corner of Lake Avenue and Milwaukee Avenue in Glenview, Illinois, an area I grew up but have not been there in decades. Had a great duper memorable lunch. Tons of food, great food, had a few drinks, smiles, and tons of good ole fashing laughs and more laughs. Busted Timothy’s chops and had a great time. Love you Kristian, and Tim. Missed my oldest daughter Monica but got a text from her. Monica lives 5 hours north. North of Wisconsin Dells, Wisconsin. Need to find time to go visit Monica and my new grandson, Alex. Thanks again, boys. Love you and had a great time and enjoyed every minute of it. Love you tons. Enjoy the rest of your Sunday and have fun and be safe. Talk to you, soon. Tim, send me video clips of your two cats. The cats you taught how to play fetch, bark, and act like a dog. Lol. @Chotime @Kristian

https://maps.app.goo.gl/g6fJQfMPDfPjHCGs5?g_st=i

• This discussion was modified 11 months, 1 week ago by  Gustan Cho.
• This discussion was modified 11 months, 1 week ago by  Gustan Cho. Reason: Forgot image
• This discussion was modified 11 months, 1 week ago by  Gustan Cho.

Google suggests using a non-toxic glue to make cheese stick to pizza. That’s SLOP, the new SPAM. Yesterday’s article in the New York Times by Benjamin Hoffman writes how SLOB appears out of no where and looks legit. Tech companies are looking for new AI search engines. When you start a search the AI will give you, what it thinks you want. Overall its being represented as a bug that inverts what you are searching. You don’t know what’s real or not, they appear in emails and messages. Be careful of SLOP, you never know when it happens, is this post SLOP?

What types of jumbo loans are there, and what are the lending requirements to qualify for jumbo loans?

It is fact checked that 100% of the dogs are Democrats. Here is a Pulitzur Winning Song about how canines are all Democrats and expect free things in life and do not work for things they need or want. So if you love dogs, you love Democrats:

https://www.youtube.com/watch?v=H3VLqLLWxbQ

The two days out of the year when suddenly NO ONE is confused about what a man and woman is.