1796: Accidental Hard Money Lending by Joel of 5AM Joel on Real Estate Investing & Alternative Investments

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 8 February 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joel of 5AM Joel talks about accidental hard money lending Episode 1796: Accidental Hard Money Lending by Joel of 5AM Joel on Real Estate Investing & Alternative Investments Joel is a 35-year old living in Los Angeles with his wife and their dog. He was born and raised in Australia and moved to the US when he was 22. About 4 years ago he started getting up every morning at 5am. It started as one of those 30 day challenges, but after the challenge was over, Joel never stopped. He started noticing major improvements in his work, health, relationships and happiness in life. Joel sends out a short daily message at 5am each morning. He writes about happiness, positivity and learning to be a better human. The original post is located here: https://5amjoel.com/hard-money-lending/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1796
0:04.8	Accidental Hard Money Lending by Joel of 5amjole.com
0:10.6	And I'm your host and personal finance enthusiast, Diana Mariam.
0:15.1	Now let's get right to today's post and start optimizing your life.
0:23.4	Accidental Hard Money Lending by Joel of 5amjole.com
0:30.1	Steve, hey Joel, can I borrow $50,000?
0:34.8	Joel, that's a lot of money. What are you going to do with it?
0:39.3	Steve, well I have an opportunity to buy a rundown house.
0:43.7	My plan is to fix it up, put a renter inside, and then sell it to another investor as a turnkey
0:49.5	rental property. It'll cost me about $50,000 all in, and I'll be able to sell it for $75,000 by the
0:56.1	time I'm done. Joel, why don't you just borrow the money from a bank?
1:01.4	Steve, I could, but there are a couple of problems with bank loans.
1:06.3	First, they're trying to sell me a 30-year mortgage. I don't need a loan for 30 years.
1:11.1	My whole project will be wrapped up in three to six months.
1:14.8	Next, the bank takes about 45 days to close on a loan, which is way too long.
1:19.6	If I don't buy this house in the next seven days, I'll lose it to another flipper.
1:23.8	And lastly, the paperwork, red tape and underwriting process is so painful, not to mention costly.
1:30.4	I'd rather pay those fees to a friend like you and save all the headaches.
1:34.8	Joel, I don't know, man. It sounds pretty risky. How sure are you that this project will work out?
1:41.5	Steve, very sure. This house is a great deal, and I know what I'm doing.
1:46.6	I've completed six similar projects in the same neighborhood this year, and they've all been
1:51.4	successful. I'll email you my past case studies and also some phone numbers of people I've borrowed
	...

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