What’s Happening w/ the Capital Markets Today, Interest Rates, and How to Finance Your Deals in 2023 Pt. 2 | Jonathan Yoo and Dustin Rosenberg E16

The Rich Somers Report

Rich Somers

Business, Investing

5.0 • 1K Ratings

🗓️ 26 January 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

In part 2 of Rich’s interview with Jonathan Yoo and Dustin Rosenberg of Convoy Home Loans, they discuss hard money loan products and some tips & advice for the listeners on these types of loans. They do a deep dive into a couple of Rich’s personal deals, and they go over the best lending options for those particular situations & scenarios. They also talk about their recent experiences with appraisals in the current market. Connect with Jonathan & Dustin on Instagram: @convoy_homel...

Transcript

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0:00.0	I think we're the most important lenders are.
0:02.0	The good part of the financing, obviously, of the transaction,
0:05.3	but appraisers, especially in the luxury market
0:08.2	or those that are, you know, kind of the the unicorn on the block.
0:11.6	I mean, they could tell you that you now have to bring a
0:14.7	hundred K to the table or they could be the one that says now you get to get
0:17.7	800 grand cash out. Just one individual person that just so subjective supposedly is
0:23.6	literally gonna tell you how much cash or how much cash you could get.
0:27.3	Yeah, well now I know next time in that situation we can do up to six different
0:31.0	appraisals.
0:32.0	Yeah.
0:33.0	Welcome to the Rich Drummers Report
0:35.0	where we talk real estate, business, and wealth building,
0:38.0	all while keeping it real.
0:39.0	No fluff, no BS.
0:40.0	I hope that you enjoy the show. So I want to touch on the hard money loan products and what would make a good project or borrower for that loan product.
0:53.9	I know when I purchased the Scottsdale property, for example,
0:57.0	you know, I knew I was going to do a full renovation.
0:58.7	There was not going to be any income coming in until we were done with that property.
1:02.3	So I utilized a hard money loan product
1:04.9	and we actually got, believe it was 80% loan to cost.
1:08.5	So the lender basically funded 80% of the purchase price and 80% of all the renovation costs and so that was quite nice.
	...

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