Hard Money Blog: Invest, Revitalize, Create, Prosper

Credit Reports and Financial Well-Being

December 3, 2021 by Kyle Sennott Leave a Comment

In the world of mortgage lending, a good credit score ups the chances of qualifying for a conventional mortgage. Essentially, a high credit score shows that the borrower has a history of paying bills, repaying loans, and maintaining past and current accounts. Credit scores range from 300-850. Generally, a score of 670 or above is a good score.

Compared with traditional lenders, some hard money lenders are more willing to work with investors with poor credit. For example, New Funding Resources doesn’t require a minimum credit score for loan approval. We look beyond credit scores to make our underwriting decisions – but we do look at the scores. You should, too.

Short Sale: A Unique Option for Real Estate Investors

November 16, 2021 by Kyle Sennott Leave a Comment

At first glance, the term “short sale” invokes thoughts of a quick turnaround time in a real estate transaction. For example, a house in Washington D.C. goes on the market one day, and buyers hastily write offers the next. While this seems like a logical interpretation, a short sale actually has nothing to do with the time it takes to sell a real estate property.

Instead, a short sale refers to being “short” on money, specifically on the amount needed to pay the seller’s mortgage in full.

Draw Schedule in Private Lending: How to Get It Right

November 15, 2021 by Kyle Sennott Leave a Comment

Draw Schedule in Private Lending: What Is It and How to Create It

Many private lenders base their loans on the after-repair value of the home. An efficient and orderly renovation process is essential to reaching that value. This is why private lenders often hold the construction budget in escrow. By releasing this budget to the borrower in a series of draws, they ensure that the renovations are indeed taking place. The document that governs that process is called a draw schedule.

In private lending, a draw schedule is an agreement between a borrower and a lender on how to manage construction reserves held by that lender. It documents:

Landlord’s Guide to Emotional Support Animals

November 9, 2021 by Kyle Sennott Leave a Comment

Emotional Support Animal: Ladlord's Guide to Tenants with ESA's

According to the U.S. Department of Housing and Urban Development (HUD), landlords must provide reasonable accommodations to a person with a disability. These accommodations include emotional support animals.

Emotional Support vs. Service Animal

An emotional support animal is an animal that provides comfort just by being with a person. It’s important to note that an emotional support animal differs from a service animal. A service animal is any dog that has been individually trained to perform tasks or do work for a person with a disability. Because an emotional support animal hasn’t been trained to perform specific tasks, it doesn’t qualify as a service animal. A person with a service animal has different civil rights than a person with an emotional support animal. Landlords in Washington D.C., Virginia, Maryland, and Delaware should be aware of the laws governing both.

Rental Property Carpet: Purchasing & Maintenance Tips

October 26, 2021 by Kyle Sennott Leave a Comment

Carpeting – it’s the surface where kids play, babies crawl, and families stretch out to watch movies. Carpets not only provide comfort and warmth to a rental home; they also add beauty and style to the décor.

Guide to Choosing a Rental Property Carpet

Carpet in a rental property in the DC Metro area is a high-maintenance and high-cost item. Carpeting typically costs $2-$4 or more per square foot. Combined with the carpet pad and installation, a landlord is likely to spend $500-$1,500+ on living room carpet alone. However, the investment has its rewards. A good-looking carpet is one of the biggest reasons a prospective tenant will choose to rent. Likewise, carpeting is one factor that contributes to lease renewal. Certainly, carpeting is an important feature of a rental property. When selecting carpet, savvy landlords buy smart and protect

Best Apps for Landlords

October 7, 2021 by Kyle Sennott Leave a Comment

If you are a landlord with more than one rental home, tracking rent payments, taxes, insurance policies, and vendor payments can become a job in itself. If you are like me, you might first attempt to keep tabs on all account payables and receivables in an Excel spreadsheet. For a while, it might even work. But as your portfolio expands, sooner or later you will need more than that to stay organized.

Of course, you can always hire a property management company to help you out. Doing so will undoubtedly ease your burden, but it will also cost you a pretty penny. Before you hire a professional firm to manage your rental portfolio, consider a plethora of landlord apps available on the market.

Hard Money Blog: Invest, Revitalize, Create, Prosper

Emotional Support vs. Service Animal

Guide to Choosing a Rental Property Carpet

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