It’s amazing how law continues to change and evolve. What’s good now maybe not be good later. That’s why it’s important for everybody to have a good network because not everybody can learn everything, but everybody knows somebody who knows everything. Ashley Patten from Patten Law Firm joins us to discuss HOAs, Airbnb, and occupancy tax. Derreck Long from Quest IRA also joins us to talk about the Quest Fright Nights where you get to network with a lot of the higher-end investors. Derreck says the event is about bringing people together to listen, to talk, and to network as they bring in the speakers to talk about a different side of real estate. Finally, Johnny Hayes from Jet Lending talks about what they do at his company. Johnny explains that they are investors that loan to other investors. They help analyze deals for their clients to make sure they get into deals that make sense that can make them money. He also shares the advantages of buying with hard money.
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It’s Build Your Team Thursday with Patten Law Firm
This is Build Your Team Thursday, one of my favorite days of the week. You’re in business for yourself but not by yourself. Your net worth is directly related to the size and strength of your net work. One of the persons that I consider a good friend and I am pleased that he’s in my network, Mr. Ashley Patten from Patten Law Firm. Welcome to the show. How are you doing?
Tom, I’m doing well.
You’ve known me for a while. You saw me when I got started when I didn’t know anything about real estate. You saw me through the transitions from construction to investor to educator to mentor. You’ve seen the progression from start to finish. Every now and then, I face situations and I go, “I have never seen that before.” What I love about my network is that I know the people that are tens at what they do. We have a saying around Right Path to let the tens do it. You’re definitely a ten at what you do. Whenever I get into a title issue, whenever I get into a legal contract related to real estate issue, I go, “Ashley, I’ve never seen this before. Have you seen it?” Sometimes you go, “I’ve never seen this before either,” but you know the law.
It’s amazing how law continues to change and evolve. What’s good now may not be good later. That’s why it’s important for everybody to have a good network because not everybody can learn everything, but everybody knows somebody who knows everything.
It’s impossible to know it all. There’s too much information to know. You can’t be an expert on financing. The people that I know that we refer to that are on the lending side of things, they’re absolute tens. If you’re full-time in that, you see a change and morph and new products are coming out. Lending has to market their services because lending is competitive. The same thing with title and the same thing with construction. There has never been an established process for how you put back the vapor barrier between the bricks and the 2x4s. We had to discover how to do that as a result of Harvey. Nobody had ever seen that before in the mass scale. You work with people that are tens at what they do and you figure out the right way, the right process. That’s what I love about the network we have at Right Path. I can’t say how happy I am that you’re a part of the network and the value that you bring to me as a friend and also as a person I consider a business associate and then also to our members. I want to say thanks.
I appreciate it, Tom. You’re more than welcome. I’m here for you. I’m here for everybody. I’m here now. If we’re not growing, we’re dying. We always have to evolve. I got a phone call and this lady had been renting her house out on Airbnb and she got one of the nasty letters from the HOA company saying, “You’re not supposed to be doing it.”
A cease and desist?
That’s right. I sent her copies of the Supreme Court cases. She’s like, “Send them this. They’ll learn.”
A lot of people don’t know HOAs may have bylaws that are trumped by federal law. They may say, “We’re going to send you a cease and desist because you’ve got to abide by our HOA rules according to our doctrine,” but there’s a superseding, overarching rule about that.
Airbnb is considered a trade. It’s not considered a commercial business. It’s unlike some guests coming to visit your house. That’s the way that Airbnb is considered. It’s a good ruling. The Supreme Court rendered it in 2018. It’s a great ruling for all those people who buy rentals and they Airbnb them. You can get a lot more money in the right area for an Airbnb than you can put out a regular monthly rental. When you get paid per day it’s always better than getting paid per month.If we’re not growing, we’re dying. We always have to evolve. Click To Tweet
In fact, it’s also a great strategy for some of these higher end houses where the neighborhoods haven’t bounced back yet. I believe that there are a lot of houses that are out there that if you rehab them and you are finished by let’s say December, you could put them on the market in December, but I’m not going to say you can’t sell a house in January, February, March. I’ve looked at the numbers and found that May, June, July, August, those four months are more active than the other eight months of the year. It’s not like 50% of the volume is done in those four months and the other 50% is done in the other. It’s much closer. It’s about a 7% peak in those three months versus an average month, which is not that big of a deal in the grand scheme of things.
We have a property, for example, that we’ve been trying to sell it in the $430,000 range and pre-flood probably pushing above $500,000. If I can hold onto it until May, June, July, somewhere in there it’s going to be a $500,000 house again. I can get a little bit of revenue to cover my holding cost, so I’m Airbnb-ing that house. In fact, we’re buying the furniture and it will go on Airbnb and I’ll be able to have some testimonials and teach people how to do that. If you ever get in that situation, as long as you have longer-term financing in place and there are some products out there, 24-month hard money loans, things like that. You can hold onto properties longer. If I sold it at $430,000 versus I sell it in May for $500,000, it’s going to cost me a little bit of money in holding but I’ll make $70,000 more in the sales price if you hang onto it.
Was that house flooded?
Yes. It’s over in Fleetwood, which is a great area. In fact, it’s not too far from our brand new office. It’s a well-established area, but basically, all of Fleetwood got hammered versus a Wilchester or something like that where people seem in Wilchester a little bit further east along Memorial. Those folks got into remodeling their houses quickly. It seemed like the people out in Fleetwood almost like they didn’t have the extra cash to get it started. They could afford a nice house, but they couldn’t afford all the extras. It seemed they were waiting on the insurance money to get started, all the delays with that and things like that. There are still a lot of houses. There’s so much construction still going on there, whereas Wilchester there’s some construction going on, but it’s probably an 80/20. 80% complete, 20% construction versus it’s probably opposite of that in Fleetwood. I feel that when those houses come back and we’ve got one of the nicer houses in the neighborhood, it’s going to be a $500,000 house if you can afford to hang on then Airbnb is a great strategy to hang on.
Especially with the HOA out of the equation, it opens a door for a lot of people to Airbnb it.
What do you think long-term economically? Lots and lots of people start getting into Airbnb. What is that going to do to the economics of Airbnb?
It’s only a matter of time before all cities fall the wayside of San Francisco. San Francisco was getting hammered by Airbnb so much so where they went and controlled Airbnb. 32% of the hotel is occupancy tax. The city lives and thrives on the hotel tax. That’s going to be the first thing that we see.
I remember the occupancy tax when they passed it in Houston and all of that, one of the things that they do is like, “We’re going to raise taxes on all the out-of-towners that are coming into town.” That’s how the politicians sell it. “We’re going to tax all of these people that are coming in from out-of-town that are on business expenses and things like that.” That way, the local people aren’t going to feel that tax. The reality is there are a lot of local people that pay for hotels for whatever reason that is.
That money, once it’s in the system, it goes away from the system just as quickly as it gets in. It goes to the general coffers.
Ashley, it’s great to have you on again. I can’t wait to see you at the next event.
Thanks so much for having me.
I want to give out your contact information, it’s PLFPC.com. (713) 621-5808. Give Ashley Patten and Patten Law Firm a call. Text American Title, one of the best title companies in the marketplace. Give them a call.
Thanks so much, Tom.
Thanks, Ashley. Bye.
I’ve got Derreck with Quest IRA. Derreck, welcome to the show. How are you?
I’m doing great. Tom, how are you?
I’m doing well.
Nate was at the Jet Lending Event, the big Redneck Country Club thing they host every month. He dressed up as a giant pineapple to help promote our Fright Night event. In 2017, we had 450 people show up. We have 490 people registered. We’re almost at capacity. Some people that registered won’t show up, but it’s already going to be a packed event. Everything is on Quest. We’re paying for a lot of the alcohol and all of the food. It’s going to be a fun event.
I’ve always had a schedule conflict with every other one of the Quest Fright Nights that you all have done. I’ve never been to one. I couldn’t be more thrilled. Every single year since I got started in real estate, I’ve had a scheduling conflict until this one. This one I got it on the calendar so far in advance that I do not have a scheduling conflict and I am thrilled to be able to be there. My dilemma is I’m not great at costumes. That’s not my specialty. I’m a ten at some things. I’m a ten at flipping houses. I’m a ten at wholesaling houses. I’m a ten at buy and hold. I’m a ten at sales. I’m not a ten at picking costumes. I would’ve never considered going as a pineapple. That’s just me, but he pulled it off great. I spent a few weeks trying to figure out what would be an appropriate costume. I’m thrilled with what I’ve selected and it took a while to order all the pieces and they’ve all come in thanks to Amazon. I will be at Fright Night. Tell all the details. What’s the location? All of that.
Fright Night is at a place called Dukessa. It’s off of 2840 Chimney Rock Road in Houston. I got to see it for the first time, not just the pictures, but physically go there and it is awesome. If you have a chance, all you have to do is google Dukessa and you’ll see it. It comes right at the top of Google. The venue is amazing. This event is a way to meet real estate investors in a different light. How come everything is on us? You get to have the free food, the free alcohol and not like, “There are two tickets.” No, everything is on us and it’s a lot of fun. You get to network with a lot of the higher-end investors such as yourself. It’s nice to hang out with someone such as you. A lot of people see you on stage and they get nervous to approach you and they get nervous to speak with you and talk with you.Bad investment stories are the realistic side of the investment area that a lot of people forget about because they only see the good stuff. Click To Tweet
It’s nice to meet you in a different atmosphere. That’s what this event is about is bringing people together, listen, talk, network, pump them full of alcohol, pump them full of free food. On top of that, we are bringing in the speakers to talk about a different side of real estate. Everyone who’s going to be one of our speakers presenting is only talking about their bad investment stories. Understand those bad investment stories are the realistic side of the investment area that a lot of people forget about, they only see the good stuff. It’s nice to bring in people that are experts that they have made their mistakes and they’ve learned from their mistakes and it helps us not making those. When I say us, I’m talking about myself being a newer investor. It helps some of the newer people not make those same mistakes. It’s one of the best things about Fright Night. Register, guys. We have to stop the registration at 600 people. We’re getting close to that. We only have about 100 slots left open. It is completely free. You have to go online, type in your first name, last name and email and you’re registered.
You want to make sure that you do that. You don’t want to be left out of one of the biggest parties. Not just one of the biggest because the biggest is not always better, but it’s one of the best parties of the entire year. All the stories that I’ve ever heard of previous ones, I can only imagine since this will be the biggest one that you all have ever done. This will be the best. I know you get wild and get crazy. The stories will be amazing. I know I’m going to be sharing three of our scariest stories. When you’ve done over 500 different flips plus wholesales plus buy and hold plus some of the crazy title things we get involved in. I’ve got three fabulous, great scary stories. It’s not the bread and butter stories where everything works out perfectly that you learn about.
There are lots and lots of stories and if you understand how much fraud is going on in real estate and things like that and what you can do to protect. In fact, we closed on a house that we were selling at retail. They got an email and it was a hoax email essentially that said, “If you wire immediately, then we’ll give you a $70 rebate off of your wiring fees and your transaction fees.” The people wired their down payment over $300,000. Thank goodness the bank put a hold on it. The scammers didn’t get the money, but it was really close. There are a lot of scary stuffs going on out there. I’m sure you hear those stories as well. You see it on your side as well. What other events do you have besides the Fright Night? I know Fright Night’s going to be the biggest one, but tell us about your Tuesday morning events.
Every Tuesday, Quest host three classes right in one of our classrooms here near the Katy office in Houston. You don’t have to register or anything, feel free to show up. Quincy Long, our President, is going to be the one teaching the class. He’s going to be teaching how to take a small account and turn it into a large account completely tax-free. He calls it his Roth Conversion class. We always tell people like, “Our classes last 45 minutes.” There’s no kicking Quincy off the stage though. He finishes when he finishes. It really is unique. If you never have had a chance to hear Quincy speak, his knowledge not just in real estate but on the tax code and everything else is unbelievable. This guy is truly one of the smartest men I’ve ever met in my entire life. We hold classes every single Tuesday completely free, open to the public at 9:30 in the morning.
You want to definitely catch their Tuesday morning event plus the Thursday night Fright Night at Dukessa. You want to go to QuestIRA.com or 855-FUN-IRAS. Derreck, what are you going as?
Like you Tom, I’m terrible about picking out costumes. My girlfriend went and she picked out one of those couple costumes that we’re going to do. I’m not allowed to reveal it yet. It’s a little bit of a surprise. Unfortunately, I had to shave my beard. If you’ve seen me before, you know I have a little beard. She’s made me shave it so she could do my makeup. We do have another event. It’s called an MCE. It’s completely free. It does last about three to three-and-a-half hours. That event is for real estate agents. Every year, agents and brokers have to get a specific amount of education hours. We host an event for you to get your education hours completely free and we buy you lunch. Anyone who wants to attend that, please let me know as well. We do ask you to register so we order everyone enough lunch. That’s also right here at the Quest IRA office.
We have a question, “What time is the Quest meeting?” I assume she means the Tuesday morning meetings. That’s at 9:30 AM. If it starts at 9:30 then you probably want to show up at 9:00 and that’s at 17171 Park Row and that’s in Houston, Texas out towards the Katy area. It’s not in Katy but it’s in Houston. Go to QuestIRA.com. You can find out all the schedule, all the time. You can register for the events. It’s completely free to register. The event for Fright Night, what time does that start?
That starts around 6:30 and it goes until it ends, to be honest.
Is there an after-party after the party?
Sometimes there is, sometimes there isn’t.
You have to show up to find out. If there is an after-party, you certainly don’t want to miss that.
I will see you, Tom.
We’ve got an event. It’s our Fourth Quarter Update. I’ll see you at the Crowne Plaza across from Ikea on I-10. I’ll look forward to seeing you. Thanks for being on, Derreck.
Thank you, Tom. I appreciate it.
Mr. Johnny Hayes, Jet Lending. How are you doing?
Tom, how’s it going?
I’m doing well. It’s a busy time of year, isn’t it?
A lot of investors, a lot of deals out there still. We hear all this national some bloom and gloom and doom that things are turning. It isn’t turning in Texas that way. It used to be heading straight on up.
I had this conversation with somebody. We moved into new offices at 13501 Katy Freeway. We’re in some almost like executive suites. We’ve taken over a whole chunk of offices while our offices are being built out. It’s been an interesting thing getting the studio set up and all that. There was this guy and he’s been a builder in the past. He’s invested and he’s a financial planner for folks. He’s been a developer and all that and he said, “People are saying the market’s doing this or it’s about to crash.” It depends on what part. Real estate is big and what multifamilies do is different than what retail is doing. It’s different than what industrial is doing. It’s different from what storage units are doing. It’s different than even within single-family. What houses below, let’s say $180,000 all the way down to $75,000. What that’s doing is different than what million-dollar houses are doing. It’s such a segmented market that you can’t paint with a broad brush.
I look at it as like when Warren Buffett speaks, people listen. He made a comment about, “Real estate’s on the downturn or housing starch or this or that.” He’s looking at it from San Francisco to Maine and from Portland to Seattle. There are many submarkets. Las Vegas had gone through a crash, but I hear that Las Vegas is starting to boom again and so is Arizona. They had gone through a crash and it’s starting to do well again. For sure, Houston had gone through a recession. Remember when Dr. Dotzauer was speaking at our event. He basically was saying that Houston’s coming out of a recession. I’m like, “What recession? It’s been booming for us. We did extremely well.” You have to know what’s going on with the local market. How do you do that? You talk to local guys like Johnny. You’re one of the experts. You see a lot of deals. How many deals do you look at for other investors on an average month, would you say?Every market is a little different. Click To Tweet
1,000. Every day we get deals that come across. I got guys pulling comps every day helping investors figure out what properties are. Making sure they get into good deals. That’s one thing Jet’s done. We’ve been lending here in Houston for several years. We’ve been flipping houses for many years. We’re investors that loan to other investors. Once we help analyze these deals for the guys, we’re here to help our clients get into deals that make sense that can make them money. If they’re trying to flip, you need to be buying at a certain point because deals are worth it and repairs are what repairs are. If you want to buy and hold, every little market’s a little different. I got investors that are paying close to retail to buy houses in certain good appreciative markets that are close to them. They have a lot of cash sitting in the bank’s making low percentages. They can raise their return on their cash plus in ten years with appreciation and principal pay down build millions of extra equity in their properties and have net worth for their retirement.
That’s the best way. You can make some quick cash if you’re flipping houses. People get caught up with, “I can make a quick $50,000.” That’s fantastic if you’re behind the eight-ball in terms of finances, but that doesn’t move the needle like buying a buy and hold property does in terms of building wealth and income. When you start looking about leverage depreciation and how that grows people’s real wealth, you could flip twelve houses a year and make $600,000 and over the next several years make $6 million. How much are you going to keep with that $6 million? You could buy ten or fifteen rental properties and watch your net worth grow over the next few years. It’s going to be $4 million, $5 million, $6 million, $8 million, $10 million much more than you would even flipping houses and with a lot less effort. We’ll teach you how to flip because you and I are both fans of flipping. You guys flip so do we. You all are a great lender for flipping. One of the new products that I’m excited that you all have, tell us about this Jet 24.
We’ve been working on this with one of our partners and now we have a product that we can start out at a 9.9% interest rate. It’s a 24-month loan for investors that may want to try to sell because they’re not in a position to buy and hold. If they can’t sell it quickly, it allows them to also hold that property up to 24 months to where they may get in a position to be able to refi or keep their options open to where they don’t have any extra extension fees or anything. It’s a great product out there. I’ve got a lot of our home investor guys that we do a lot of business with. It gives them the option. They may want to wholesale. They may want to hotel it. They may want to retail it. They may want to hold it and decide before they do anything else. That product’s out there. All of our investors have been asking for it. We got it ready. Give us a call at (281) 872-7800 or email us at Info@JetLending.com and ask about the Jet 24 and we’ll give you all these things and get you pre-approved for a loan for it.
Something else that I’d like you to talk about is I know a lot of brand new investors. They see what a hard money lender charges, things like that. Let’s say that they’re buying a buy and hold and they don’t understand why would you buy the property with hard money, fix it up and then refinance out. What are the advantages? How does that work? Can you talk about if you’re refinancing out into a Fannie Mae mortgage, something like that? What’s the advantage of buying with hard money first?
The key with doing a double close is us as an asset-based lender. We’ll close that first loan based off of ARV. If you’re an investor buying at a good discount, we’ll loan you up to 75% of that ARV on a buy and hold. That means you may not have to bring any money to closing. Once you go to refinance, they’ll loan you up to 75% and there’s a few out there that’ll go a little higher and then you roll those closing costs in. If you’re buying less than 70% as most people do and then you roll it into 75%, if you went straight conventional or you are able to do it, they’re going to be loaned a cost. Meaning no matter how big a discount you buy that property, they’re going to make you put a minimum of 20% down plus all your repairs and closing costs. That makes your mortgage a lot less so your cashflow goes up a little bit on that property. The key, if you want to do multiple properties, is you need to hang onto your assets. Once you run out of cash, nobody else is going to loan you money either short-term or long-term. It allows you to hold onto your cash, do more properties, make more cashflow each month and build more net worth over a period with more properties.
If I were buying with hard money, tell me how it would work if I went straight to either paying with the money out of my own pocket. Let’s say I had $100,000 to buy the house and another $30,000 to rehab. How would that work versus how would it work if I went straight to you and let’s say I have a friend in the mortgage business and I want to buy a straight mortgage? I’m going to be a lot more money out of pocket and I’m going to have my money tied up a lot longer. Explain how that works.
No matter how big a discount you buy that, they’re going to base it off a loan to cost. They’re going to make you bring a minimum 20% down. They’re going to make you pay your repairs out of pocket plus your closing cost. Let’s say of that $100,000 that took up $50,000 of your money. You’ve got one house. If you do that the second time and that $100,000 is gone after two, you come to an asset-based lender like me. Let’s say you’re buying that property at $0.50 on the dollar and it’s going to take $20,000 in repairs. I could loan you 100% of that property. You go refinance with that conventional because once you own it and it becomes a refinance, they base their loan off of ARV and they can roll those closing costs. If you got into a property with no money out of pocket, let’s say that you could buy an infinite amount of properties. Let’s say you put 10% down instead of that 50% when you didn’t use a hard money company. That would allow you to go ten properties compared to two. How much more cashflow each month and how much more wealth you would build over the next several years with ten properties as opposed to two?
Using hard money to reduce your out of pocket because you can borrow based on not the purchase price. Let’s say I’m going in and I’m buying a rental property and the purchase price is $100,000. Let’s say that the ARV of the house is $150,000. A traditional bank or mortgage company, they’re going to lend based on 80% of the $100,000 purchase. You’re only going to be able to borrow $80,000 but you’re going to be able to loan up to 75% of the $150,000, which is about $120,000. You can borrow $40,000 more so you get the extra money to even go towards the repairs.
The bank looks at it instead of saying, “We’re going to loan you 80% based on what you’ve got in it.” They’re going to say, “You’ve already got a loan.” They look at a hard money loan like any other loan and they say, “We’ll do a rate and term refinance because we see the rate you’ve got.” We’re basically doing a refinance. Their rules are different for a refinance versus what a purchase is. We’re taking advantage of their rules and using hard money to do the purchase and then we get better terms on a refinance from a bank than what we do from a purchase.
I hear this every day, “I don’t want to pay two closing costs.” If you’re doing that without putting money out of your pocket and let’s say you pay an extra $3,000 to $4,000 in closing costs. You’re rolling that into a 30-year amortization at 5.50% rate. What doesn’t make sense about that?
You add an extra $5 or $7 or $10 a month to your payment. That doesn’t move the needle, but you can buy more properties because you have less money out of pocket. We don’t recommend leveraging more than five to one. You have 20% in the deal. You leverage the other 80% at most. When you’re leveraged on appreciation, if you’re getting 5% appreciation. You’re getting a 25% rate of return on the money you have in the deal. Johnny is at JetLending.com, (281) 872-7800. Give him a call.
Right Path Real Estate, (713) 785-1817. There are a lot of ways that people will make some decisions not understanding the consequences of that decision. The result of that decision is that they are reducing their rate of return on their investment. Let me give you an example. If there were a way that you could make an investment and you were making a 7% rate of return, but based on some decisions that seem really smart. If you were a little bit more educated about how financing works and how the marketplace works and things like that, you could increase without increasing your risk. Without any more money out of pocket, without anything else, you could go from 7% to 14% without changing anything else. Would you want to know about that? The answer is an emphatic yes.
What if it wasn’t 14% but it was 21%? What if it wasn’t 21%, it was 28%? What if it wasn’t 28%, it’s 35%? Imagine if you’re buying something and you get a 7% rate of return or you buy slightly different based on the knowledge that you don’t currently have, based on information that you’re not aware of. You go from a 7% rate of return to a 35% rate of return. Would you want to know about that? Those are the kinds of things that the wealthy understand. The wealthy understand finances, especially if they’re self-created wealth. They understand how financing works and what an interest rate arbitrage is, what borrowing cost is versus investing costs. If you’re investing in getting a 35% rate of return, do you care if your money costs you 10%?
For most people, they only know those small slices of the financing world and they don’t understand all the different ways that you can get creative without increasing your risk. If you want to learn more about that, we need to do on our next Wealth and Income Workshop. All you have to do is head over to RightPathRealEstate.com and register for this free event. I’ll be doing it personally. Most of the time, I don’t do a free workshop. Normally, we’ve got a talented and skilled person named Ryan that does our free Wealth and Income Workshop. It’s our introductory workshop. If you want to see me talking about wealth and income and how you can grow your wealth and income long term or create a real legacy for your family. How to increase rates of return from 7% to 14% to 21% to 28% to even 35%, come register at RightPathRealEstate.com. Thanks for reading.
- Patten Law Firm
- American Title
- Quest IRA
- Quest Fright Nights
- Roth Conversion – Quest class
About Patten Law Firm
Patten Law Firm is a full service closing company. Since its formation our team shares one common goal to provide an unequaled level of service to our clients. Patten Law Firm professionals combine significant expertise in all facets of the title industry.
At Patten Law Firm, we realize that our success begins and ends with our people. As a result, we work hard to attract and retain the best talent in the industry. These high-caliber professionals come together to create a distinct culture that is best summarized by our firm’s values: Smart. Honest. Sincere. Passionate.
About Quest IRA
We are dedicated to providing investors with the necessary education and tools needed to truly self-direct their retirement account. Our goal is to change people’s lives by providing them the knowledge and outstanding administrative services needed to build their financial future on their own terms.
About Jet Lending
Jet Lending, LLC was founded on January 1, 2004 for the purpose of assisting real estate investors in their purchase of property quickly with as little cash out-of-pocket as possible. We loan money for the purchase and escrow additional funds for repairs. We have originated more than 2,000+ loans for real estate investors in the Houston area, totaling over $250,000,000. We originate loans for investors for rehabbing, reselling, or holding investment property for rentals. We approve loans to investors of all experience levels from first time investors to the seasoned professionals. Our intent is to make investment loans for individual investors simple and quick. All of our underwriting decisions are made in-house; therefore, they are made quickly. Closing normally takes about 7-10 days, but we can close faster in some instances. We evaluate your deals free of charge and let you know our thoughts as to value, cost of repairs, and potential loan amount. We are interested in lending money for all “common sense” loans secured primarily by non-owner occupied single family residences. Other income producing properties and small commercial deals will also be considered. We are Houston’s fast and friendly hard money source. We specialize in the Houston real-estate market. We also have programs to help wholesalers.