Frequently Asked Questions with Bill Fairman #15

What are Hard Money loans?

Non-Bank or non-conventional loans. Usually, there is a need for speed to close the deal and the homes are not usually in good shape.

They come with higher interest rates. The loans are interest-only so payments are lower. They are a higher risk loan.

Why should you use Hard money?

Speed has a lot to do with it. You can lose a deal if you are waiting for a bank approval.

What are the No-No's of real estate deals?

1) Never force a deal

2) This is a business decision, not an emotional decision

3) The deal must be a Win-Win for everyone

Owning a rental property worth the headache?

There is no guarantee the house will go up in value short term. Rentals are for cashflow.

What are rookie mistakes people often make?

1) Pay too much for the house.

2) What it will rent for

3) Understanding rehab costs

What is the saddest thing you've seen in a vacant home?

Family photos, awards left behind.

What would make you walk away?

If it is not a good deal/ If there looks like fraud or dishonesty.

Are Zillow estimates accurate?























Not as accurate as a regular appraisal but it gives a good ballpark estimate.