Where can you borrow the money to fix and flip a house to sell? Or to fix it up so that a bank will refinance it into a cash-flowing rental, helping you be a landlord? We’re going to show you where to get money at this month’s meeting! We’ll show you four sources you can tap for funding, and we’ve invited four
representatives to lay it all out.

Hard Money Lender: Hard money refers to short-term loans that need to be paid back usually within a year’s time. Hard money lenders work much faster than a bank. If you’ve prequalified with a hard money lender, you can often get your deal funded in a week – or sooner.

Mike Fallot, CEO of MM Lending, KREIA’s Platinum Sponsor, will lead the presentation on hard money.

Private Money Lender: Private money is like a relaxed version of hard money. That’s because you’re borrowing from an individual, not a company. Private money lenders may not charge you points or extra fees, and they may be less rigorous than a hard money lender in qualifying you.

Presenting on private money will be Joe Hampton, a KREIA Past President.

Residential Banker: Residential loans feature low interest rates with terms of up to 30 years. These are the loans homebuyers use. Buy-and-hold investors can use them too – with a few key differences – and they’ll usually need at least 20% down. There’s a bit of red tape and hoop jumping in getting a residential loan, but it’s the cheapest money around.

Bridgette Wingate, loan officer from Central Bank Mortgage, will lead the presentation on residential loans.

Commercial Banker: If you run up against the limits of residential loans, you’ll want to look into commercial loans. Or perhaps even start there. The interest rates are higher than for residential, but there’s less red tape involved. Investors face no limits in the number of properties they can hold in commercial loans, and they can take loans in their LLC’s name, Commercial bankers also make rehab loans on houses that don’t pass residential inspection.

Presenting on commercial loans will be Marcy Mudd from Mid-Southern Savings Bank.

Our October main meeting is FREE for KREIA members and only $10 for non-members. Register now!

Join our Zoom call on October 22

Log on by …

• 5 p.m. for the Member Orientation with Jordan Pohn and Stacey Duvall. Find out about the benefits you receive by being a KREIA member.

• 5:30 p.m. for the Early Meeting with CPA Eric Shadowens. He’s going to offer communications tips to help you and your tax adviser stay on the same page. Plus he said that, if he has time, he plans to talk about business startup considerations, recordkeeping, common expense and deduction issues, passive activity, and the Real Estate Professional exemption.

• 6 p.m. for announcements, a Legislative Update with attorney Michelle Rawn, and property and advertiser pitches.

• 7 p.m. for the “Show Me the Money” main presentation.

• 8:30 p.m. to 9 p.m. for open mic networking after the “Money” Q&A winds down. We’ll keep going until we’re too sleepy or hungry to carry on.