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Episode 119: Wendy Sweet
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Lending is tough for money lenders because of the many risks associated with a downturn. Borrowing is more challenging for investors because they cannot get the easy bank and DSCR loans that used to come by the truckload. So, who do we turn to?
Wendy gives “hard money and reducing risks” as the answer. Hard money doesn’t look angry and hard anymore. A lot of people have been raising their rates to keep up with inflation, but hard money lenders haven’t raised their rates. What they are doing is being much more critical with their underwriting, which is a great way to look at it.
They have to worry about whether investors will pay them back. They can’t lend money if they don’t pay it back. So, they have to underwrite to ensure the dealer is good, and the borrower will do all they have agreed they would do. There is risk in everything you do and reducing risk is key. So, make sure you are only lending a certain amount and considering the repair value based on the interest retails.
That is what Wendy shares with Fuquan today. Reducing the risk, staying on top of what is going on, and preparing for everything that affects what you do that is out of everyone's control, like COVID, is the name of the game.
Tune in to get insight into Wendy’s top tips on hard money lending and how to adopt a mental toughness to move forward and create more revenue.
Highlights from the interview- Wendy’s journey in the money lending space
- Why Wendy is passionate about real estate investing
- Doing what you’re passionate about and being in charge of your schedule
- Building your real estate business around your lifestyle
- Hard money and the transition Wendy is experiencing in the current market
- Things Wendy looks for when lending out funds to investors to be on the safe side
- Mindset and mental toughness to move forward to earn more money
- Wendy’s give-back teaching program that helps people learn
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