How To Get Financing For Your Next Investment Property

How To Get Financing For Your Next Investment Property

Season 1 Episode 4

Video Introduction

Joining us Today is Cheryll Ramirez with Longhorn Investments and she will talk about loan options and application requirements.

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Heidy:         Welcome back listeners to another week here at Side Hustles by Seoenz. I'm Heidi Seo.

Juan:           And I'm Juan Carlos Enriquez.

Heidy:         And last week, we had Luis Cardenas, a real estate investor. And he talked to us about hard money loans. So today, we have a very special guest, her name is Cheryll Ramirez. And she's actually like that hard money loan consultant. And she's been working with Longhorn Investments as a territory sales manager. So Cheryll, thank you so much for being here today. And before we get into like that whole, you know, niche of hard money loan, can you please tell us a little bit about yourself, you know, how did you get into it? What's been the process, like throughout this whole Longhorn Investment? And, I'm gonna say goodbye to my husband.

Juan:           Yeah, thank you.

Heidy:         But yeah, so Cheryll, you know, you have the floor.

Cheryll:       Thank you so much Heidi, and JC. I appreciate you both having me on here. I've actually been an entrepreneur for over 25 years now. I used to own fast food restaurants. And I actually sold my fast food restaurants. My husband and I had been living apart for two years, he was working in Michigan, and we finally decided that wasn't working. So I sold my restaurants, started packing, found a house in Michigan, and then my husband changed jobs again. So I didn't actually end up moving and I was still here in El Paso without my restaurants. And I thought, okay, what am I gonna do next? I had always been interested in real estate, I had already had some rentals while I was owning my restaurant. And so I decided to, you know, look into that area. At the time, unfortunately, one of my friend's father passed away, and they were going to get an estate sell person that was going to charge them an arm in LA. They all live on the East Coast, and their father lived here. So I told him, you know, what, don't worry about it, I'll take care of it. I did an estate sale. Then I rehabbed their house, and I helped get the home sold. So I really started without any training, just helping friends. I did that for one other friend as well. And then I started an investor education program. I'm still studying, you know, you always want to keep learning. But I spend at least six months, studying every aspect of investing. And so that's how I get started. I got started as an investor, and I just love it.

Heidy:         Wow, that's so amazing. So, how long have you been flipping houses or doing this whole hard money loan?

Cheryll:       I owned my restaurants for over 20 years. So you know, I did have rentals during that time. But as far as flipping, it's just been three years.

Heidy:         Wow, that's amazing. So, you know, it's so great. Because you know, there's so much potential here in El Paso, you know, for a lot of things. And I feel sometimes, people don't see that. Like they may think of El Paso they're like, oh, what can you possibly do there, right? But there's a lot of possibilities. And right now, you know, we're still have that. I feel we haven't reached that peak in El Paso yet. So there's so much potential to grow in any sort of side hustle, or like, just, you know, investment opportunity, entrepreneurship. This is like, a new thing for me, I had never heard of hard money loans. You know, my husband and I, we pretty much went the traditional way when we acquired our first property. You know, we did the whole real estate, you know, agent. Well, actually, I didn't want to get an agent. I was like, let's just go look houses, you know? and then we ended up going to this house, and then the real estate agent showed up, and we thought that he was like, the sales, or real estate, like you know, from the seller. Turns out, he's like, “No, I'm actually here for you”. And we were like so confused. And we were like, “we didn't even like call you, you know? We thought you were like, the seller”. And then he's like, “Yeah, but it's my brokers or something like that”. You know, and we ended up just like sticking around with him. You know, he's very young too, may be he was like, 25, you know? So he was like, we just felt that, you know, that connection. I feel sometimes, it just click and you're like, okay, you know? We hang out, you know, you become buddies at some sort of a point in time, right? So, it was just very different than what we were expecting. But nevertheless, we ended up giving you know, that traditional route where we just, you know, we bought a duplex, but you know, initially it was considered like a single home when they found out, obviously, the bank that it was a duplex, now it became an investment property. And when it became an investment property, we did have to put 20% down. And we had to go through that conventional loan. And, of course, you know, everything about our statements, our bank statements were analyzed. And, you know, it was just, you know, of course, we always knew that we wanted this property specifically for Airbnb. That was always the goal. So I think it's just a little different, you know, when you do want to have I mean, an investment property specifically for rental, compared to you know, flipping like just buying and selling. I think that's where, like, you know, there's like a line to be drawn, you know, before the banks, and for the loan officers and all that stuff. So going back to it, what is like, a territory sales manager? What is that you do with Longhorn Investments now that you've been working with them for, well, for a couple of years now?

Cheryll:       Yeah, I actually started lending with them. I was looking for a hard money lender, and I thought it was very frightening actually. And I came across Longhorn Investments, and they were the most honest, upfront company that I found. So as an investor, I started borrowing with them, and eventually became a loan consultant with them and territory sales manager for Far West Texas though. That is my area specifically, Far West Texas, but I can lend in six states. I lent in Houston, I've lent in you know, just other states across the nation. So you know, if you do have relatives in other parts of the country that are looking to do flips or rentals, do feel free to reach out to me. But I did want to mention, you know, you said that El Paso still has some potential and growing and, you know, the thing is, like, when I went to go visit Michigan, you can really see what it is when an inner city has been completely deteriorated. And that's one thing that investors stop from happening, right? So we actually rejuvenate neighborhoods. We take houses that are a big eyesore in a neighborhood and make it look beautiful again, and bring up property values, and help with, you know, income for the city, as well as we employ a lot of people. So even if it's not growing outward, it's also good that the investors are, you know, helping to rejuvenate the inner city as well.

Heidy:         That's a very good point. Like, you definitely do help with that. And I think that's super cool. Give me one second, I'm gonna put my headphones on. JC saying that he does hear like a slight echo. So let me just put them on. And we have that good sound. Of course, my baby, let me show you. I just took them off for a minute, I just forgot them [inaudible 8:39].

Cheryll:       A puzzle.

Heidy:         Yeah right, immediately, right? Like, it took her like a minute to do this, and then it's gonna take me a while. So, what was it that made you change from you know, or make that dump I would say from being a borrower, right and doing this hard money loans and well flipping houses to now, being a lender. What attracted you to do that from Longhorn Investments?

Cheryll:       Well, I've always been really good with numbers, you know, and I'm used to doing P&L for my restaurants as well. So I had done like, I told you, a lot of education with investments. I understood hard money well, and they were looking for a new territory sales manager out here. And it was just a really great fit. Since I completely understand what it's like to be an investor, as well as a lender, then I can totally relate to everything that an investor goes through and I can help you through those things as well. So that, you know, it's an easier process for the investors. I really enjoy it. I enjoy helping people and teaching them more about investing so that they can be successful.

Heidy:         I still can't get it. I’m sorry.

Cheryll:       No worries. So with Longhorn, we actually lend up to 100% of the purchase and the repairs, we do not have any down payment requirement. As you had mentioned before, like when you did the conventional, you know, you had to come to the table with that 20%. So, we don't require that. We have no down payment requirement, you just have to come to the closing table with your closing costs and your points. So it makes it very easy for investors to do flips or start a rental portfolio as well.

Heidy:         So, what do you mean by points?

Cheryll:       One point is actually one percentage of the loan. So just do some easy numbers, let's say you purchase a property for 60,000. And you fix it up for 10,000. And it's worth a $100,000 afterwards, we'll lend you the full $70,000. And 3 points on that would be $2100. So with an after repair value between a 100 and a 130, usually as long as you stay below this 75% of the after repair value on rentals, then usually the out of pocket is between five and 6000. So you could actually do the three investment properties for the same amount that you would have done the $20,000, right, for one with conventional. So it makes it very easy for investors to continue buying flips. You can do up to three loans with Longhorn at one so you could be doing a flip while you are also renovating for rental properties as well.

Heidy:         Wow, that's so nice. So what would you recommend, you know, for someone wanting to start, you know, their rental portfolio, right, and getting like this property? You know for me, even though I'm doing Airbnb, it's still considered like a rental property since I won't be selling it afterwards. So, you know, I'm going to keep it for long term. So what kind of, you know, just advice or recommendations would you give for someone that's not doing flip, you know, that they're actually going to stick with the property?

Cheryll:       Well you know, again, our process is super easy. But the long term lending is more difficult. So I do recommend to all of my borrowers that are doing rental properties, whether it's Airbnb or long term rental, that they do get prequalified with a long term lender. And all of course, long term lenders are not the same either. So, there are some lenders that have very little loans. Like their specific company only allows them to do very few loans, whereas I know lenders that will, you know, do portfolio loans, they do long term investor loans in case you can't qualify with your debt to income ratio. So you want to definitely be with a long term lender who also understands investments as well.

Heidy:         Okay, that's a good tip. Because yeah, you don't really know what route to take, right? You're starting, you're getting started with this whole investment property, so it's very good for our listeners to know the options that they have. And you know what direction to take after that. And for Airbnb, I know that they offer me this option to refinance. You know, because usually it's for you know, it's your home, right? It's your home and then they give you like that option like; do you want to refinance? And then you click on it. What happens is that they'll send you like the bank statements sort of say like, you know, what your Airbnb has been bringing in as cash flow. So you can show that to you know your lender, so that you can refinance. Actually going back, how would you qualify to just get started with you guys? And then going forward after, how long is the payment for you know? And then after that, when you refinance, you know, what usually happens then?

Cheryll:       Okay, great. Great question. So we actually lend again up to a 100% of the purchase and the repairs. Basically, you get the property under contract. And then we do an appraisal to make sure the property is worth the after repair value that we think it is. With Longhorn, to get pre-qualified, you can literally get pre-qualified the same day. We only have two requirements; one, that you have at least a 650 credit score, and the second that you have at least $15,000 in liquid cash reserves. But that does not have to be residual, it's a really simple, easy process. Unlike when you're going for conventional lending, you have to you know, explain where every single deposit came from. Longhorn does not require any W 2s, we don't need any income tax return statements, no PNLs, we just need two things; the 650 credit score and 60 days of bank statements. And again, it does not have to be residual with the 15k. So if you don't have it in the bank, the last bank statement that went out, then you can just simply send me a screenshot showing that you now have that 15k. so once you get pre-qualified, again you get the property under contract, we get a licensed appraiser to go out and make sure that the property is you know, worth what you think it is. We appraise a property, not as is, right? Most investors buy properties that cannot even be lived in. But we get an after repair value appraisal. And that, it really protects the investor because let's say that you over evaluated what it was worth, and you thought it was worth 200 once you know it's fixed up or, and you want to sell it, even if you don't sell it, the bank is gonna want to know what the value is as well when you refinance long term for a rental. So, you want to make sure that that property is really worth what you think it is. Once the appraisal comes back, you know, I do walk through the appraisal process with my borrowers. I've been personally on appraisal walkthroughs over 50 times, I've evaluated even more appraisals. So I have a really in-depth knowledge of them. But you want to make sure if it's not worth what you think and then you can't ever refinance it or you can't get it sold for what you need to sell it for to get a profit, then, you know, it's just a bad situation to be in. So if you get it appraised ahead of time, you're sure that it's worth what you think it is worth. If it's not, then you can just simply walk away at that point, you don't have to finish. So, it takes some of the guesswork and some of the, you know, fearfulness doing an investment because you'll know what the property is worth, so that you don't get stuck with a bad investment.

Heidy:         Well, that's so great. Because yeah, I feel sometimes you know, when you're buying a property, it looks good, everything's fine, right? And then of course you get an inspection done and it's like, well, this is not fine. The difference is, of course, you're here now, you're buying definitely a property that does need rehabbing, right? So you're buying and then you're rehabbing the property, and then that's when you're able to rent it. So do you need to get it rented before you go into like the whole refinancing? Like for me, it will be through Airbnb, right? I would usually put it up on Airbnb, and then I would start getting that cash flow. I guess to show the lender, right?

Cheryll:       Yeah. Usually what you want to do is most investors know the acronym BRRR. So it's B-R-R-R. You buy with hard money, you repair it with hard money, you put a renter in there while you're still on hard money, and then you refinance it. So doing the BRRR, it's really helpful. Especially because like we were talking about with the 20% down. With a long term lender, when you purchase, they don't consider equity. So even if you find a property that's worth 100, and you're gonna pay 80 for it, they're not going to lend you based on the 100, they're going to lend you based on the 80 so on a purchase. But on a refinance, equity counts. So when you buy it with Longhorn Investments, you repair it with Longhorn Investments, it's very little out of pocket like we were talking about on the other one, between five and $6,000 on a $100,000 property. And then when you refinance, it's already fixed up, the long term lender is going to appraise it based on now the actual after repair value. And they're going to lend on that and the equity counts. So you know, even though your loan with Longhorns only, like in the past example $75,000, they're going to base their lending requirements on the after repair value, which was a 100. So you can literally like refinance the property. Sometimes, depending on how well you bought, because you always make your money when you buy. If you don't buy right, you're not going to make money. So you always make your money when you buy. But if you purchase correctly, or low enough, then it's little to no money out of pocket to refinance it with a long term lender as well. The income from the rental property will help offset your DTI which is your debt to income ratio. So it helps you qualify. A lot of you know, people don't get started with their rental portfolio, because typically a person already has their own mortgage. And their income qualified them for that mortgage, right? Then when they try to get a rental property, they can't do it because their income will not support two mortgages.

Heidy:         Yeah.

Cheryll:       So, they use the hard money when you refinance it, then the rental income helps offset your debt to income ratio.

Heidy:         Okay. And that's very important to know, because yeah, you know, you're thinking, Oh, I'm going to have two mortgages, you know, and it's kind of hard. But once you get that whole rental income, or for us, you know, the Airbnb statements that you can pull up and say, you know what, this is my cash flow per month. And then now, that counts as an extra income to your typical, you know, check stubs. So you can add that as income to offset your debt to income ratio, so that you are able to afford two mortgages. And I think that's very important. Not a lot of people know that that's pretty much how money works, right? You're trying to see how we can do like, you know, work on itself. So, that's very good to point out. So, one of the things I wanted to ask you will be, okay, let's suppose that I want to get a loan. How long do I have to pay? And what will be the interest? And what will be like, relatively my monthly payment? Just, you know, if I do have like that credit score, and I do have that cash in my bank account. So, what will be that? What would I be looking for there?

Cheryll:       Okay. So, our loans are for six months. The reason that they're so short term is because hard money is a tool, right? Savvy investors know, they want to utilize return on investment. So in the example where I gave you, if you only spend 5000 $6,000 out of pocket to get a $100,000 property, well, that's a great return on investment. Whereas, you know, if you had the cash in a bank, and instead you spent $75,000 out of your bank account to get a $100,000 property, that's not a great return on investment. So, savvy investors know that the best thing to do is there really is good debt, and it's about return on investment. So our loans are six months because typically hard money is a higher interest rate. It's a tool for investors to use, like with the BRRR so you don't have to come at the table with a 20% with a conventional lender and helps with your debt to income ratio, but the interest rate is higher. So you want to be in and out of hard money as quickly as possible. Longhorn actually has no prepayment penalty whatsoever. So if you did a flip or you know, rental and you finished in a month, two months, three months, we have no prepayment penalty. As long as you pay off our loan, we're good with that. So again, time kills all profits, and you want to be in and out of hard money as quickly as possible. At the end of six months if you have not been able to refinance, you know, there may have been some snags in your long term lending approval, then you can extend on three month increments. But, it'll cost a point and again, a point would be 1%. And you can actually add that to the backside so that you don't have to pay it up front. So an example where the property was worth after repair value of a 100, then, though the loan was for 75,000, your monthly payment would be $750. It's 12% interest, but their interest only payments. So, it's designed to have as little money out of pocket from the investor as possible. And then the one point would be $750, which you could add to the backend, if you did have to extend. So instead of you know, using all the money that you have in your bank account to buy one single property, you know, you can use hard money and you can have multiple properties as well, there's always going to be an oops factor, right? El Paso is famous for this old wood paneling in the homes, you take that down, there's some termites behind it. You didn't expect that, right? There’s always going to be some kind of oops factor in the repairs. So you really don't want to overextend yourself and use all your capital that you have in the bank in order to start flipping or doing rentals or rehabs. Because, you want to have some reserves. There's gonna always be oops factors, including COVID. I mean, nobody could have prepared for COVID, you know? And some contractors would not work during that time. So, it extended some loans which investors didn't originally plan for. So when they were using hard money, they had reserves in the bank, right? Because they didn't use all their cash to do an investment.

Heidy:         Okay. And how do you go on to that? Like you know, you're saying that I have to have 15,000. What is that? Why is that the required amount also 15,000? And how does it work when you actually get the appraisal, right? So this is what I'm going to be doing. So, why is that the requirement? And how does that whole, you know, repairs five work?

Cheryll:       Okay. So, almost everything that Longhorn has set up is just to make sure the investor is successful. We do not want your property. The owner of Longhorn actually looks at it very unfavorably if we foreclose on any of our loans. I think God have not foreclosed on any of my loans. So we want to make sure you're successful. When you purchase a property, of course, like we discussed, you're going to need to pay your points and your closing costs at the closing table. So you'll need funds for that. And then also, when you have a property and we lend to you, in the example where I gave where you buy a property for 65, you fix it up for 10. Sorry, too much talking.

Heidy:         You’re right. Take a sip of your coffee.

Cheryll:       Sorry about that. Well then, the 65,000 gets paid off immediately, right? But the 10,000 for the repairs is going to be held in Escrow. And as you complete the repairs, those funds will be distributed to you through draws. So, the 15k is to make sure you're successful. You're going to need funds to start the rehab, you're going to need funds to have at the closing table and for anything that you didn't plan for in the beginning.

Heidy:         Okay. And now those $15,000 you mentioned that probably I have to have $15,000. And then you were saying well, but if you were to go that traditional route and have a 20% down, right, you will probably end up you know, spending all your money just on getting that property just to get that loan, right? You wouldn't have any money left to rehab the property. So, you're just spending that money. And now with Longhorn Investments, which is just that hard money loan, you're saying, make sure you have like that 15k and then you can get started so that you can do the closing cost, and then you can start the rehabbing, we’ll reimburse you then. So, that's my question. How do you know what to actually, you know, not reimburse but like you know, how much money. You're saying it's gonna take you that $10,000 to, you know, rehab. So, do I have to make a list, do I have to show you? And then once you say, okay, it's approved, well, how do you know that that's exactly the material that was used or how do you know that that's exactly how much money was needed to do the rehab? How do you guys check on that?

Cheryll:       Okay. So, after we closed on the property, well, actually before in order for us to do the loan, I'm going to need an itemized repair budget. Again actually, there's a lot of preparing to do before you even start with the lending, like getting your contractors. You can also you know, look at, you know, different like Pinterest or decide go to Home Depot, go to Lowe's, look at products you like, visit granite stores, visit you know, showrooms that have tile, carpet, so you can get what kind of products you want. Because typically, you're going to be universal, right? So once you know these are the products you like, I mean, it's going to change with the times. Things do come in and out of style. But for the most part, you know, you're going to know your pricing for your paint and everything like that. So you're going to have an itemized repair budget. I need that to submit to the appraiser. So, he's going to actually appraise the property based on your repair budget. And then once you've closed on the loan, that repair budget will be how you receive the 10k in funds. So if you put $3,000 for ceramic tile on your home, then when you complete the ceramic tile, you would just simply online, it takes less than five minutes, submit a draw request. An inspector will come out to the house, he's not a City Inspector, and he’s not going to ask for licenses, permits, or receipts. He's just going to go make sure the work is done. And then he's going to submit a report to us. Within two days after he submits the report, we’ll electronically deposit those funds in your bank account. So you do need the funds to start the work. We pay the draw repair money as you actually complete the repairs. So, the whole process for draw usually takes four to five business days from the time you ask for the draw to the time the money is actually in your account. So, it's a quick turnaround so you do have to start the repairs yourself.

Heidy:         Okay. And that's why you need that 15k, right? Like just to make sure that you're able to start the repairs ASAP so that it doesn't take you that much more time to finish the repairs by the time the six months are up. So, you already said that you know, if you go over the six months, you're able to do that with that whole point, right? But, has it ever happened that, you know, the appraised value, well, I wouldn't say the appraised value, that the itemized list that was given, that once they went to check on it, like it was nothing related to what they had done. So what happens there? Like, you know, they said they were gonna use I don't know, like ceramic tile, and then now you see that it's like, I don't know, like laminate floors or something like that. So how does that compensate for what happens then?

Cheryll:       Well typically, I mean, even with new investors, it rarely happens that they put those products in. Because again, it's really going to hurt the investor by not using the correct items that they had specified on the repair budget. So again, the inspector will go out, I mean, there's a lot of great laminate flooring, a lot of investors are using the wood laminate, and it used to be a terrible product. But now, it's really a good product so a lot of people are using it. But you know, if it was just like the wood laminate or the ceramic tile, it wouldn't be a big deal. But if you have some cheap, cheap plastic flooring, well, then the property is not going to sell for what you thought it was. So it's going to be a deterrent. So, you really have to stick to your repair budget and what you said you were going to do to the property, just to make sure you're successful.

Heidy:         Okay. And again, you know, this is mainly just like for your own success, right? Like you guys are really trying to make sure that the property does get to that value that you initially thought. That way, it's not that they're gonna like, you know, make I guess, not a commission right off of any of this. It's just mainly like that interest rate of just those six months. I mean, we were not aware of any of this, right? We're still learning, we're still new. But it's a very great tool to use that. I mean before, we didn't know about it. We did have a quick question there from Luis Cardenas and he was asking, are there really loans with no money down?

Cheryll:       So, we do not have a down payment. So there's difference between like zero money out of pocket, and no down payment. So, we do not have any down payment requirements, we just have the points and the closing costs. So, as far as down payment, no. As far as no money out of pocket, I don't know of any loans that have zero money out of pocket whatsoever. But, we have no down payment requirements. So, we'll lend up to a 100% of the purchase and the repairs.

Heidy:         Okay. So, you said you'll lend up to a 100% of the purchase and the repairs. Even if it's a rental property? Because I mean, right now, you were saying, it's gonna be a 100,000, you know, what's going to be worth then, while you're only getting that $75,000, you know, to get the house and do the repairs. So that's, like a 100% of that. But what percentage, I mean, do you give to get a rental property or flipping?

Cheryll:       Right. So it's the whole value of doing renovations, right, that you would have a higher property value once you're finished. So again, we will end up to a 100% of the purchase and repairs. For rentals, it does cap at 75% of the after repair value. So again, it's not the as is value when you purchase it, but it's the after repair value. So that's why, if you bought it for 65, you fixed it up for 10, and it was worth a 100 afterwards, we'll lend the full $75,000. So it's based on the after repair value. And it actually helps you as well, because when you go to refinance long term, then the lender is going to consider the equity. So, they're going to lend based off the 100. And typically on rentals, or refinances, it's between 75 and 80. There were some before COVID that were higher than that, but we haven't totally gotten back to that. So right now, they're usually between 75 and 80 on the refinance for long term lenders.

Heidy:         And that will mean that, you know, they will take it into consideration my rental income, but they will only take 80% of that total monthly income, right? So let's suppose I'm making a $1,000 per month, extra right, from this rental income. They will add on to my income, right, only 80% of that. So only $800 will be part of that extra income that I would add with my pay stubs. Is that what it is?

Cheryll:       Right. So, they go through and they consider like, what are your expenses for the property? And what is the maintenance for the property? And you know, so they will subtract expenses, because that's not full income, right? So you know, even though you get rent of a $1,000, that's not total income. So they will subtract the expenses, so that it won't be a 100% of the rent you're receiving. But it is I mean, a huge difference when you consider even like adding $800 to your income. When it comes to debt to income ratio, it’s a huge help.

Heidy:         Yeah, it is. So again, we haven't done this yet listeners. Well actually, we just finished like the rehabbing portion of our duplex. But we still had to get into like that whole refinancing thing. So you know, it's something that we're very excited to move forward in. And we'll definitely you know, keep you all posted. And I know my husband probably is thinking like oh no, you know, what is she going to do next now that we’ll refinance. And now, I feel like I have so much potential to keep just you know, getting more properties and you know, starting like growing my rental property, you know, portfolio. You know for me, it's always been Airbnb, you know, or just like a short term rental platform. I don't like to do like long term tenants. And the reason is because you know, I feel you're in and out a lot with Airbnb. So you're able to see, you know, maintain your property better, know what's going on, know if there's anything happening. And when you have a long term tenant, sometimes they won't let you know of a problem until it's really like too late to fix and you'll just have to replace it. And those are like some things that it's like, you know, if you would have just told me sooner, I could have saved so much money. But they don't, you know? And you can't be like, you know, going inside their house like, you know, whenever you please. so, that's one of the reasons I usually stick with short term rentals, Airbnb, just so that I have more control over my property, what's going on, and how to maintain it, and just keep it in that great, you know, just position all the time. So I love Airbnb.

Cheryll:       And everything has their niche, right?

Heidy:         Yeah.

Cheryll:       So I have investors that only do flips. And then I have investors that only do long term rentals. I have investors that do both. So, you know, everybody has their niche. And yeah, I mean, I know you're doing very successful with your Airbnb. So I just congratulate you on that.

Heidy          Thank you. Yeah, it's also been you know, like maybe like three to four years that  we started doing this whole just new venture right, starting with Airbnb. But again, before I put anything on Airbnb is you had to fix it up. So that's why, you know, thank goodness, we learned early on. You know, my husband, he's a jack of all trades, he was able to do a lot of things for me now when we bought our property. But of course, you know, when we just started, like, it was a lot of, you know, trial and error. So you know, it happens. I feel like that's something that it's very important, especially when you're doing a side hustle. You know, of course, it's not going to be perfect. Of course, there's a learning curve there. But you know, I feel later on when you get to that point you were like, you know what, I like doing this more than I liked the other thing, so, you know, you keep going on it. So I have a more of a personal question. So now that you're just sticking to [unsure word 41:51], would you ever consider going back to restaurant owners?

Cheryll:       You know, what, oh, my gosh, I loved it so much. And I love to cook. So, I do. I still think about it. But honestly, between my investments and my lending, it keeps me so busy as well. Like, I'm the Chair for the affiliate committee at Get Bar and the treasurer for Women's Council of Realtors. So, I have so much on my plate right now that I probably don't have the time to do the restaurants right now. But I truly loved it. So, it's still something in the back of my mind to go back into.

Heidy:         You know what, that's great to know. So, you know, tell us where can our listeners reach out to you? You know, how can they get in contact with you if they're thinking of getting this, you know, new venture investment property or hard money loan, or they just want more information about what to do? So…

Cheryll:       That's okay.

Heidy:         where can they reach you?

Cheryll:       I suggest that they call me. I actually enjoy helping people and teaching them the different aspects of lending. So my phone number (915)-276-1296. You can also find me on Facebook at Cheryll Ramirez and my business at Cheryll Ramirez at Longhorn Investments. I really enjoy investing, I enjoy helping others. Longhorn, we've done over 4000 loans, lent over $560 million. We lend our own funds so you know, we don't broker it, we don't tell you we're going to lend and go find money, we lend our own money. So we'll always be at the closing table, you don't ever have to worry about us not showing up at the closing table. And, you know, I look forward to working with you and any investors. If you just simply have questions, feel free to reach out to me, I'd be happy to help.

Heidy:         Well, thank you so much Cheryll for giving us the time, you know, and this was so enlightening. Especially, I mean, me personally, I just have you know, so many things that now I want to just run into and start looking for properties now that I feel like I just need to do this and this. So I mean, it just makes it so much simpler to you know, go this route for us that you know we have a little bit more experience now in that rental business. But you know, definitely no experience doing like any hard money loan. So I'm so happy we found you. Thank you Luis Cardenas for you know, sending Cheryll our way. And of course, this was you know, yousaw it here at Side Hustles by Seoenz. And reach out to Cheryl, you know, if you guys have any questions, or you can also just comment below, and we will make sure she gets your questions and answers back. So thank you Cheryll. Again, you know, this was a pleasure.

Cheryll:       Thank you so much, Heidy. I really enjoyed it. I look forward to working with you.

Heidy:         Alright then. Bye, bye.

Cheryll:       Bye, bye.



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