Larry Baszynski and Scott Hodgden of Finance of America Commercial are seasoned lenders who have helped their investor clients build tremendous real estate portfolios and wealth.
Larry and Scott discuss the products that their company offers including Fix and Flip loans, Construction Loans, and Long-Term loans for stabilized properties. They share common pitfalls and root causes of failed renovation projects. The duo explains how hard money loans are underwritten and what a borrower needs to know to set themselves up for a successful loan! This show is full of golden nuggets with an emphasis on the importance of building your team and buying your next investment property sooner!
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02:57 Housing Provider Tip - Ensure windows are properly caulked to prevent leaks!
04:34 Intro to our guest, Larry and Scott!
13:41 FOA Commercials' transition after being bought out.
15:06 FOA Commercials’ products.
18:57 DSCR loans for stabilized properties.
25:44 Common causes of failed investments!
29:03 How interest rates are impacting lending!
35:25 Where are hard money funds sourced from?
36:49 Taking back a property on a failed project.
40:53 How aggressive can FOA Commercial get?
44:18 What happens if interest rates hit 10%?
46:02 What is your competitive advantage?
46:43 One piece of advice for new investors.
47:57 What do you do for fun?
48:23 Good book, podcast, or self development activity that you would recommend?
49:33 Local Network Recommendation?
51:00 How can the listeners learn more about you and provide value to you?
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Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Larry Baszynski and Scott Hodgden
Guest Company: Finance of America Commercial
Guest Link: https://facolending.com/
Other Links for show notes:
The Success System That Never Fails (Book Recommendation)
