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MIRS Group, LLC provides Investment Real Estate Financing nationwide.
Alissa Bickar and Mark Abramovich discussed their backgrounds, passion for real estate and finance, and the challenges and rewards of entrepreneurship. They emphasized the importance of providing valuable content, continuously learning, and having a strong team and network for success in business. The discussion also touched on the benefits of involving family in business and teaching children about financial independence and investment.
All about hard money. Lender lingo ARV; After Repair Value. Loan limits, a percentage of the purchase price, and 100% of the renovations. LTC; Loan To Cost limits. What lenders need for underwriting; applications, background and credit checks, entity docs, bank account statements, etc. The scope of work / renovation budget, and its use for an appraisal. Valuating properties, comparable values, and disputing appraisals. Reimbursement draws; how they work, fees, and having the renovation funds provided. Do not advance for work not done, reimburse the contractor for work done. Using 0% interest credit cards to save money. Build relationships before you need them. Using personal cash vs borrowing. Minimum returns; Profit and ROI (Return On Investment). Analysis and underwriting, story and math. Timelines to close a deal.
All about Hard Money. Why Mark does what he does. The difference between residential mortgages and hard money (commercial loans). What rates, points, fees are and what an investor can expect. Comparing points, interest rates, and fees between lenders. Learn the lender lingo; LTV (loan to value ratio). Minimum earn or prepayment penalties on loans. Valuating the property, and necessity of an appraisal. Reimbursing work upon completion with draws. Accounting for holding time while selling the property. Minimum requirements when being the lender yourself.
Mark Abramovich, the founder of the MIRS Group and a partner at Idoni Management, is an entrepreneur with a strong background in engineering and industrial development. Over the years, Mark decided to transition into real estate investing, focusing on solving problems for real estate investors through the lending industry. Listen now to learn more about Mark’s journey into real estate, how his background in engineering played into real estate investing, and how he is helping investors do more deals today!
The Unstoppable REI Podcast with Rayana Starre and Mark Abramovich. In this episode, Mark’s journey in Real Estate, and suggestions.
On this episode of Flipside-Up Mark Abramovich has a Q and A about Networking and Raising Capital. Tips on lending, hard money questions, how to vet opportunities, and more.