All Forum Posts by: Kisha Miles

I thank God for the opportunity to begin building my family's wealth legacy with OPM despite having enough money to start on my own. To ye of little bible knowledge... Usury in God's word refers to profiting from what you give to your poor brethren. It warns against collecting interest on what you give to those who are less fortunate. Since I'm gainfully employed and have quite a bit of savings I don't qualify. Even the standard definition of usury excludes hard money lending... The legal limit for interest on a mortgage is 20%; therefore hard money lenders are well within their right to charge 10-15% in exchange for the risk they take and the benefits they provide. Be Blessed Mike.

I've read books and watched vlogs about the BRRRR strategy. The Lord sent me a hard money lender who said something that through a wrench in my understanding of how this works. I thought I'd be able to refinance based on 70-80% of my ARV which would cover the loan amount plus a fee to my hard money lender and put some money in my pocket. She said that's not necessarily true. She said sometimes the bank will only refinance based on what you owe (which would be 60k). What don't I get? I told her I'd be paying the interest but she said she doesn't make money that way because the interest is paid to the bank she borrows the money from. How do you get your hard money lenders paid? Please explain.