26 minutes | May 7, 2021

EP165: Passive Income via Hard Money Lending

Did you know you can generate passive income and/or diversify your retirement portfolio through Hard Money Lending? A hard money loan is an interest-only short-term loan primarily used in real estate with the loan being secured by property.    In a nutshell, you become the "bank" and you lend money to borrowers and receive monthly interest payments just like a bank would receive monthly monthly payments from a mortgage borrower.   The only difference is you (the bank) can charge much higher interest between 10% and 18%, whereas the bank's current rates are right around 3.5%.   If you have a equity in your home, a pile of cash lying around, or you are looking to diversify your portfolio — hard money lending may be a great option for you.   BONUS As a hard money lender myself, I will show you exactly how I am lending hard money each month. I will share with you some tricks I have learned along the way and share with you my exact numbers for you to see exactly how it works. Also, make sure to download the templates I use as far the paperwork required prior to lending.   Mentioned in this episode Episode 162: How Does a HELOC work? Episode 164: What is the BEST Mortgage for Me Right Now?   eForms: Promissory Note Template Vantage IRAs: Self-Directed IRAs   Thanks so much for listening to the show and if you feel the content of this podcast was helpful, please subscribe and leave a review! ** Today's show was brought to you by OneAZ Credit Union — my very own credit union I have been proud a member of since 2011.  If you live in Arizona and are looking for a large credit union with a local, customer-focused feel for your personal or business banking needs, look no further than OneAZ Credit Union. All the show notes, links and anything I mentioned can be found at https://www.moneypeach.com/session165
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