An outstanding bargain on a fix and flip opportunity located in a very good neighborhood shows up out of the blue — sounds too good to be true. You've probably heard that professional property flippers, similar to the married couple on HGTV's Flip or Flop, enjoy an impressive average return of around forty to fifty thousand dollars. It goes without saying their rehabbing experience, understanding of hard money loans, expertise in their market, and auction talents have had an important part in their success. On the other hand, you're certain that your first class rehab and remodeling talents can help you do a quality job on this house — additionally, you already have lined up one of the best building contractors in the area to take care of this job.

But how can you find the needed financing for flipping? For those who approach a standard lender, such as a bank for a mortgage loan, it likely will take no less than 4-8 weeks for your approval to come through and the money to be given out. So if you will be anticipating a fast closing, you have to understand or know that this will cost you a couple weeks, causing you to lose out on the home.

Furthermore, should you have a less-than-perfect credit situation or do not receive a consistent income, it is normally tougher to qualify for a bank loan, considering the stricter loan criteria banks have introduced lately. So must you stop trying and abandon your aspiration to venture off into real estate? Absolutely not, given that you always have the 79949 hard money loan alternative.

A hard money home loan in 79949 can provide what is deemed vital to most real estate deals — a fast closing of only a 2-3 weeks and at times even less. And additionally, financing can be done for up to 70% loan-to-value of the as-is property value, as deemed by a professional appraiser. Some individuals consider hard money real estate loans to be higher in price than customary financing, considering interest rates for such loans often start at 10%. But if you appreciate that these are not long-term mortgage loans, the rate may be misleading. The price tag on such short-term loans ought to be considered much like any other expenditure that you would encounter during the project. Once you have sold the property or home and have made a positive gain, you'll be able to recoup this expense from the property — much like recouping the cost of brand-new kitchen appliances that you've put in.

Moreover, even individuals with bad credit can still qualify for a hard money mortgage. 79949 hard money lenders do not approve a loan strictly judging by the borrower's credit score — rather they will assess the property, its value and location, and the home's ability to pay back the financing by itself. Adding to this, if the person have proven experience in equivalent real estate ventures, can place down cash for a down payment, and the price of similar properties in the vicinity works to his benefit, he has got a really good shot of qualifying to get a hard money real estate loan.

So in case you have found an excellent home to flip with a significant chance of returns, you've also discovered a hard money lender in 79949 that is willing to fund your fix and flip projects. Fill out the contact form or give us a call and let's discuss the property you have in mind.