There's this outstanding possibility for rehabbing and flipping this wonderful old property in a good area and it seems like the one you have been eagerly waiting on for a long time. Everybody knows that expert professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping show, Fix or Flop, can readily make an average profit margin of forty to fifty thousand dollars when they flip properties. It's fair to say their rehabbing experience, understanding of hard money loans, familiarity with the market, and auction talents have had a significant role in their results. Nevertheless, you are assured that your superb rehab and remodeling knowledge will enable you to do a great job on this property — in addition, you already have lined up one of the best contractors in the business to work on the job.

But where can you obtain the needed funding for home flipping? In the event you opt for a regular loan from the bank, you will end up waiting around roughly 1 to 2 months before the loan is approved and your money is available. So if you will be anticipating a fast closing, you must understand that this may cost you a couple of weeks, causing you to lose out on the home.

What's more, if you have a less-than-perfect credit situation or do not receive a routine income source, it is normally harder for you to be eligible for bank financing, with the more stringent loan guidelines banks have issued in recent times. So will a shortage of funds stop you from sticking to your aspirations? Absolutely not, seeing as you also have the 75386 hard money loan alternative.

A hard money home loan in 75386 offers what's deemed vital to many real estate transactions — a very fast closing of just a couple of weeks and more often than not even less. And additionally, loans can be made up to 70% loan-to-value of the as-is home value, as determined by a qualified appraiser. A number of people consider hard money real estate loans to be higher priced than regular financing, considering lending rates for such loans typically start off at 10%. But the lengths of these loans are rather short, which makes the interest rate far less important. The cost of such short-term loans ought to be evaluated on par with any other expenditure that you will encounter in the course of the project. Right after you remodel and sell the house, recuperating this expense is just like recouping the one for home appliances you installed in the house.

Besides, hard money mortgages are easy qualifying, whether or not you have poor credit. As an alternative for focusing only on the applicant's credit score or net income, 75386 hard money lenders, who could be a private company or an individual, approve a loan after analyzing the home value, its marketability, where it is located, and the odds of getting back their capital in case of foreclosure. Several other criteria that impact an applicant's approval for a hard money real estate loan can include how much he can put into a down payment, his prior experience as a real estate investor, and selling price of similar, fairly recently sold homes in the neighborhood.

So if you have stumbled on an excellent home to flip with a huge potential for returns, you've also found yourself a hard money lender in 75386 that's happy to provide funding for your rehab project. Fill out the form on this page or give us a call and let's talk about your property.