Suppose that you've encountered this truly good deal for a fix and flip property you found in an ideal neighborhood, and you are either a skilled real estate investor or a first-timer who really wants to try out flipping houses. A majority of people know that skilled professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can make an average profit of forty to fifty thousand dollars on their home projects. Without question, their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have played a significant role in their results. On the other hand, you're certain that your first class rehab and renovation abilities can help you do a superb job for this property — what's more, you already have lined up one of the most sought after general contractors in town to handle this job.

But how can real estate investors find money? For those who get in touch with a standard lending institution, like a bank for a mortgage loan, it's more than likely going to take, as a minimum, 30-60 days for your approval to be completed and your funds to be distributed. Considering that the home owners are seeking a fast closing, that doesn't seem like a good idea to you at all.

As well as this, for those who have an unfavorable credit rating or do not receive a conventional income, it may be more difficult for you to be eligible for a bank financing, seeing the stricter loan requirements banks have introduced of late. So must you admit defeat and forego your aspiration to venture off into fix and flips? Never, because you could always go the 77538 hard money loan route to pay for your flipping project.

When you opt for a hard money home loan in 77538, you will get what is perhaps most essential to real estate offers across the country — a quick closing of about 2 weeks. Also, hard money lenders are capable of doing loans up to 70% LTV of the property value, as identified by a credentialed third-party evaluation. Some individuals regard hard money real estate loans to be higher in price than customary loans, since the lending rates for these loans usually start out at 10%. But if you consider these are not long-term home loans, the rate may be misleading. The cost of such short-term loans ought to be looked at much like every other cost that you will encounter during the project. After you renovate and unload the property, recouping this expense is just like recuperating the cost of the home appliances you placed into the house.

What's more, it's easy to qualify for a hard money mortgage, regardless of whether your credit situation is not that great. Instead of focusing only on the applicant's credit score or income, 77538 hard money lenders, who may be a private company or an individual, say yes to a loan after evaluating the property value, how easy it will be to market, its location, and the probability of recouping their money should they have to foreclose the loan. On top of this, if the individual can demonstrate prior experience in comparable real estate ventures, can place down money for a down payment, and the cost of similar houses in the area works to his benefit, he has a very good shot of being approved for a hard money real estate loan.

So if you have stumbled upon a really good home to flip with a high chance of returns, you've also discovered a hard money lender in 77538 who's ready to provide funding for your flipping ventures. Complete the form on this page or call us to discuss your property.