Hard Money Loans in Chelsea
An outstanding bargain on a fix and flip opportunity in an excellent neighborhood shows up out of the blue — sounds so good that it is difficult to believe. Everybody knows that expert professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality home flipping series, Fix or Flop, can earn an average profit of $40,000 to $50,000 in their rehab business. No need to explain that their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have had a big part in their successes. Still, your rehab and renovation knowledge isn't that bad either — besides, you have already found a suitable contractor to take on the job.
But how can real estate investors obtain capital? A traditional lending institution, say for example a bank, takes a minimum of 1 to 2 months to authorize the financing and release the money. Considering that all the home owners are seeking a fast closing, that does not seem like a great idea to you at all.
With banks introducing harder loan criteria in recent years, it is more challenging for a self-employed person to obtain a mortgage loan, especially when his credit score is not optimal. So do you have to admit defeat and forego your ambition to venture into fix and flips? By no means, on the grounds that you can always use the
If you should put in an application for a hard money home loan in
Besides, hard money mortgages are not difficult to qualify for, whether or not you have very bad credit. Rather than focusing entirely on the person's credit score or income,
So in case you have found a really good real estate opportunity with a huge probability of returns, you've also found yourself a hard money lender in
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