There's this outstanding possibility for renovating and flipping this nice out of date property in a good location and it looks like the deal you have been anticipating for quite some time. Professional property flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a gain of $40-$50k on average. It's fair to say their past experiences rehabbing, knowledge of hard money loans, expertise in their housing market, and auction talents have had a significant role in their success. On the other hand, you're certain that your first class rehab and remodeling skills will help you do an outstanding job for this property — additionally, you've already lined up one of the premier general contractors in town to take on this project.

But where do you get the necessary funding for flipping? For those who go after a conventional bank loan, you will end up waiting somewhere around 1 to 2 months until eventually the mortgage loan is approved and the money is ready. Since the majority of sellers prefer a fast closing, it may be advisable to start searching for other financing options.

With banks introducing tougher loan guidelines in the past several years, it is now more difficult for a self-employed person to get a mortgage loan, particularly if his credit rating is not perfect. So will inadequate funds keep you from following your ambitions? Most certainly not, seeing as you also have the Waycross hard money loan option.

If you decide to put in an application for a hard money home loan in Waycross, you're going to get what is perhaps most important to real estate transactions throughout the country — a very fast closing of about two weeks. Also, hard money lenders frequently agree to lending up to 70% LTV of the home value, as estimated by a professional third-party appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be more costly than bank lending options. But usually, the rate of interest isn't as pertinent for these loans, since they will never be long-term loans. When it comes to short-term loans of a handful of years or less, you should look at them similar to any sort of other expenditure for the project. And when you have sold the house, recouping this expense is the exact same as recuperating the expense for the kitchen and bath updates you did.

Furthermore, even an individual with poor credit can still qualify for a hard money mortgage. The applicant's credit score isn't the lone determining factor for Waycross hard money lenders — in addition, they examine the house, its market valuation, where it is located, and its potential to earn back their financial commitment if things do not work out as intended. On top of this, if the applicant can demonstrate past experience in similar real estate projects, can put down money for a down payment, and the cost of similar homes in the neighborhood works to his benefit, he has got a really good shot of being eligible to obtain a hard money real estate loan.

So any time you come across a very good and lucrative flipping opportunity, rest assured you will have a hard money lender in Waycross, able to lend you the money you need. Fill out the form or call us to discuss the project you have in mind.