The future benefits of the hard money lenders Arizona marketJune 11, 2012
Hard money lenders Arizona – the basics, revisitedJune 11, 2012
Hard money loans – Flipping hard money loans the right way
One of the largest challenges in the real estate “flipping” business (you know, when you buy properties only to fix ‘em up and resell ‘em for a nice profit) is getting approval for a loan. Most banks or mortgage companies will turn their nose up at you because this is all to familiar to them. They know this is a short term project and although probably a labor of love, not the kind of long term investment they desire. You’ll probably already consider finding a hard money lender Arizona
, but even that route has it’s bumps in the road. Even if you can get approval really quick, sometimes as little as 48 hours without much of a credit check or background check, you’ll want to do your homework.
ALWAYS, ALWAYS HAVE THE PROPER DOCUMENTS READY. HARD MONEY LOANS ARE PRIMARILY SECURED WITHIN THE PROPERTY BUT ALSO KNOWING ABOUT THE BORROWER IS VERY IMPORTANT. YOU MAY BE ASKED ABOUT CREDIT, INCOME AND EVERYTHING IN BETWEEN. LIKE A GIRL SCOUT, BE PREPARED.
Make sure you understand the history of the property. Whatever freak accident happened to it that got it into it’s decayed state and why. For example, if a Walgreen’s closed, it may be because property taxes were too damn high or the neighborhood was too dangerous or poor to afford visiting the place. You’ll want to be sure that the decay is more artificial than complete and utter destruction of the property.
Also, chat with contractors. Get a few estimates on what it will cost to paint, refinish, tile and otherwise repair the property. If you head into the private money lenders Arizona
office with information on restorations needed, a little history and an estimate of the costs involved, you’ll be that much more likely to get approved. Good luck.
hard money loans