You may ignore anything that has to do with a Mortgage nowadays because you might think you just don’t have the credit needed for that Mortgage you really want. Moreover, you don’t want to be in any more debt.
However, do you know that you can actually make money with Arizona hard money Mortgages? The profit is significant enough to capture your attention, we guarantee it. Don’t believe me? What if I told you that the average profit for one fix and flip project is right around $30,000? It can be done my friend, it can be done.
1. First off, find the property that you think will really charm you when it’s all said and done. Make sure that you do your research. You are going to want to consult a Realtor and become an expert yourself. Make sure to constantly gather knowledge on the real estate market and find out how it works so you are always prepared. One of the most important things to know is the ins and outs of real estate in the location you are thinking of investing in. Ideally, there will be a high demand for real estate in that area. Look for a home with room for improvement and potential.
2. Evaluate the property you want. Much like step one, this part can be tough. After you’ve found a potential property, you need to do a thorough evaluation of the condition and the price. Crunch some numbers and see how things add up.
3. Apply for an Arizona hard money Mortgage. This sounds like the scary part but this is actually where things get a little easier. Applying for an Arizona hard money Mortgage is simple, and strictly equity-based- your credit will not be checked. Try to get a Mortgage that covers most, if not all, of the property’s listed price. You likely will not have a lot of extra money to throw around on the project, so ask for what you need on a Mortgage.
4. Start your repairs. Congratulations! If you’ve made it to this step, the hard part is over. It means you have the Mortgage and you have finished most of the paperwork and, if you have a passion for rehabbing properties and homes, this is your time to really show what you can do. Make sure to create a timeline for your contractors and stick to it. Try not to have all home repairs take longer than one month.
5. List the property. The last and final step is fairly easy. Consult an agent, and price it right. Don’t overprice the home because you know how much blood, sweat, and tears went into it—otherwise it will never sell.
Making money with fix and flip projects and Arizona hard money is truly an easy and rewarding experience!