A great way for real estate investors to make money fast is by flipping houses. When you want to buy and flip a house there are a few tips that can help the process go smoothly. Do you already have the funds to purchase a house to flip? Most investors don’t typically have money available to invest in property. You need hard money from a lender ready to help you invest in homes that are priced under market due to short sales or foreclosures.
Use funds to purchase, renovate, and then flip the house for sale at an attractive price that helps you make a profit. Are you ready to flip houses for a profit? You need to know what you’re doing and get in touch with a hard money lender ready to assist you. Today, Atlanta, Georgia has up to 50 hard money lenders ready to offer loans.
Easily Purchase Property with Fix and Flip Loans
First, you need to find the perfect location to find a house so you financially come out ahead. When searching for homes to flip, stay away from stagnant markets. The property will more than likely sit too long even after renovations are accomplished. Research local areas to find out where housing is in demand. Those areas tend to be the suburbs on the outskirts of major cities with great school districts, nearby major attractions, and metro areas with limited housing inventory.
Buy Well-Below Market Values
It is advisable to purchase homes to flip that are well-below market value. The main reason for this is because it’s expected that you sink thousands of dollars in renovations. Are you handy enough to provide the repairs and renovations yourself? Even so, you need enough time to work and money for materials and supplies. Making sure that the price you pay for a home you want to flip is reasonable and well below the market value is wise. Consider purchasing short sale property that gives you the chance to fully inspect the property too. Foreclosures at auctions tend to cost more and you don’t have the opportunity to inspect the premises. With quick approvals for hard money loans provided by Atlanta private lending companies, you are on the right path for house flipping success.
Focus on “Must Do” Repairs
When you want to flip property you have purchased, the first thing you need to do is focus on the “must-do” repairs. Is the electrical work or plumbing damaged? Both of those types of repairs should come first. Regardless, all repairs no matter how big or small will prove to be a good return on your investment. Cosmetic enhancements are essential too, especially when you focus on bathrooms and kitchens. Those areas are high-profile and most important to potential buyers. Private lending can provide hard money loan amounts that give enough money to make low-cost improvements that increase property values.
Get a No-Obligation Loan Proposal
It is crucial that you know how the hard money loan process works. Top hard money lenders provide loans that are based on the value of the property you want to purchase. A lot of times, borrowers are not able to get the funds they need from banks. Real estate loans from private and hard money lenders are a whole other matter. Banks require too much information upfront to provide a fast loan that helps you purchase houses to flip. Wouldn’t it be nice if all you were expected to provide was some basic information?
Hard money lenders require less information than banks including whether you want to borrow on a property that is already owned or purchase a new property, the approximate value, whether there is any existing debt, the type of property, and the address. Loans are typically closed within just a few days giving you the freedom to easily purchase houses to flip with notes due in just 12 to 24 months. Loan proposals can be emailed to you on the same day of inquiries. Expect no upfront fees or pre-payment penalties from lenders read to help you.