When it comes to hard money loans Texas, hard money lenders Texas know how to choose hard money lenders Texas borrowers who are going to make smart real estate investments. That’s because are in the business of making money, not giving handouts, and you should be too. If you want to start making real estate investments that will have high returns, here are a few tips from the hard money pros.
1. Get hard money loans Texas. Don’t use personal funds to fund your entire project. There are a few reasons for this. Firstly, it will most likely deplete your personal savings account, which you may need if the property takes a while to sell or a personal emergency comes up. Hard money lenders Texas will give you a loan with as high as 80% LTV on an investment property. Don’t tie up all of your liquid assets when someone is more than wiling to let you use theirs.
2. Pay your loan off as quickly as you can. The faster you can fix up and sell the property, the faster you can pay off your hard money lenders Texas balance and keep the profit for yourself. You will also make fewer loan payments which means less money spent paying interest.
3. Choose your location wisely. There are many things you can fix about a house, location is not one of them. Do not choose a house in a bad neighborhood and a neighborhood that is on the decline. Really, the best option is to buy the worst house on a nice block. We have all heard it before, but hard money lenders Texas know that in real estate, it is all about location, location, location.
4. Spend your money where it matters. Don’t waste tons of money on fancy upgrades that don’t matter. When you are picking out fixtures for your fix and flip, always keep in mind that you don’t have to live there. Choose neutral, middle of the road fixtures and splurge on things like a new roof or HVAC system. Always keep resale in mind.
Once you are ready to start your fix and flip project, come to us at Level 4 Funding for all of your hard money lenders Texas needs. We can get you in and out quickly and ready to start your project faster than you ever though was possible.