There’s an interesting
trend occurring among people in danger of foreclosure. Using funds from hard money lenders, Texas homeowners
are converting their primary residence into a rental.
The housing market has rebounded considerably, and many
people are shrugging off the after-effects of the recession. However, financial
issues can strike any family at any time, and very few of us have had time to
set up safety nets yet. Most of the country is living paycheck to paycheck,
knowing that the loss of a job or even an illness can mean total financial
ruin. Interestingly, it’s hard money lenders Texas financial planners are sending people to, because they can
help people transition to a new home in order to rent out their primary
residence when these issues occur.
It’s a very simple concept. As people realize they’re in
danger financially, moving to a more affordable home becomes essential.
Unfortunately, sometimes houses just won’t sell, or the family wants their home
back when the financial situation improves. By converting it into a rental,
even temporarily, the homeowners become landlords, and can have their tenants
cover the monthly mortgage. In some cases, homeowners actually earn income from
the deal, while having another party pay down their debts.
Obviously, people who need to move because their house is in
danger of foreclosure aren’t going to have a lot of cash to make the transition
occur. By obtaining a loan from hard
money lenders, Texas homeowners can cover the emergency expenses, and start
generating income from their property.
Is Getting Help from Hard Money Lenders Texas Foreclosure Kryptonite for Everyone?
It’s important for homeowners to research their market to
ensure that the house will rent out at a fair price, and still cover its
mortgage and upkeep. In this day and age, most homes will do this, but it’s
imperative to be certain before moving forward with the plan. Landlords will be
responsible for the property, and whatever happens on it, so upkeep will be
important, and tenants will need to be thoroughly screened. While there is some
work involved in being a landlord, this process is saving homes and helping families
recover financially after adverse events.
Using Funds from Hard Money Lenders, Texas Homeowners on the Verge of
Foreclosure Can Prosper
Renting out a primary home in order to avoid foreclosure can
be a family’s saving grace, and it’s a win-win solution for everyone involved.
The family keeps their home, sometimes generates income, and another family
gets a wonderful temporary home. Using funds from hard money lenders, Texas homeowners are able to get reestablished,
but the process might not be right for every situation. It’s important to have
a plan in place to ensure that the loan can be paid off swiftly, and that the
property qualifies for this type of assistance. It’s generally most helpful
when a family has significant equity in the home already, and doesn’t want to
lose that nest egg or wants to retain the property for later. If you’re
considering becoming a landlord, be sure to talk with a specialist before
making a final decision.
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027
About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.
Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.