Virtual reality is slowly gaining a lot of steam in the tech world. While it is still in its early stages VR has started displaying its worth in many different sectors. Video games are not the only application that can benefit from the use of VR. For example, instead of subjecting people to the side effects of too many X-rays, what if there was a way a physician could scan someone and use VR to view their body? With innovation comes expansion and there is no reason the real estate market should not benefit from the use of virtual reality.
Think about the time residential hard money lenders could potentially save visiting homes or potentially save using this technology. For the lenders that like to do above average research on the properties, they are providing loans for VR will help them greatly. For example, instead of going to the two story on Maple St., they could opt for a 360 tour that immerses them as if they were actually there. If the lender wanted to look at blueprints for the property they could have a three-dimensional model in their headset.
Contractors could provide a more accurate estimate on the time and cost it could potentially take to complete a home. Instead of guessing what is wrong with your potential flip you could dig deeper into the design of the home. Maybe there is foundational damage that the naked eye cannot pick up.
Or the support beam that is in place is not rated to take the amount of weight the home is exerting on it. What if an investor lives in another state and needs someone to purchase the property on their behalf? Instead of traveling to see the home in person they could stream a walk through in real-time.
Virtual reality also helps cut down finances on the backend.
Say you are investing in a property that you want to flip for a profit within the year. With the use of VR, you would be able to calculate the time and expenses you may have. Now, we will add a loan from a residential hard money lender, you use that initial loan to purchase the home. It is relatively small and you have figured out how long it will take you to pay it back. Before we start construction on the property your contractor, with the aid of VR, found a mold problem in a bathroom.
Now, you know that you will most likely have to spend more time and money on the home. This gives you the ability to recalculate the amount of time that you need to pay your residential hard money lender. Instead of taking three months to pay the loan back it may take six.
VR has the ability to change the real estate industry
Technology is like the universe, ever expanding. With innovations in VR happening every single day real estate is next to reap the benefits of its applications. Whether you are a contractor, a home buyer, a residential hard money lender, or an investor you should definitely be doing your research on virtual
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
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 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.