Speaking the language of hard money lenders.June 11, 2012
A quick and easy guide to finding the correct hard money Mortgage ArizonaJune 11, 2012
Getting your eggs into other baskets, then counting the hard money lender Arizona
One of the hardest challenges in the real estate “flipping” business (when you buy a property solely to fix it up and resell it for a profit) is getting approved for a Mortgage. Most banks or mortgage companies will turn their nose up at you because they’re well aware this is a short term project and although probably a labor of love, not the kind of long term investment they desire.
YOU’LL PROBABLY ALREADY CONSIDER FINDING A HARD MONEY LENDER ARIZONA, BUT EVEN THAT ROUTE ISN’T ALWAYS EASY PEASY. EVEN IF YOU CAN GET APPROVED IN APPROXIMATELY 24 HOURS WITHOUT MUCH OF A CREDIT CHECK OR BACKGROUND CHECK, YOU’LL WANT TO DO YOUR HOMEWORK.
Make sure you understand the history of the property. What happened to it that got it into it’s decayed state and why. For example, if a McDonald’s closed, it may be because property taxes were too high or the neighborhood was too rough or poor to afford visiting the place. You’ll want to be sure that the decay is more superficial than complete and utter destruction of the property.
Talk to contractors. Get a few estimates on what it will cost to paint, refinish, tile and otherwise repair the property. If you head into the private money lenders Arizona
office with information on repairs needed, a little history and an estimate of the costs involved, you’ll be that much more likely to get approved. Everyone likes someone knowledgeable about their job, so do a little extra research and then make offers.
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