How to Stick to Your Reno Budget With Texas Hard Money LoansOctober 29, 2015
Make Full-Time Money Flipping Houses With Private Money Lenders Texas!October 29, 2015
Texas Hard Money – Curb Appeal is key for home flipping.
A huge aspect to consider when flipping a home is curb appeal — the outside of the house. You might need to paint, landscape and fix up the driveway, which adds to the budget. If you’ve bought in a pricey neighborhood, mowing the lawn and repairing the fence may not be enough — there could be homeowners’ association fees. In up-and-coming neighborhoods, you might have to budget for security measures. once you have your budget, and your Texas Hard Money loan you can choose your spot to buy your home. Once you’ve decided on what kind of house to flip — new construction, a fixer-upper or a foreclosure — you need to figure out the neighborhood.
Don’t skimp on the research here. Make sure you really investigate the area — drive around during the day and at night, check recent sale prices and find out if any other flippers are sitting on empty houses. If you’ve decided to flip a new home, your options are somewhat limited to what’s being built in the area — typically in housing developments. Some communities also have restrictions on buyers, requiring them to live in the house so the community doesn’t end up a ghost town. Make sure you do your research because you can bet that the lender giving you your Texas hard money loan
IF YOU’VE OPTED TO BUY A HOME IN FORECLOSURE, YOU’LL BE BUYING FROM A LENDER — FORECLOSED HOMES ARE ALSO KNOWN AS REOS, OR REAL ESTATE OWNED BY THE LENDER. PURCHASING AN REO IS A LENGTHY PROCESS, TYPICALLY SIX TO EIGHT MONTHS. THIS IS BECAUSE FOR A BANK TO FORECLOSE ON A HOME, IT MUST FILE COURT PAPERS AGAINST THE HOMEOWNER, WHICH TAKES AWHILE. IF IT’S AN AUCTION, YOU’RE RULED BY THAT TIMETABLE. AND BECAUSE THE HOME IS SOLD “AS IS,” BANKS MIGHT NOT BE AS WILLING TO HAND OUT A LOAN. IN THIS CASE DEFINITELY FIND TEXAS HARD MONEY, BECAUSE THEY WILL HAND OUT A LOAN FOR A PROPERtY THAT NEED RENOVATIONS AND WORK.
IF YOU’RE DETERMINED TO BUY A HOUSE IN FORECLOSURE, THERE ARE PLENTY OF WEB SITES THAT LIST REO HOUSES, OFTEN FOR A FEE. AND MANY LENDERS, LIKE FANNIE MAE, LIST THE HOMES THEY HAVE IN FORECLOSURE. A WARNING HERE: MANY OF THESE SITES WILL LET YOU SEARCH FOR HOMES ANYWHERE IN THE COUNTRY, BUT EXPERTS AGREE THAT ONE OF THE BIGGEST MISTAKES FLIPPERS MAKE IS BUYING A HOUSE SIGHT-UNSEEN. THE PHOTO OF THE HOUSE MAY BE PRETTY, BUT THERE’S NO WAY TO GUARANTEE ANYTHING ELSE. IT DOESN’T GIVE YOU ANY CLUES ABOUT THE NEIGHBORHOOD, AND THERE’S NO WAY OF KNOWING HOW OLD THE PICTURE IS.
Once you have chosen a home, getting your Texas hard money
loan is easy! Call us today to start the process. And once you are approved and ready to begin renovations, make sure to pay attention to curb appeal. Many buyers are sold on a home before they even walk through the door!
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027