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Who Appraises the Property When You Get a Hard Money Loan?

 

Hard money loans offer great short term financing options for those needing a short term loan. This type of loan is very favorable for the investor looking to purchase a home and after fixing the home up, turn around and sell for greater profit. Hard money loans can help the investor buy time from closing on the home, making updated changes, to the resale of the newly remodeled home. Hard money loan lenders will lend 100% of the acquisition of the real estate parcel and repair costs. The terms of these loans are tailored to be the needs of the borrower.

Hard money lenders typically have a list of approved appraisers or an appraisal company. These appraisers are qualified in looking at the property as a whole and evaluating the would be appraisal if all the remodel work is completed. It’s essential to get a proper appraisal to get the most out of your loan. Good hard money lenders work hard to get the most accurate picture for your appraisal to benefit you the buyer.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

Why You Should NEVER Over-Price Your Flip

 

Many rookie real estate investors make the mistake of overpricing their properties when all the work is done.

The bottom line: If you want a successful listing that produces multiple offers, you must price your property correctly. Additionally, an overpriced investment property will sit on the market too long and tie up your money.

The tried and true method for pricing your flips correctly is to find reliable comps in your property’s neighborhood–and the best way to do that is to work with a Realtor(R).

You can also check the market yourself periodically, while you’re fixing up the property. If you do, keep your search for reliable comps to properties that sold in the last 6 months (or less). Also, try and list your flips at the average market value for the particular neighborhood you’re selling in. If you overprice your flips, you will generate little attention from buyers, and the longer your property sits on the market, the less likely you are of receiving an offer at or above your list price.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

Why Hard Money Loans Are the Smart Choice for Busy REIs

The term hard money lender isn’t exactly what it sounds like. In reality, working with a hard money lender is a smart way to obtain short-term financing for your real estate investments. In their simplest form, hard money loans are a form of financing with shorter repayment terms than a conventional loan has.
Why Do Professional Real Estate Investors Use Hard Money Financing?
Many professional real estate investors use hard money financing because it fills a legitimate need. First off, hard money offers you a chance to secure funds quickly instead of the going through the grind of qualifying for traditional financing. Secondly, if you are a fix and flip investor, these loans allow you to buy a flip fast, fix it and get it on the market immediately.

If you are struggling with credit issues, know that most hard money lenders do not only consider your credit score. Instead, hard money lenders look at the potential value of the deal and how it will be beneficial to all parties involved. Many busy real estate investors prefer hard money loans because the funding is quick, and they often receive cash-in-hand in as little as two weeks.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s […]

Great Investment or Money Pit? Watch for These Two Problems

 

Currently the housing market offers great buys for investors. However, sometimes a house is not as it appears. Naturally, you want houses that are in good condition, or need a small amount of work, to be able to make a fast turnaround. Unfortunately, many times something is not discovered until after the purchase is completed.

A foundation is the basis of any house and must be in excellent condition if you expect to avoid spending a great deal of money having it replaced or repaired. When looking at the house check the foundation for cracks, crumbling cement or other conditions that will indicate a problem.

Mold in the crawl space or other locations in the house will indicate a leaking water pipe. Molds gradually destroy the things they grow on. They can damage building materials, especially under the floor. In addition, studies have shown it can cause the occupants health problems.

Having a licensed home inspector is a good investment to avoid expenses that can often cause a home purchase to become a money pit.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

Why You Need a Realtor® to Sell Your Flip

 

Before you buy an investment property, you need to think ahead–especially about hiring a Realtor® when it’s time to sell.

While it may be tempting to just put up a sign outside and a posting online, there are a few reasons why you need to hire an expert in the field.

First, Realtors are trained in real estate procedures and protocol. While DIY real estate forms and kits are available, most aren’t specifically written for Georgia… or any special situations that may arise. Bringing a Realtor on board will help ensure a smooth transaction.

A Realtor can also help you sell quickly and at the right price. Your agent will know how to make the property as attractive as possible to prospective buyers, and he or she will be able to effectively market it for you.

Working with an agent is a lot like hiring the right help around the house, too. You wouldn’t tackle the plumbing yourself or start rewiring the electrical system unless you knew exactly what you were doing, right? The same goes for selling the house.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

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    Should You Leave Playground Equipment at an Investment Property?

Should You Leave Playground Equipment at an Investment Property?

 

If you’re considering selling your home, you may be wondering if you should get rid of the swing set in the backyard. While a playset won’t necessarily hinder the sale of your home, you’ll want to make sure it’s in excellent condition.

The playground equipment may be an exciting amenity to a family with young children. If the neighborhood is bustling with kids, fix it up, make sure it’s structurally sound, and prepare to leave it.

At the same time, if everyone else on the block is at retirement age, a swing set may not be an excellent selling feature. Home buyers will have to think about removing the play set themselves, and it may sway their opinion of your home.

Believe it or not, play structures and basketball hoops have been a major reason for dispute between a home buyer and seller. In a home sale, there is often confusion about what stays and what goes.

A large play set can sometimes be considered a fixture or real property if it is attached to the ground. Some buyers plan for you to leave it; others hope it will be disassembled on closing day.

If you’re removing the structure, doing so before you even show the home is your best bet. If you’re not able to do so, make sure this condition is disclosed to all interested parties right away.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan […]

Foreclosures in Atlanta

Because Atlanta foreclosures are higher than usual – they’ve been on an upswing since January – that means there’s more opportunity for you, as an investor, to take out a hard money loan and pick up a property that you can flip. The selection is better, and you’ll likely spend less money than you would when properties are few and far between.

Is Foreclosure Investing Right for You?

Investing in foreclosures isn’t for everyone. In fact, many experts recommend that you gain some experience in traditional real estate investing before you dive in headfirst.

Here’s what you need to know:

There are three ways to buying foreclosures: from a property owner before it’s foreclosed (known as a pre-foreclosure), at an auction, or from a lender after the property has been repossessed.
Buying a property that’s owned by the lender may pose less risk to you than buying a foreclosure in the other stages.
You always need to check the title before you buy any foreclosed property; if you don’t, you could be taking an unnecessary risk with your money.

Need a Hard Money Loan to Invest in Atlanta Foreclosures?

Getting a hard money loan in Atlanta may be easier than you think. If you’re ready to invest in a foreclosure and you already know what it entails, give us a call at 404-814-1644 or fill out our easy hard money loan application. We may be able to get you the funding you need to make the investment of a lifetime.

What to Ask Your Hard Money Lender

Whether you’re working with a hard money lender for the first time or you’ve been through all this before, it’s a good idea to do some homework. Here’s what you need to ask:

How long have you been in business?
How big is your company?
What is the interest rate on an Atlanta hard money loan through you?
What are the terms?
How soon will the money be available?

The main purpose of the first two questions can help assure you that you’re working with an honest lender. It’s best if you work with someone who’s been in business for 10 or more years, as well as someone who’s extremely established in the industry. (Paces Funding is the largest hard money lender in Atlanta.)

You may not be very experienced with hard money loans, so it’s very important that you work with someone who is.

The other questions help you determine whether you can afford the loan and how much it will cost you over time, and they’re pretty standard to ask when you take out any loan.

Do You Need a Hard Money Loan?

Call Paces Funding at 404-814-1644 or fill out our easy online application. We’ll be happy to answer your questions and help you get the money you need quickly.

 

What Every Real Estate Investor Needs to Know

How do you make your money work for you when you’re a real estate investor?

This isn’t an easy field, as any investor can tell you, but if you know what you’re doing, as well as where to borrow money for flipping houses in the Atlanta area, it can be a highly lucrative one.
3 Things Every Real Estate Investor Needs to Know
Even if you’re not new to real estate investing, you might be relieved to know that there’s no “one-size-fits-all” solution that works for everyone. However, there are three key things that every investor needs to know.

Know your market. It’s important that you have a target market – but in real estate investing, that’s not the same as it is in a traditional business. What it means in this case is that you need to understand the real estate market in a particular area, including knowing:

What types of homes are available
Property values in the area
How likely you are to need to make significant repairs in that area
Whether buyers will likely be serious about purchasing in the area

Look for sellers constantly. Make sure you’re marketing to motivated sellers. When you know your market, you know what types of sellers to target; from there, you can create a successful marketing plan.
The numbers don’t lie. Make sure that you work within your budget and don’t try to cut corners when it could cost you in the long run. As you’re considering a property, run the numbers immediately – and if they don’t work, walk away. You’ll avoid plenty of headaches by knowing when to say “No.”

Do You Need a Hard Money Loan in Atlanta?
If you’re looking for an Atlanta hard money […]

Who Can Apply for a Hard Money Loan?

 

When setting out to buy a piece of property, whether commercial or residential, one of the most important steps in the process is to acquire a loan. While there are many different types of loans to choose from, a hard money loan is one that has several distinct advantages and that therefore is worth considering. This is particularly true for individuals who are interested in acquiring their loan money quickly or those who do not have a good enough credit score to secure a traditional loan.

In a hard money loan, credit score is not as big a factor as it is with a conventional loan. That’s because the lender uses collateral, not credit, against the loan. In most cases, the collateral is simply the piece of property that the borrower is seeking to obtain. Typically, the lender will loan somewhere between sixty to seventy percent of the value of the property, and the borrower is responsible for supplying the other thirty to forty percent as a down payment on his or her purchase. In cases where the buyer does not have this amount of cash to make a down payment, the lender will place a lien on another property owned by the borrower as an additional form of collateral.

Hard money loans are also commonly used when the individuals purchasing a piece of property are doing so with the intention of flipping it. In these cases, having quick access to cash allows the buyer to get started on their work of flipping more quickly, and thus cuts back on the amount of time they invest in the property. In a world where time is money, taking on the higher interest rate involved in a hard […]