If you're thinking about getting a hard money loan, you need to know what types of property you can get it for. Here's the scoop. Property Types for Hard Money Loans A borrower can use a hard money loan for nearly any type of property, such as: Single-family homes Multi-family homes Commercial properties Land Industrial properties These types of loans aren't appropriate for all transactions - they're a better fit for some than they are for others. A lot of investors use hard money loans to get in on a deal quickly (if investors wait too long, someone else with
When you're flipping houses for a living, you already know that it's your job to deliver on what buyers want. And right now, that's bathroom storage. Built-In Bathroom Storage: What You Need to Know for Your Flip Built-in bathroom storage helps sell houses. Space is at a premium in these rooms, which are typically the smallest in the house, and buyers are always looking for ways to get the most out of what they have. Rather than investing in a walk-in shower and a luxury tub (although those can be huge money-makers for investors, too), think about adding built-in storage
If you're buying and selling homes, you already know that you have to deliver what buyers really want - and when it comes to bathrooms, there are three things that every buyer is looking for right now. Check out this list of must-haves for your flip's bathroom. 3 Must-Haves for Your Flip's Bathroom Buyers go crazy for: Elegant tile Layered lighting A customized shower stall Let's take a closer look at each. Elegant Tile Every type of flooring definitely has its place in your flip - but if you're going to spring for elegant tile, do it in the bathroom.
Hanging on to a property and renting it out can be a tremendously profitable endeavor - but should you try it? Maybe. Here's what you need to know. Should You Buy a Rental Property? Flipping houses - the process of buying an affordable home, fixing it up and selling it for a profit - isn't for everyone. It's a bit too risky for some, although it can pay off to the tune of tens of thousands if done properly. But buying a rental property might be a good choice. If you're going to be a landlord, here's what to look
Investor purchases of U.S. homes are at an all-time high right now. In fact, more than 11 percent of all purchases were made by private-equity firms, speculators and flippers during 2018 - and that's as high as it's ever been, according to CoreLogic, who released the study with this information. Why Are Investors Buying So Many Properties? Demand for rental properties keeps increasing - in part because the rental market is thriving. With more people being unable to come up with down payment cash or unwilling to lock themselves into buying a home they're not sure they can afford, investors
When you take out a hard money loan to flip a house, you know you'll be making improvements and renovations - but you have to choose wisely, or your entire profit will get eaten up by the things you add to the space. So how do you figure out which renovations are smart ones, and which ones are a waste? Here's what you need to know. What Are Smart Renovations? Smart renovations are those that bring you the most "bang for your buck." You probably don't want to gut a kitchen and put in all marble countertops, energy efficient appliances,
If you're thinking about diving into house-flipping, we have a word of caution for you: Don't do it unless you've done your homework. Here's what we often see go wrong with first-time flippers. What if You Try to Flip a House Without Understanding the Market? Flipping a house without doing your homework can be disastrous. Here's why: If you buy a house without understanding the real estate market around it, you won't know if you're really getting a good deal. In order to make a solid profit, you'll need to buy the property below market value, minus the cost of
If you've been involved in investing for a while - or if you've been doing plenty of research on flipping properties to make some cash - you've heard of the 70 percent rule. But what is it, and how do you figure out how much it is? What is the 70% Rule in Flipping Houses? The 70 percent rule says that an investor should pay 70 percent of a property's after-repair value, or ARV, minus the repairs necessary. 70% Rule: Examples So let's say a home's ARV is $200,000 and it needs $50,000 in repairs and upgrades to make it
If you're buying an investment property, you have a couple of options for funding - and one of them is a hard money loan. Hard money loans are different from conventional loans, which require you to have a good enough credit history, a borrowing history and a certain debt-to-income ratio. So should you apply for a conventional loan to buy an investment property? Here's what you need to know. Should You Apply for a Conventional Loan on an Investment Property? A lot of investors choose to use hard money instead of conventional loans. It's not that there's anything wrong with
In recent blog posts, we've discussed how to attract Millennials to rental properties, what Millennials want from their rental properties, and how to market to Millennials. But why should property investors care what Millennials think? The reason why investors need to care about what Millennials want and what Millennials think is two-fold. First of all, non-Millennial investors are about to face competition from Millennial property investors. These investors are fully prepared to offer their own generation exactly what they want and to market to their generation in exactly the manner that will attract attention. In business, you must stay competitive.