Bigger Pockets is a huge online resource that helps ordinary people build wealth through real estate. It’s an incredibly popular resource because of it’s free tools and information. Bigger Pockets recently suggested that hard money lenders like Paces Funding, is a great source of funding for home flippers for investors who know they can flip a home quickly. Check out what the article said. Here’s an excerpt.
“This source of OPM can be especially useful if the house you are flipping can be completed in a very short period of time. Like any other kind of loan, the shorter you hold the loan, the less you’ll pay in interest. The longer you hold the property, the more you pay in interest.”
They also gave good advice about making sure that the home flip can happen quickly. For example, home flippers who won’t be able to score an alternate form of financing eventually need to make sure that the market is good for selling. You can check to see the average time a home is on the market in the area where you intend to purchase. If the average time on the market is something fiercely slow like several months, you might consider skipping that home flipping market and moving to one where homes only stay on the market for weeks. There are markets where homes stay on the market less than two weeks.
Bigger Pockets also points out that when determining your ROI, you must also calculate taxes, including property taxes, fees, points and interest on your hard money loan. Hard money loans are invaluable tools for smart investors.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
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.