Need to Budget for Your Next Investment Property?
As a professional real estate investor, you know how easy it is for your ambitions to exceed your budget. Here is a step-by-step strategy to ensure that your next project remains in the black.
Is the Property Sustainable?
You are going to have to sit on the property until you find a buyer. Calculate how many months you can comfortably incur the extra costs before it starts to become a burden on the rest of your projects, and don’t forget to factor in overlooked expenses such as inspections and even natural disasters (better safe than sorry). For a better idea of how long you can expect it to be on the market, research how long it took similar properties in the neighborhood to sell. Your Realtor(R) will also be able to give you the right guidance on the current market conditions.
Have the Right Team Members On-Board
Any contracting job that you can do yourself will obviously save money. However, the more specialized the job, the more likely you are to have trouble. In the long-run, hiring a professional may save you more money than attempting a project yourself, especially since a botched operation will require professional assistance anyway.
Plan the Right Type of Loan
Time is money! There’s nothing worse than having to halt a project because a much-needed bank loan is still pending approval. Hard money lenders can get you the financial assistance you need to get the job done quickly and on time.
Are You an Investor Who Needs a Hard Money Loan in Atlanta?
If you’re an investor in Atlanta looking for a hard money loan, we may be able to help you.
Call us at 404-814-1644 or contact us online to find out how we can help you get the funding you need for your next investment property. You can also check out our FAQ on hard money loans or apply online if you’re ready today.