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el paso texas hard money lenders

The Art of the Flip: Use Hard Money Loans To Flip Houses

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You’ve heard the term. You’ve seen ads on YouTube and television about it. Maybe you’ve even seen the show Flip this House on A&E or Flip or Flop on HGTV. You’ve heard people talk about getting rich, but what is the big deal with hard money loans anyway? Thousands of real estate investors across the country are discovering the real meaning of making money by buying and flipping homes. Flipping is a term that refers to buying a property with the intent of quickly remodeling and/or reselling for a profit. It’s a tricky business, but when partnered with the right lenders and handled correctly, it can create lucrative opportunities for money making. Use hard money and learn the art of the flip.

So where do I begin? That is the question. Hard money loans don’t require a credit check and are therefore much faster to get. This is because the money is coming from private investors ready to see it go to good use and see a return on it. So once you’ve got a loan to work with, you want to get started. Below are some tips to get started on the art of the flip.

#1 Learn. Get to know the market. Read a few books or attend a few courses. Getting a sense for some basic market trends, jargon, and concepts will serve you well in the long run and give you a foundation through which to build the instincts to make good decisions.

#2  Take it easy. Don’t dive into anything and start small. If you’re new to the business, don’t go for the most expensive luxury home. Try a small single family home or a low-cost property without too many complex repairs. This will whet your appetite and help you experience the process without tremendous risk.

# 3 Trust your construction crew. You will be making repairs and renovations to the property you plan to flip so you need to have people that you trust. Once the clock is ticking is not the time to experiment with contractors and new people. Go with someone you are familiar with and can trust to get the job done.

#4 Don’t over improve. Yes, this is a common mistake. Many first time flippers will spend way too much money on repairs that may not have been needing in the first place. Be cautious about what you improve or fix and get a good sense for what will actually make a difference when it comes time to sell.  Some repairs will have to be made based on the inspection and appraisal, but others might be up to you and there are strategic ways to approach this.

Television shows like Flip This House have seen a tremendous amount of success— despite the stars’ often questionable character— because people see the potential and opportunity for themselves. In reality, there is plenty of opportunity out there for people that are interested in making money and learning a new art. Flipping is one thing, but without the right lender and the help of trusted real estate agents and real estate experts, you might find yourself disoriented and having lost your investment. When it comes to hard money loans in El Paso, there are very few trusted options. Entrust Capital Funding started in the business as a way to help people improve their wealth and further train real estate investors and agents.

 

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Minimize your risks

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Want faster closings? Can’t use credit to get a loan? El Paso Texas’ Hard money lending is your best choice. But there a few things we want you to know to reduce risks with Hard money loans. There are usually risks involved with money loans but if you keep this goal in mind when getting a loan. Pay the loan off as soon as possible. This reduces higher interest rates. The longer you take, the more interest you will be paying rather than the actual loan amount.

Always have an assessment of your purchase done. The worst thing you want to happen is not getting your money’s worth and the property sells for way less than what you anticipated. Have it appraised before you do anything, this insures you are risking less.

Make sure you are honest and up front with your lender. Make them aware of your plans and ideas with the property. The best way to determine what the best solution for your loan is to be transparent and able to communicate well with the lender. Another thing that’s important is spending less. If you are remodeling or flipping its always smart to choose how you will spend your money wisely. Spend it where it is needed the most and not carelessly on things you can’t get your money’s worth!

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Are You Choosing The Right Lender

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El Paso, Texas Hard Money Lenders are everywhere. There’s so many to choose from and it’s tough to know whether or not they are reputable and honest. These things are important. There are so many options it may be a bit difficult to make a decision. Its best to be in search for one that can actually get you profit and up your business or home. Look for the differences in annual rates and per month interest rates. Are there any penalties? Sometimes it’s not easy to finish a project in time so it’s always good to know about penalties just in case. Speaking about time is your lender punctual? There’s no need to be working with a lender who takes weeks maybe even months to finalize a loan. The quicker they work the better it is to work with them and get started on your projects. Not every offer is a winner unfortunately but at least doing your research will save you time and money.