When it comes to investing in real estate you need to be ready to buy! When that deal comes along and all the criteria fit – you need to be ready to pull the trigger and lock the contract down. One HUGE part of being ready to buy is having the money ready.
Now getting hundreds of thousands of dollars ready might sound like a big hurdle – and that’s because it is! When buying an investment property to either rent or flip you’ve got a few choices for locking up the financing. Here’s a few options:
- Conventional bank financing.
- A big pile of cold hard cash – i.e. your own money.
- Hard Money Loan
- Owner Financing / Rent to own
Each one of these options has it’s own positives and negatives. If you look closely – 3 of the 4 choices use “Other People’s Money.” This is the nature of real estate and a big draw for the no money down crowd. As a real estate investor you will learn quickly, if you don’t already know, that one of the biggest opportunities in real estate is the power of leverage.
Having the money component set up and ready to go is essential. Plus it is a huge confidence builder. When you’re out there and looking for your deal – knowing that you’ve got money to complete the deal helps you to be fast and aggressive.
Out of all the loans on the list where you’re using OPM (other people’s money), a hard money loan is by far and away the fastest and most aggressive. Do some research and talk to the hard money lender. Have them lined up so that once you find the deal you simply have to send it to them and they can fund quickly.
More details to come on the other strategies so stay tuned, but know that a hard money loan can get you going fast and help you get that money making deal locked down.
Contact us now to find out how we can help with a private hard money loan. Flip House Funding Texas.