Finance Hard money loan Sales 
Housing Wire
OCTOBER 24, 2024
“As you get closer to that (foreclosure) sale date, your options are limited … If you’re going to call me three days prior to sale date, your options are going to be very limited.” Many of the distressed properties Sandoval encounters are not in good enough condition to qualify for traditional financing.
The Close
NOVEMBER 26, 2024
Stabilize & Season Your Current Rental Property If you plan to finance multiple rental properties, start by stabilizing your current one. Also, be aware that some lenders have a “seasoning period,” essentially how long you’ve owned or financed the property. Let’s break it down into six easy steps.
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The Close
NOVEMBER 7, 2024
Tax liens and auctions: Search for tax lien sales and foreclosure auctions. Listing websites: Sites like Zillow, MLS, Realtor.com, and LoopNet list properties for sale. Gather the property’s history and recent sale prices in the area to understand market trends. Hard money loans are most commonly used for fix-and-flip loans.
The Close
NOVEMBER 25, 2024
When looking into your finances, consider the following factors: Closing costs: These are generally 2% to 5% of the property’s sales price and include lender fees, title insurance, property insurance, and property taxes. The higher the home’s sale price, the higher your closing costs.
The Close
NOVEMBER 25, 2024
Options for investors include the following: Fix-and-flippers: They use a hard money loan to buy preforeclosures that need extensive repairs, then flip the property for a profit to pay off the loan. Look for Notice of Default, Notice of Trustee Sale, and Lis Pendens in the public records section.
The Close
NOVEMBER 25, 2024
Open a Business Bank Account Once you have your EIN, set up a business bank account to separate your personal and business finances. This protects your hard work and helps you stay compliant with the law, especially when starting a flipping business. Depending on your financing, closing on the property can take 15 to 45 days.
Marco Santarelli
NOVEMBER 23, 2024
A clear understanding of your financial situation will help you determine how much you can invest in a new property and whether you need to explore financing options. Utilizing Hard Money Loans Hard money loans are short-term loans that are secured by real estate.
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