We all want to make money. The main hassle is the how and what of making money. Many choices exist but real estate investment remains one of the top most solid, and reliable sources for money making with the potential for great profit.
Let’s look at one avenue called house flipping…
How House Flipping Works
Basically, you find a cheap house that’s up for sale. Put in some money to buy it and depending on the condition of the house, you spend some money and time renovating and fixing it up. Advertise it any way you choose and sell it for a tidy profit. House flippers have been known to make tons of money running into six figures with some perseverance and favorable conditions like location and so on.
Now, read up a bit about house flipping and you will see that many people shy away from it as they fear it’s too risky. We can tell you from experience that with focus and a good strategy, you’re very likely going to walk away from the transaction with enough profit to be worth much more than the initial effort you put into it. This is because after all said and done, there’s a buyer for every home. Granted, you may not always make a profit with every single deal but you will at the least not make a loss.
If you are looking for a way to escape the drudgery of a boring 9-5 job that you probably don’t have the passion for or you just want to get rid of your boss and manage your time on your own terms, the real estate business would be just the thing for you.
By now, you’re probably interested in this house flipping business. The catch is, in the real world, you must spend some money to make money. Real estate investing is no different. So, the next hurdle is: How do you get this money to invest? Do you have people with cash lying around that believe in your abilities and dreams? Lucky for you if you do because the majority of us don’t. The most common option would be getting a bank loan but that is no walk in the park.
The Problem with Bank Loans
What about the banks? After all, they have piles of cash and they’re begging for you to pick up the phone and make an appointment for a loan discussion. At least that’s what those endless media advertisements want us to believe. But, don’t be fooled because strangely they still cling to their old-fashioned ideas on how to make money. Banks have a flair for an unbelievable disregard to new ways of making money in the modern world and they could frustrate you out of a good idea especially when time is of the essence.
If you are searching for quick funds in a more responsive environment, you should seriously consider hard money lenders.
About Hard Money Lenders
Hard money lenders fill a special gap in the investment world. Most people are reluctant to approach banks for loans and this is understandable. The confusing ton of paperwork and high probability of being turned down is disheartening. If you have a poor credit rating, please just forget about the banks entirely.
This is where hard money lenders come in and turn your fast fading dreams into a reality. Have you spotted a good deal on a fixer-upper? Be sure that other people would have spotted it too and you have to act fast! Forget the degradation of approaching the banks. Just find the name and contact information of a hard money lender near you and you can start flipping houses for large sums of profit.
The Benefits of Using Hard Money Loans
- They are not bothered by your credit score or your social status like your job, the car you drive or the kind of neighborhood in which you live. Their main concern is getting you the cash you need to flip that house or houses quickly and start making profit.
- They remain the simplest way to enter real estate investment, especially for people with low credit ratings. Just borrow what you need and use it for the desired investment.
- The speed and ease of entry when dealing with hard money lenders mean that you can take advantage of hot real estate markets right now. Think Las Vegas, Henderson market or even Upstate Nevada. Many investors are interested in these markets but are afraid of exposure to high risk. With the information here, you are already at an advantage over them.
- If after all your efforts you’re unable to sell the house privately, no worries. You can sell to the state with no loss on your part and use the money to repay the hard money lender. You would have gained some experience in house flipping and who knows, your next deal may just surpass your profit expectations.
How to Find Hard Money Lenders?
Finding hard money lenders in your local area may be a bit of a challenge. This is a common problem if you don’t know how to search for them. There are special search terminologies you should enter into online search engines to get the information needed. Just type “hard money lender” and your zip code, and you’ll receive pages of results in seconds.
How do you know which money lender to trust? Read reviews and ask for referrals from real, human clients like yourself.
Find the Right Nevada Hard Money Lender
To get reassurance about the many Nevada and Las Vegas hard money lenders you will find online, check out the reviews for your own specific area.
Sites like Yelp and Angie’s List will help you with vital information in a straight-to-the-point, easy to read format. Plus, some of the questions you may want to ask are already answered by the reviewers and they are humans, not robots.
Las Vegas, Henderson, Boulder City, and North Las Vegas Hard Money Lending
The key to find reputable hard money lenders in Southern Nevada would be to ask for personal referrals.
Word of mouth referral still remains one of the best sources of reliable information on goods and services in the market. Discuss with your family, friends and trusted acquaintances like your colleagues about your plans and inquire if they have patronized hard money lenders in the past. Satisfied clients will quickly give you referrals to the best money lenders you can find in this area as they won’t want you to be cheated or have a nasty experience.
Though flipping houses sounds complicated to a beginner investor, it’s not as hard as people perceive it to be. Find a house in a good location, fix it up and sell quickly. Settle your loan with the hard money lender, make a tidy profit and walk away or invest again in another house flipping deal.
With time, you will find that your money in the bank begins to grow all by using your abilities and other people’s money. Best of all, the global economy is recovering from the recession of the past years and as always, the real estate market will remain at its top spot in the investment world. If you can ride this wave and make enough money to take care of your family and possibly quit your undesirable job, what more could one ask for in life?