The Golden State is among the hard hit by the recession and the housing crisis. In the same way, it is also among the best places to practice alternative forms of real estate investing like rehabbing houses. However, an investor will need a great amount of money just to start in the rehab homes business. Good thing there’s California hard money lenders who support these neophyte investors.
California hard money lenders offer a helping hand to beginners. Apart from getting the financing they need for the real estate deal, investors get a lot more when they tap these creditors. You see, hard money lenders in California have been in the real estate industry for years. They are veterans in doing deals. While you may see this as a disadvantage, you must look at it from another perspective. Because it is their money that’s on the line, these lenders will make sure that the borrower will be able to repay them. How do they do this? By scrutinizing the deal the borrower wishes to close.
That’s why hard money lenders in California, or anywhere in country, care about the deal. While they might also take a look at your credit score or history, what primarily matters to them is that real estate proposal you have. For instance, you are borrowing money for a rehab homes business. They will look at the rundown property you wish to rehab. They will look at your proposal. If they think that your deal will result in huge profits, then you’ve just had yourself a financier.
California hard money lenders are willing to provide investors up to 70% of the after repair value of the rundown property. In most cases, especially when you are able to buy a house at a deeply discounted price, 70% of the ARV is often enough for all of the investor’s expenses. That means you might be able to buy an old house and turn it into a new home without using your personal money. All you’ll need is the financing provided by the lender.
In today’s market, finding such deals is made easier with the popularity of the Internet. A lot of home sellers advertise their homes online and if you have the money, you can purchase these properties fast – beating competition in the process and making lots of profit. When you’re in a market as competitive as the Golden State, it is common sense to have a lender who can support you all the way.
Learn more about this form of financing at RehabHardMoney.com right now and be ready to dominate your local area in California.