Phoenix Arizona Hard Money Lender
In order to make money in this often lucrative, though challenging, investment strategy known as real estate, you must be patient. I know, you’ve ran into those multimillionaire real estate developers that seem to be flying at 100 miles per hour, without brakes, and whom patience is definitely not a virtue. I can guarantee you, however, that behind the scenes is someone with an analytical mind that exhaustively researches the next property for development.
In order to really make the big bucks, you’ll need to find property that is below market value—a prospect that is actually easier than it sounds. In order to buy a property below the market value, you’ll need to know just what the market value is. One of the best ways is to get to know a real estate agent in your market area and develop a good, solid business relation. They provide comparative market evaluations daily and will understand the market in a way that no one, just entering the fray, could comprehend. What you don’t want to do is use sites such as Zillow or even tax assessments, which can be way off the mark.
Now that you know what it’s worth, let’s find out where the deals are. Real Estate Owned (REO) properties are a good place to start. These represent properties that have gone through the foreclosure process, are bank-owned, and can be found in the MLS. All banks handle these types of properties differently. Some are willing to negotiate a price that is far below the listed price, while others are less prone to price reductions. There is, however, a lot of competition for these types of properties and multiple offers is not rare. Some prefer owner-occupied homes while others will give cash offers precedence. Foreclosed HUD homes are another alternative. This is a little more difficult because these homes are government owned and, as you can imagine, purchasing one is filled with rules and regulations. Ideally, work with a Realtor who understands the system. These homes can be found on hudhomestore.com.
Short and Estate Sales
Short sales are another avenue to below market values. These are owned by private sellers who owe the bank more than they are able to sell their home or property for. You must be quick with these types of properties because it is often the first offer that the bank accepts. While at one time, these types of properties took months to close on, banks are now quicker in their decision-making process. Estate properties can also be good prospects. These types of properties may need to sell quickly due to creditors, tax issues or family dynamics. Then, of course, there is the “We Buy Ugly Homes” approach that investors undertake to find homes that are not listed for sale. And what will all of these types of properties require? Access to cash or a commercial loan that provides quick funding.
As you can see from these types of search options, most all of them require quick acting and quick capital. So, just where can you find a commercial loan that funds in a matter of days instead of weeks?
At Level 4 Funding, we can provide the hard money commercial loan you need for your next real estate investment project in less than a week. Call us today to see if we can help you purchase your next investment property tomorrow.
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701