If you are considering investing in a rental home, it is important to research and compare market trends in each prospective area - these statistics may include the selling price, the listing price, and the average amount of time spent on the market. The following have already been thoroughly researched and have been found to be the three best California markets for purchasing rental property.
Probate properties are the existing real estate assets of a larger estate that must be sold off to pay the deceased person's debt or distributed among the closest living relatives, depending on specific state laws. In most cases, real estate goes into probate court if the deceased died without a will designating who would get what.
For brokers that are assisting property investors with finding loans, it can be difficult, especially if the borrower can't get a traditional loan through a bank. That's where hard money, or private money, loans come in. Although these types of loans are easier for risky borrowers to obtain, finding a good hard money lender is not as easy as it sounds. Here are three tips for brokers new to hard money lending.
You've watched the reality shows where home buyers acquire a run-down property, invest to fix it up, and then flip the house by selling it for for a profit all in 30 days or less. This could be you someday, but flipping requires a great deal of investment capital to get started.
In the real estate “game,” nothing is more exciting than finding, rehabbing, and then flipping a property for a sizable profit in the time span you originally envisioned. Still, reality can often intrude and you will be stuck with a property that you cannot sell at a profitable price. When this happens, the prudent real estate investor has a secondary plan or “exit strategy” to deal with this eventuality.
Investing in real estate can be risky. A savvy investor needs to know how to choose a lender who will be an asset to them. Not all are created equal. Here are five qualities to look for in a private lender.
Flipping a house successfully requires a very detailed scope of work. Some people choose to do a very general scope to determine if the flip will be profitable or if the house is a money pit. However, the problem with an overly general scope is that there are a lot of variables. Contractors may give you estimated quotes that turn out to be much higher when they find bigger problems upon closer inspection. You might think a roof replacement is all you need, only to find out later that the gutters and chimney need work as well. Take the extra time to examine the details, and check out these tips about how to put together a complete scope of work for your next flip:
A California hard money lender has a slightly different approach to issuing loans than other sources of debt capital. Understanding what a typical private lender wants can help you to not only send the right deals their way, but also to better package what assets you send to them.
The California real estate market is one of the most active and lucrative markets in the country. Velocities are high, large numbers of both bank and hard money lenders provide capital, and some markets offer significant opportunities for appreciation. However, the unique nature of real estate in the Golden State also poses some challenges. Here are some tips to help you close the right deals:
Hard money lenders ask different questions from traditional lenders. You can't approach one simply expecting that a high credit score will be enough to get a loan. Instead, they look at you, your proposed purchase, and your equity to answer one basic question: Are you motivated to repay the loan? To this end, here are five of the most common questions that you can expect to be asked: