My New Outside Blog: January 2011

Real Estate Investing

If you are thinking about investing in real estate, you may want to consider a hard money loan to help you acquire and rehab the property.  Hard money lending is very vibrant these days and there are some pros and cons you  should consider as a real estate investor.

Pros

  • Hard Money Loans take into consideration the After Repair Value (ARV) which means you can get a hard money loan that provides all the funds you need to purchase a property.  You only need to have the funds for rehab.
  • Interest is assessed during the term of the loan - typically six months maximum - but you have no payments due during the loan period.  So you are truly using your available funds for rehab and planning for a balloon payment using the proceeds from the sale to new buyer.
  • Qualifying can be much easier than qualifying for conventional financing.

Cons

  • Hard Money Loans is very risky.  If you cannot pay them back, you are looking at a foreclosure.
  • Hard Money Loans have interest rates that are comparable to credit cards - 18% or more.
  • Hard Money Loans have other fees that must be taken into consideration as part of the overall cost of the loan.
  • Most hard money lenders only lend on investment properties.  If you are looking to purchase as an owner occupant meaning you will live in the property, get approved for a conventional loan first.  Use it after you have completed the hard money loan.

Interested in investing in real estate in metro Atlanta?  Please give our office a call at 404 923 4210 for immediate assistance.  We have helped investors in the area who are very successful.

    

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Comment balloon 0 commentsJordon Wheeler • January 28 2011 03:09PM
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