An Idaho Hard Money Loan is a Simple Way to Finance Real Estate
Whether you invest in fix and flips or opt for long-term rental investments, owning real estate can be a savvy money-making strategy.
The first challenge for any real estate investor is finding and purchasing property that meets their investment goals. Today’s competitive housing market has made it difficult for buyers, especially those who are new to the industry.
These five simple steps will help set you on the path to success as a home buyer or real estate investor. Here’s how to make your best offer when buying a property.
5 Steps to Making a Successful Offer
- Have a budget: Before you can seriously pursue any property, you must know what you can afford. Identify a lender and have your funding in order as a first step. Being pre-approved for a loan or knowing your financing source is vital to your ability to move quickly when the right property comes along.
- Use an agent: You’ll save time, money and effort by working with a real estate professional. An experienced agent will have the inside scoop on listings, a leg up on negotiating trends and tactics, and will provide a helpful sounding board in your property search.
- Be prepared: You have to be ready to move fast in today’s hot market. Properties sell within days of listing – sometimes hours. (See “Use an Agent” above!) The better prepared you are the more successful you’ll be. Do your research, know what you want – then be fast and flexible.
- Make a competitive offer: Bidding wars are the norm in many housing markets. Offers above asking price are commonplace. Work with your agent to put together an offer that is fair, that reflects true market value, and that keeps current sales trends in mind. Then be ready to walk away. You may be outbid.
- Don’t undercut yourself: Make a fair offer, respect the seller’s needs, and consider what you’re willing to negotiate. But don’t lose sight of your budget and long-term goals. Keep emotions in check and remain firm on contingencies that count. Remember. If this property doesn’t work out, another will come along.
Keep these five steps in mind as you begin your journey in real estate, add a dash of patience, and you’ll find success!
Our Idaho Private Money Loans Offer Fast Financing
You can check financing off your list with a phone call to Gregory M. Russell. Our hard money loans offer Idaho real estate investors an easy qualify, streamlined way to fund investment projects. Unlike conventional lenders, hard money loans are based on your available equity, making credit and employment history secondary. Paperwork is minimal and you can have cash in hand in two weeks or less. In competitive housing markets, that can be tremendously helpful. If you’ve found the perfect fix and flip property for purchase, are making repairs or upgrades on a rental investment property or have other financing needs, we’re here to help. Call 1-888-477-0444. Or simply complete our easy online request form. We look forward to working with you!