You are now planning to get a hard money loan to buy a new investment. Nevertheless, you haven’t found the property that you want to spend your money with so there’s a possibility that your loan will be put on hold or you’ll be pressured to immediately find a property and end up with not so good ones. To make sure that you’ll get a hold of the best property to invest your hard money loan with and to earn more money in future time, here is the list of properties that you should look for.
- A newly built home in a good location
This is the best property that you can get to invest your money with. Aside from the good location, the house is newly built so you can expect that you don’t need to shell out some more money for any repairs and reconstruction unless you want to do minor changes. However, the downside with this property is for sure, it will cost a lot. If you have the money now then you can buy it because after some years with just few maintenance costs, you can sell this for a good profit.
Before buying, you have to consider first the over-all costs of the property then compare it if you’ll be the one to build the house. It will take time but if you’re not in a hurry then you can wait a bit and save tons in return. Some home sellers sell their new properties with so much profit on top so be careful in making decisions.
- Old house in a good location
You don’t have the money for new houses but you are willing to do all the necessary repairs and reconstruction one at a time? Well, if yes then why not invest in an old house located in a great location. The site of the property is very important when choosing a house to buy. Good whereabouts will make your property more valuable as the time goes by hence you can invest on it for the mean time. Then step by step you can refurbish the house and soon enough, it will look like a brand-new one without the hassle of paying a hefty price upfront. This gives chances to those who want to own a valuable property but doesn’t have the money yet.
Before buying, make it to a point that you’ll get an estimate of the over-all costs of the repairs and remodeling. If this will be too much then you can talk to your broker or to the seller and ask for more discounts since the costs of the construction will be very high.