Phone: 240-436-2340
Maryland Hard Money Lenders. Private Loans in Maryland, Virginia & Washington, DC
Earnest money is money the buyer puts down before closing on a property. Some consider it a “good faith” deposit, showing the buyer’s intention to purchase a home or multi-family housing. The buyer makes an offer more enticing for the seller by including earnest money in the agreement. The seller gains protection if the buyer backs out and the property has to return to the market. The seller can use the money to start all over again and relist the property.
As soon as you’ve closed on your rental property, you are saddled with the responsibility to maintain it. Since many of our borrowers extensively renovate their properties before renting them out (that’s what our buy-and-hold loans are for), the first five years following the renovation are typically relatively easy. You might need to fix a broken faucet or repaint some rooms when switching the tenants, but chances are you would find it easy to manage your maintenance responsibilities. However, time marches on.
No one takes a hard money loan with a goal to default. In the ideal world, every fix-and-flip transaction would result in a profit for a rehabber and a performing loan for a private lender. At New Funding Resources, the majority of our borrowers never miss a payment, and less than 1% default on their hard money loan. That is not to say that problems do not arise from time to time. This is why borrowers need to know what it takes to stay current on their loan, what happens when the payment on your hard money loan is late, and how to avoid defaulting on your hard money loan.
Every rental property requires maintenance to keep things in good order. Some landlords prefer to hire licensed and insured contractors for maintenance and repairs. Other landlords take a do-it-yourself approach, especially for minor repairs and basic maintenance. For landlords in the Greater Washington, DC area, a well-stocked landlord’s toolbox will come in handy to:
A happy tenant is a sure sign there’s a happy landlord somewhere in the wings. Keeping happy, long-term tenants takes effort. However, the payoff is worth it. Purchasing a rental property is a serious investment – but it’s an investment that can provide an excellent return. Essentially, renters help landlords pay off the mortgage, leaving the landlords with equity. Rental property maintenance is one way to keep renters where they’re at. In the competitive rental market in the Greater Washington, DC area, attracting and retaining renters is an ongoing challenge.
Maybe you shared a seat on the school bus or a room in your college dorm. Maybe you’ve been friends forever or just met last month in the Greater Washington, DC area. Whatever brought you together, you formed a bond with this individual and the company they work for, too. You make a good team, and you’re ready to take a team approach to real estate investing. Together, you are ready to share the risk and reward of a joint venture (JV).
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New Funding Resources, LLC
806 West Diamond Ave.
Suite 340
Gaithersburg, Maryland 20878
Phone: 240-436-2340
All loans subject to our review of underwriting criteria and conditions. We reserve the right to approve or deny any loan application based on our sole discretion.
New Funding Resources 