Phone: 240-436-2340
Maryland Hard Money Lenders. Private Loans in Maryland, Virginia & Washington, DC
Working with a private lender can offer several advantages compared to traditional lending institutions. Quick access to funds, lending criteria flexibility, and streamlined underwriting are just a few of them. But like everything else, private lending and hard money loans come with their own risks. To know them is to manage them. So let’s talk about the risks of working with private lenders and how real estate investors can minimize their on their bottom line.
I have recently stumbled on online advertising that promises “a passive income of at least $5,000 a month” after buying their magic real estate investing and rental program course. Guaranteed, and no experience is required. Really? I have been investing in real estate for years and have a decent portfolio of properties right here in Montgomery County, but I am yet to see numbers like this. Yes, my real estate portfolio’s value increases year-after-year, my mortgage balances go down and it’s an integral part of my retirement plan, but I am not yet relying on it to generate any income, let alone “passive.” So what gives?
Let’s talk about a hard money loan requirement that typically gets little attention – property insurance. Because the appropriate insurance is an essential condition to a private loan closing, the process of obtaining that first coverage is relatively smooth. Once we guide our borrowers through what kind of insurance they need as real estate investors, they quickly and easily purchase an appropriate policy. However, it’s when that initial coverage expires, the issues often start.
Margins on a rehab project can be razor-thin, so it’s essential to set a realistic budget and stick to it. Underestimating the cost and scope of renovations could be the difference between turning a tidy profit and taking a financial hit. Spending more on a rehab than you anticipated will certainly cut into earnings, especially if the property is slow to sell once all of the renovations are completed. Going over budget is all too common in the house-flipping industry. Here are some house-flipping tips to ensure you get the best return on your real estate property investment in Maryland, Virginia, and Washington DC.
The house-flipping TV shows make it look so easy! Buy a house, do some renovations, put the house back on the market, and walk away with a juicy profit. The well-dressed, good-looking TV hosts make the fix-and-flip process look so quick, simple, and elegant. Although flipping homes in Maryland, Virginia, and Washington DC can be profitable, success requires developing and sticking to efficient home-flipping timelines. Let’s take a look at how long it takes to flip a house and how you can develop a fix-and-flip plan that maximizes your profits and minimizes your risk.
One of the first things that you need to decide when evaluating an investment opportunity is whether you need to replace the roof or not. If you do, it could become one of the most expensive line items in your scope of work. At the same time, it could help you sell your flip faster and for more money. For those planning to keep the property as a part of their real estate investment portfolio, a new roof could help keep your rental in good shape (both internally and externally) for years to come.
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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 