December 15, 2016
A hard money loan is a short-term loan that a hard asset secures, typically real estate. Investors or private companies are usually the entities that issue these types of loans. Hard money loans are ideal for fix-and-flips, investors with credit issues, or buyer who need to move quickly. So how are people finding real estate deals using hard money?
The Internet
Gone are the days spent searching through the newspaper’s classified section for listings. There are now websites that can quickly filter through a large portion of available real estate by geographical location, price, type of sale, and more. Realtor.com, Zillow.com, ZipRealty.com, and even Craigslist are websites that can narrow your search more quickly than in recent years. You will still need to perform research in order to sift through the available options, but real estate websites are full of helpful information.
Online forums for individuals in real estate are another great source of information, no matter what questions or concerns you may have. There are local forums to participate in, as well as national Facebook and LinkedIn groups to join.
Real Estate Investment Groups
Networking with professionals in the real estate investment business is one of the best decisions you can make for yourself. Networking groups have grown in popularity over the last few years. These groups are full of both new and experienced investors that provide resources, tips, and support. Meetings may have speakers with helpful knowledge to pass on to you, other investors to partner with, or lenders ready to provide a loan for your deal. Some of these groups may also have an additional online presence.
Befriend a Real Estate Agent
Real Estate agents in your area will have insider information on the potential sales in your area. Partnering with an agent who will share their wealth of knowledge is a smart step in your investment process. They also have access to a database run by brokers called the Multiple Listing Service, or MLS. There is a monthly fee to access the MLS, and it is only available to those with real estate licenses. Make sure you are ready to move quickly if an Agent brings you a good deal. They will keep you informed if they know you are a real buyer and stop calling if you aren’t properly prepared to close a deal that makes sense.
Finding quality real estate deals takes time and persistence, but if you are ready and prepared to put in the work, you will get the results. Research, smart relationships, and hard work will set you up for long-term success in the real estate investment world.