Arizona hard money – what is it? What does it mean to fix or flip a property?
Fix and flip is really a slang term to describe a type of real estate investment deal. The fix part is where a real estate investor purchases an undesirable family home below market value and does some repairs to the property in order to make it more appealing. The idea is to significantly increase the market value of the property with the minimal expense possible so that the home can be resold for a tasty profit. Typical repairs done are: adding bedrooms as needed, putting in a new kitchen, finishing a basement, replacing a roof or doing anything required to make a home have more curb appeal to buyers and of course, more valuable then when they started.
IT IS PART SCIENCE AND PART ART TO KNOW WHAT REPAIRS TO DO AND HOW MUCH TO SPEND DOING THEM. IT ALSO INVOLVES GETTING A LOAN APPROVAL, USUALLY SOMETHING LIKEARIZONA HARD MONEY.
The flip part refers to getting the property listed for sale in a short period of time and then locating a new person that will buy the home to live in it or rent it. This new buyer gets a loan and pays for the property. When the closing happens with the new buyer then the real estate investor, assuming they did the deal right, makes a profit. Fix and flip investing has been around for quite some time, but it has become much more popular with the advent of TV shows such as Flip This House and Flip That House among others on cable stations. If you are interested in becoming an investor who does fix and flips, then you have come to the right place. Just contact your local hard money lender Arizona today!
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