Flipping Houses 101
HGTV makes the house flipping business look like a cakewalk, which is why many California residents are interested in the real estate market right now. If you know what you’re doing, flipping houses can bring in a ton of money for you and your family. On the other hand, if you end up with a “flop”, you could lose thousands of dollars in the process. Here are some things you should know about flipping houses in Southern California.
1. Time spent
The first mistake people make when flipping houses is requesting a loan from the bank. When you need a hard money loan fast, private lenders are the way to go. JCAP Private Lending makes sure you can flip a house quickly by eliminating the need for extensive paperwork and time-consuming investigations. Our private lenders in Orange County are able to close a loan in as little as one week, giving you the peace of mind you need to flip a house.
2. Property value
Traditional banks may hesitate to give you a loan, especially if the house you are buying is in poor condition. These banks will only consider the current property value when giving you a loan, when you really need extra funds for repairs. The private lenders at JCAP take into account the ARV, or after repair value, of a flipped house, which is why we give hard money loans for your construction project. We will even give you a mid-construction loan if you realize that there is more work to be done after the project has begun.
3. Credit check
Other mortgage lenders in California want to prove that you have a good credit history before they give you a loan. At JCAP Private Lending, we will work with you whether you have good credit or bad credit. Even if you do not have a history of borrowing or have a few bad marks on your credit history, our team will make sure you get the funds you need to successfully flip a house in Orange County, San Diego, or Los Angeles.
Flipping houses can put some serious cash in your pocket, but only if you seek out the proper lender. Call the best private lender in Southern California today and JCAP will work with you on your hard money loan.
JCAP Private Lending is a Direct Lender who closes and services Investor Funded Short-Term Real Estate Loans. Our experienced team has been providing quality mortgage services for over 30 years. JCAP Private Lending is an Asset Based Lender who steps in to quickly solve a short-term financial need secured by Real Estate. JCAP has an innovative approach to lending, focusing on speed, simplicity, and safety for borrowers and investors. JCAP’s operating philosophy is defined by the simple but impactful statement — “We Care & We Serve”.
Located in Newport Beach, CA, JCAP Private Lending primarily lends Hard Money & Private Loans secured by 1st & 2nd TD’s on residential property in Coastal California.