Can you still qualify for Loans to Flip Houses in Arizona when banks have said no?
With the right resources at your disposal, flipping houses can be a viable way to make quick money in the real estate business. But what are your options if the banks and credit unions have said no?
You know the old saying — everyone has to have a place to live. That axiom has been the governing principle in the fix and flip industry for decades and, even as the market fluctuates, it will remain true. You can find a run-down or outdated house, put in some sweat equity, and sell for a profit in as little as three months.
Seems simple, right? There are a few problems that fix and flippers run into, though. Aside from the surprises and challenges of flipping a house, there’s the question of getting funding. If you don’t have the cash on hand, you’ll need to go to a lender like a bank. To get Loans to Flip Houses in Arizona, banks want you to have a great credit score, a good amount of funds in your account, and no blemishes on your record. Those narrow requirements can leave a lot of fix and flippers out of luck. After all, anyone who’s been in the real estate business for any length of time has had issues, whether it’s a short sale, a foreclosure, or a bankruptcy.
Alternatives to banks for Loans to Flip Houses in Arizona
Here’s the good news — you can still get Loans to Flip Houses in Arizona if you don’t qualify for one from a bank or credit union. For the right person, Arizona Hard Money Loans can be a great alternative for several reasons. You can get approved for a Arizona Hard Money Loan as quickly as two days and have the money in your account in a matter of weeks, which can give you a distinct advantage in a competitive real estate market.
Arizona Hard Money Loans are also more flexible. Since you put up collateral to secure them, Arizona Hard Money Lenders aren’t as worried as banks about your credit score, bank account, or past history, so borrowers with less-than-perfect credentials can still make their dreams come true.
Is a hard money fix-and-flip loan right for me?
Arizona Hard Money Loans to Flip Houses in Arizona also typically come with higher interest rates and shorter terms than bank loans, so they may not be the right move for everyone. We recommend them to people who have previous experience flipping homes themselves or newbies who have hired a contractor with flipping experience.
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