If you have bad credit and want to invest in real estate, hard money Texas might be a good loan option for you. Knowing what to expect from the hard money loans Texas process will make your more prepared and give you the tools you need to get money in your pocket!

Hard money loans Texas are loans that are based on the value of real estate that you want to purchase, not personal finances or credit scores. This makes them ideal for borrowers who may not have perfect credit or have a high debt to income ratio due to owning a business or other properties. Hard money loans are usually given to borrowers to finance investment opportunities and are funding by private lenders, rather than banks. If you have less than perfect credit or are looking for cash fast, hard money Texas may be the perfect option for you.

If you want to qualify for a hard money Texas loan, here are 6 steps to help make the process less overwhelming and easier to navigate.

1. Find hard money lenders in Texas. Make sure to research your lender to ensure that they have a good reputation with investors and will be honest. Ask lots of questions to make sure that you feel completely comfortable with your hard money lender.

2. Find a property. Find a property that you want to use hard money Texas to invest in. Make sure to do your due diligence as far as having the property inspected and appraised.

3. Come up with a timeline. Make a timeline for repairs and selling the property.

4. Create a budget. You need to know exactly how much the property will cost compared to what you expect to earn on it. Make a detailed budget and give yourself a little wiggle room. Make sure to budget for interest on your loan and about 10% extra for unexpected repairs.

5. Stay in contact with your lender. Make sure to update your lender about the repairs and any delays. Communication is key.

6. Pay back the loan. Once you sell the property, pay your hard money Texas loan back to your lender. Any extra is your profit.

BONUS STEP: Have fun deciding how to best spend your hard earned cash. A new investment? Maybe a treat for yourself? The possibilities are endless.

Stop making excuses and call a hard money lender in Texas today!

Dennis Dahlberg

Broker/RI/CEO/MLO