Like so many other hopeful “flippers” or bargain shopping renovators, you might be seeking a property that is a bit out of your personal price range but you simply can’t pass up on such a great opportunity. The real estate scene in Denver and many other surrounding areas is going through some significant changes. Brand new commercial residential complexes are popping up all over the place that offer the same cookie-cutter spaces and amenities. These are popular, for sure, because of what they have to offer but they are also increasingly expensive for tenants. There is another level of apartment-creators in the city that find the beauty in older buildings and have the means to produce beautiful and unique spaces that are affordable for their future tenants.
These types of renovators are making things happen through hard money lending that is specific to their trade. Many private lenders have the means to provide larger sums than regular banks and they do so for real estate investors like you. They offer specific apartment renovation loan programs for those who are looking to buy a larger building or other multi-family residence to make signigicant changes. Borrowers like these, and like you perhaps, are offered more-than-sufficient amounts to get the renovations done in a timely manner with the ultimate goal of turning a profit. The lenders will stay with you until you are able to fully lease each space and you can begin paying back the loan. These types of programs are also great for individuals or groups who already own units and need to revamp them a bit before a new season of leasing.
Private lenders will take their time and work with you to compute each and every cost of the process from buying the builidg to placing carpet and tile orders to finally leasing the units. This is a large investment for both of you, so there is a mutual interest in maximum capital gain and success. Real estate is often described as the number one worthwhile investment no matter where you are. If you would like to get involved and see what all the fuss is about but don’t have the money to get started you should probably look into a hard money loan.
With this type of loan you can work with a private lender who can offer larger sums and more control over the whole process. You can offer up what property you already own as collateral and get started immediatley on either purchasing a new building or making changes to one that you already own. In a very short amount of time your property value will increase. With each new doorknob you add and window that you install the value of what you have is growing, and by the time you are reading to begin leasing out units you will be on top and realizing what a great investment it was. So go ahead and join the nation of flippers in Denver or where ever you are!