If you are dipping your proverbial toes into real estate investing, whether that be through a fix-and-flip project or managing a portfolio of rental properties,it is important to understand that the line between success and failure is extremely thin. Why? Because when you are new to the world of real estate, every decision carries significant ramifications that could decide whether you turn a profit or lose money. Hence, we wanted to share some important tips and advice to help ensure you first real estate venture is a success.
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Take Action
There is a misconception that has permeated throughout many avenues of society that it is relatively easy for one to become a successful real estate investor. As long as you can turn a profit on a few fix-and-flips, or have a specific number of properties in your rental portfolio, everything else falls into place.
Not true.
In reality, to succeed in real estate requires a significant investment of time, effort and unabashed hard work. Hence, you should steer clear from over-analyzing a particular investment property to the point where you miss out on the actual opportunity. If you truly want to succeed in real estate, you have to develop a level of risk tolerance and be willing to take action.
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A Cohesive Financial Strategy
Developing a cohesive financial strategy is critically important and will be a big factor in determining whether you will ultimately be successful in your first real estate venture. A cohesive financial strategy means developing a detailed, vetted outline of projected expenses, including a reserve fund for “unknown or unexpected” costs, and a projected sale price for the property. The same logic applies to a rental property where you need to know, specifically, how much each unit needs to rent for in order for you to pay necessary expenses and actually generate a profit.
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Pick a Reputable Hard Money Lender
Working with a hard money lender is quite different than working with a traditional bank. To help finance your project, especially your first one, it is in your best interest to apply for a hard money loan in Los Angeles with the expert professionals at PB Financial Group. Due to the fact that, hard money loans in Los Angeles are funded by private investors; you will discover a relatively high amount of variability between lenders and their respective requirements.
In Need of Hard Money Loans in Los Angeles? Contact PB Financial Group Today
If you are looking to secure a hard money loan for a real estate venture, take action by contacting PB Financial Group today. PB Financial Group is a premier direct hard money, private money and bridge lender, who has been providing quick funding since 2006 and have funded over 2700hard money/private money loans. Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner. To schedule a consultation please contact PB Financial Group at 877.700.3703 or visit www.CalHardMoney.com for further information.
PB Financial NMLS #357614/DRE #01522495
