A report from CNBC confirmed that house flipping in 2017 – the year with the most recent available numbers – hit a high point for the decade.
Even better, a Lendin gHome Funding Corporation report generated news throughout California that it took about 180 days – roughly 6 months – to fix and flip a home in the Golden State.
That’s 20 days faster than the national average.
If you want to secure a new stream of income by flipping a home, a hard money loan in Los Angeles could be pivotal in turning your dream into a reality.
In this issue, the expert hard money lenders at PB Financial Group, will lay out the time frame for a typical fix and flip in California.
How Long Does it Take to Flip a Property in California?
Of course, each project is unique, and the timeframe will depend largely on how easily the buying and selling portion of the project goes.
Purchasing the home: 14 days.
This is where the value of a hard money loan really comes into play. While traditional banks can take up to 3 months just to decide on whether to even process your application, a hard money lender can provide you with the purchasing power you need within 2 weeks or less.
The flip: 30 days.
If you have a good crew who knows what they’re doing and what you want, you can really save time by making basic structural and cosmetic improvements.
Keep in mind that unexpected issues – structural damage to the foundation, plumbing and electrical issues, roof damage, etc. – can easily add a couple of months to the project.
This is where it literally pays to have an experienced hard money lender like the PB financial group in your corner. They know what to look and can spot potential trouble spots early on.
Selling the home: about 60 days.
After advertising the house for about 20 days, things really start cooking, as you’ll most likely have a few offers to consider.
After accepting the best offer, it will normally take about 40 days after entering escrow to close the deal – depending on the type loan the buyer has.
To Get the Ball Rolling on Your Flip Investment, call the Professional Hard Money Lenders in Los Angeles Today
If you’ve got a property investment idea in mind, the highly reputable and sought-after Los Angeles hard money lenders at PB Financial are here to help.
In addition to giving you the purchasing power you need, we’ll also work with you and provide invaluable advice on how to get the most from your investment.
PB Financial NMLS #357614/CalBre #01522495