The Daily News recently shared the story of a 1,600 square foot fixer-upper home in Granada Hills, CA, that was listed for sale. The agent, Alan Castillo listed the home for $278,250. Castillo had offers on the home within a day, eventually drawing 128 different offers, most of them in cash. After just 10 days on the market, the house finally sold for nearly $100,000 more than it was listed for.
Who were those 128 different offer-makers? Undoubtedly, the majority of them were property investors. Savvy investors know that now is the ideal time to buy in the Southern California housing market. Homes in Southern California are desirable commodities, and there are fewer of them available right now than usual. After the downturn in 2007, construction crews stopped building new houses. As a result, now that the housing market is regaining traction there aren’t enough available homes to go around. This means that the houses that are available are selling quickly and sometimes for much more than the asking price.
This is an ideal situation for property investors. There are still quite a few foreclosed and rundown homes on the market in Southern California, many of which could be refurbished and resold within a matter of months for an exceptional return on investment.
Have a Reliable Rehab Loan Lender on Your Side
Of course, investors are facing fierce competition in purchasing these homes, as the above story attests. That’s why it is so important to have a reliable rehab loan lender on your side when making property investment decisions. With one of ZINC Financial’s rehab loans, you’ll have a leg up in the competition because ZINC will be able to provide you with your cash within a matter of 7 to 10 business days. In most cases we will also be able to give you a letter of intent that will help you move forward in the purchasing process days before your actual loan comes through.
Don’t let this perfect storm of low interest rates, motivated buyers, and minimal risks pass you by. Make sure that you’re ready to move when an ideal investment property goes on the market by contacting ZINC Financial today. Our team can provide you with all of the information and support that you will need to make smart investment decisions in 2013.