Lending a Helping Hand: With Hard Money Lenders, Texas' Self-Employed Can Buy a Home!

Tough bank lending regulations and income verification standards have made it nearly impossible for business owners to get a home loan. With hard money lenders, Texas' self-employed borrowers can bypass the bank non-sense and buy their dream home. 

Since the housing crash of the mid-2000's, banks have cracked down, a lot. And while some new regulations were necessary to protect both borrowers and lenders, things have gone a bit too far. It is to the point now that many Americans who are self-employed find themselves denied by banks for home mortgages.

The big, red "denied" stamp can happen for a number of reasons. If you're self-employed, you probably take advantage of many legitimate tax breaks to help with your income tax burden. Almost anything you purchase for you business and any interest you pay on loans are tax deductible. However, while this may be great at tax time, it can often hurt your chances of getting a home loan because it makes it look like you make less income than you actually do. Another factor that can hurt small business owners is record keeping. Some businesses may not have records that accurately reflect their earnings and any "holes" will be red flags for banks. Finally, credit scores may affect your ability to get a loan if you have business loans or other personal debts.

It is a double edged sword. On the one hand, being self-employed is many American's dreams, but it can also effectively shut you out of the home loan market. This does not have to be the case though, because with hard money lenders, Texas' self-employed borrowers can get a home loan.

Hard Money Lenders Texas Financial Experts Recommend

With the current lending climate being what it is, it is hard money lenders, Texas financial experts are recommending. With minimal paperwork, less strict income verification guidelines, and almost no concern over credit scores, hard money lenders are making it easy for self-employed Texans to get the home loan they need. Turn around times are quick which means that you can buy an auction house or get a great deal. Keep in mind that you may pay a higher interest rate for the credit but often it ends up being worth it. Just make sure you know exactly what your monthly payment will be, including any interest and fees, and make sure it is within your budget. 

If you are self-employed, don't let the bank stand in your way, find hard money lenders Texas experts trust and get started today!

You will be glad you called hard money lenders Texas self-employed borrowers know and trust. Once you are ready to start your journey to home-ownership, don't let anything stand in your way. 

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701

About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Work at Home? Using Hard Money Loans, Texas’ Self-Employed Can Become Homeowners

It’s kind of odd the way people who follow the American dream and choose to start their own business get penalized. In many cases, it disqualifies them from becoming homeowners with traditional mortgages, but with hard money loans, Texas’ self-employed people can own a home, too.

“Good Luck Getting a Mortgage.” That was CNBC’s message to the self-employed when they covered just how difficult it is to buy a home when you’re your own employer. It’s hard enough to get a mortgage as it is, but those who work from home or freelance have an even more difficult time. A study from Zillow discovered that self-employed individuals only get six loan offers for every ten that traditional employees do.

Difficulty obtaining an offer is just the start of it, though. CNBC reported that some banks are demanding several years of tax returns, corporate tax returns, and even Googling their applicants. One unlucky would-be borrower was quizzed about the names of clients who were using her freelance writing services, which she aptly summed up as “intrusive.”

Data shows that self-employed people make about 81% more than those who work for traditional employers, but that doesn’t seem to matter to banks. Entrepreneurs wind up having to fork over an average down payment of 15.3% percent, while their salaried counterparts generate a mere 14.6%. Using hard money loans, Texas’ self-employed can get around some of the issues, but very few people are familiar with the method, even though it’s been around for seemingly forever.

When Considering Hard Money Loans, Texas Borrowers Don’t Have to Worry About Eligibility

When doling out hard money loans, Texas lenders tend to focus more on the value of the property being purchased, rather than the financial background of the individual applying. This makes it much easier to get approved, and far less “intrusive.” Because the self-employed have so much more paperwork to manage with a traditional mortgage, the length of time it takes to seal a deal can be months, if it ever happens at all. With this method, the timeline is much shorter, even compared to what a salaried employee might endure. Loans are often funded within days, rather than the weeks or months a traditional path might take.

To get advice on hard money loans, Texas borrowers should always consult a pro.

There are many varieties of hard money loans Texas lenders specialize in, and there are solutions for just about every circumstance. While some options are geared more towards people who purchase with the intent to rent or flip, certain packages are put together especially for people who are self-employed. For this reason, it’s always a good idea to speak with someone who handles several types of loans, so you can be sure you’re getting the right one for your needs. CNBC’s succinct quip was sadly true about the traditional mortgage industry. Thankfully, there are other means available that put homeownership within reach, even for those who write their own paychecks.

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

  

About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

How to Make Money and Be Your Own Boss With Hard Money Loans Texas

For some people, the daily grind of punching a time clock and working in a cubicle is just fine. For others, it can be pure torture. If you are the latter, it is time to start looking into hard money loans Texas as a way to make money with real estate investments. This will let you be your own boss and get off the hamster wheel for good.

When it comes to hard money loans Texas, the best place to start is with Texas hard money lenders. Texas hard money lenders specialize in alternative funding for investors and hard money loans. A hard money loan is cash loan that is funded by a group of investors. The loan is underwritten by a mortgage broker so it is safe. Hard money loans Texas are meant to be short term loans that can be used to fund real estate investments (although there are other ways to use them too).

Once you have found a lender for your hard money loans Texas, you need to find a property. One of the best ways to make money is to purchase a house that you can "fix and flip." Choose a home that has the potential to build equity quickly so you can make the largest possible profit. In many cases, you can even get some extra capital with your hard money loans Texas that can be used to do many of the repairs and cosmetic fixes for the house.

When you are looking for a property, here are a few things to keep in mind:

• Location. Texas hard money lenders know that location matters. Choose a great block with good schools. Then, find the worst house in the neighborhood.
• Don't shy away from foreclosures, short sales, or bank owned properties. Sometimes these may take a bit longer to close but you can usually get a good deal. And having cash in hand from your hard money loan means that you can usually close more quickly than you thought. 
• Get a home inspection. You know there will be issues, just make sure that there is nothing that will be too expensive to fix. A home inspection can help find any hidden issues and help you develop a realistic budget. 
• Hire pros. Don't try to do the entire house by yourself. Know when you need to find a handy man, plumber, or tile guy. And make sure to keep them on speed dial.
• Price the home right to sell quickly. This will help maximize your profits while minimizing the amount of interest you have to pay on your hard money loans Texas. 

That's it. If it sounds easy, that's because it actually is. Once you get the hang of using Texas hard money loans to invest in real estate, it will quickly become your passion and full time job. No more corporate ladder for you. It's time to be your own boss. 

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.