Dayton is considered one of the cities with the lowest costs of living in America, and it is the sixth-largest city in Ohio. It has a population of about 137,644 residents and Dayton is also considered one of the best cities for young professionals in America. It is especially known for its nightlife and diversity. Most residents rent their homes in Dayton and there are a lot of bars, coffee shops, and parks in Dayton.
The median home value of Dayton is $66,800, and the median rent in the city is $706. It is a place where most people rent their homes, and it is ranked #5 of cities with the lowest cost of living in America of 228 cities. Dayton is home to a variety of inventions, including the cash register. It is also famously known as the home to the Wright Brothers, the famous aviation pioneers. In particular, Dayton was the home of Orville Wright.
According to Jeff Rohde at Roofstock, Dayton is a city with incredible home sales. It’s a place with affordable prices and incredible cash flow from single-family renters. It is under the radar for a very cheap real estate market, but the market is quickly attracting more investors as rent prices are rapidly increasing in recent years.
Right now, Dayton, Ohio is a very strong buyer’s market. It is a place where the supply of homes is greater than demand. Homes are selling for lower than the listing price. In a buyer’s market, a real estate investor needs to make the condition of homes more appealing to investors than other homes.
Hard money loans might be the best way to invest in real estate in Dayton. Hard money loans are also known as bridge loans or last resort loans, but they’re mainly used for real estate transactions and rehabilitation projects. Usually, in a seller’s market, hard money loans have the advantage of having very fast speeds of approval. They can be approved within a couple of days, whereas traditional mortgage loans can take a month or more to be approved.
In a seller’s market, these are very advantageous loans for speeds of approval. However, in a buyer’s market, with a high supply of housing, a real estate investor has the opportunity to use hard money loans on cash-only homes. Cash-only homes have that label because they obviously can only be paid for with cash, but they also do not qualify for traditional financing. Cash-only homes are often in such a state of disrepair banks won’t touch them.
In a buyer’s market, buying these cash-only homes can be done with hard money loans, since hard money loans are designed to rehabilitate homes. With hard money loans, real estate investors can make their properties a lot more attractive than other properties to attract renters, and make their properties stand out.
Hard money loans can be approved so quickly and be used for rehabilitation projects because they’re based on the after-repair value of the property, not the financial standing of the borrower. They do not factor credit score into the rates and terms of the loan. If a borrower defaults on a hard money loan, the lender takes on the property.
Because of all these risks, hard money loans have higher interest rates, lower LTV ratios, and shorter repayment periods than traditional mortgages. That’s why most experts recommend they be left to the pros, but new investors still have the opportunity to acquire hard money loans.
At Hard Money Lenders IO, we have you covered. We have compiled a list of the best hard money lenders in Dayton so you don’t have to, and you can find a lender with the best rates and terms for your hard money loan.
