Hempstead is a town in Nassau County, New York and one of three towns in Nassau County. Hempstead occupies the southwestern part of Nassau County and includes many popular villages and hamlets, including East Meadow, Franklin Square, Roosevelt, Wantagh, Rockville Centre, Valley Stream, Atlantic Beach, and Hempstead Village. Hempstead has a population of almost 760,000 people and is home to the famous Hofstra University, one of the most popular universities in New York.
Hempstead is also a New York City suburb, given its very close proximity to the city. It is accessible to New York City through the Long Island Railroad as well as several highways. It is home to the most popular beach on the east coast of the United States, Jones Beach State Park. Jones Beach has almost six million visitors every year.
According to Niche, Hempstead is one of the best places to live in New York because of its thriving public schools, being a great place to raise a family, and its dense suburban feel. Hempstead is a place where most people own their homes and where there are tons of restaurants, bars, and green space. It is home to many young professionals, and Hempstead has a median home value of $455,700 and a median rent of $1678.
Right now, Hempstead is a buyer’s market. It is a place where the supply of homes is greater than demand, and where homes are selling for lower than listing price and homes are staying on the market longer.
Real estate investors in Hempstead should look into hard money loans. Hard money loans are also known as last resort loans, but their biggest advantage is different in seller’s markets versus buyer’s markets. Hard money loans in seller’s markets often have the unique advantage of being approved very quickly, usually in a couple of days, but in buyer’s markets, hard money loans have the advantage of being used to purchase cash-only properties.
For cash-only properties, real estate investors have to only use cash to pay for the property, but the term also means the home is in such poor condition a bank won’t finance the property and the property was not approved for traditional financing. These properties can have potential if they are repaired and recovered from their distressed status, which is why hard money loans often qualify as cash.
Hard money loans were made for repairing distressed properties in fix and flips and long-term rentals, and they’re an alternative source of financing to traditional mortgage financing. Hard money loans can be used to turn distressed properties into attractive ones, but it’s important to consider their advantages and risks when thinking about hard money loans.
These loans are different from traditional financing because they use the property as the asset and collateral. Hard money loans are much easier to get approved than a mortgage because they do not rely on the financial standing of the borrower, even if they have minimum credit scores of 600 to 620. Hard money loans have plenty of disadvantages, too, including their very high interest rates, short repayment periods of low LTV ratios. A real estate investor should know what they’re doing and have either a lot of experience or good consultation before getting into a hard money loan.
You should only choose the best hard money lenders, which is why we have you covered at Hard Money Lenders IO — here are the best hard money lenders in Hempstead.
