Huntington is a suburb on Long Island that’s only 40 miles away from Manhattan. Huntington is the birthplace of famous American poet, Walt Whitman, and is home to Walt Whitman High School. It is home to Huntington Village, a place with lots of restaurants and stores as a thriving downtown part of Huntington.
It is a great suburb for raising a family and Huntington is a place where there’s a lot to do between green space, going to the beach, going to the theater, or going shopping. It is a short train station away from New York City and also accessible to the eastern part of Long Island. Strangely, Huntington is known as the only town in America to ban self-service gas stations, much like the state of New Jersey, but on the township level.
According to Niche, Huntington is a suburb in New York City with a population of about 200,000 people, and one of the best places to live in New York. Huntington offers people a sparse suburban feel and it is a place most people own their homes. It has very highly rated public schools and the median home value is $560,400, and the median rent is $1,831.
Right now, Huntington is a buyer’s market. Supply is exceeding demand in Huntington and homes are selling for lower than listing price and staying on the market for a very long time.
Hard money loans might be the best way to invest in real estate in Huntington. Hard money loans are also known as short-term bridge loans and last resort loans. In a seller’s market, hard money loans have the unique advantage of being approved very quickly. But in a buyer’s market, hard money loans are more used for the purpose of repairing opportune homes in disrepair, and turning them into attractive properties for buyers.
In buyer’s markets, hard money loans can be used to buy cash-only properties. Of course, cash-only in real estate means buyers can only use cash to buy the property, but it also means the home is in such bad condition a bank will not touch the property. Usually, a buyer who buys a cash-only property will need to be incredibly experienced to calculate all the costs of repair and still turn a profit, but hard money loans can, in many situations, also qualify as cash.
Hard money loans can qualify as cash because they’re an alternative source of financing to traditional mortgage loans. Also, hard money loans are mainly used for real estate transactions, and were essentially made for fixing homes in disrepair and house flipping anyway. A real estate investor can make a lot of money turning a home in disrepair into an attractive property.
A hard money loan is usually based on the property and after repair value of the property. It does not rely on financial standing for approval, but hard money lenders usually require a minimum credit score of 600 to 620. Since the loan uses the property as collateral, hard money loans have a different default process than traditional mortgage loans.
Hard money loans also have a lot of disadvantages as a result. They have much higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgage loans. Hard money loans are much more unforgiving, especially with 8–15% interest rates.
That’s why it’s essential to find the best hard money lenders, which is an area we at Hard Money Lenders IO have you covered. We have made a list of the best hard money lenders in Huntington.