Rapid City is the second biggest city in South Dakota. It has a population of just under 85,00 people and is the county seat of Pennington County. Located in the western part of the state, Rapid City is known as “Gateway to the Black Hills” and “City of Presidents.”
Rapid City is home to many bronze statues of U.S. presidents, and the surrounding area is also home to Ellsworth Air Force Base and Camp Rapid, a base for the South Dakota Army National Guard. It also has a lot of attractions like Main Street Square and Art Alley and is very close to attractions like the Badlands National Park and Mount Rushmore in neighboring Black Hills.
According to Niche, Rapid City is one of the best places to live in South Dakota. It is a place that is great for raising families and has great nightlife. It also is a very diverse city. Rapid City gives people a dense suburban feel and most people in the city own their homes. It has a median home value of $184,700 and a median rent of $837, which are both below the national average. Rapid City is one of the most diverse places to live in North Dakota, and tourism is a thriving industry in the city.
Right now, Rapid City is a seller’s market. Demand is greater than supply in the city, and Rapid City is one of the hottest real estate markets in the state. Homes are selling fast and for higher than listing price. Real estate investors might get into bidding wars in the state to compete for prime real estate.
Hard money loans might be the best way to invest in real estate in Rapid City. Hard money loans are known for being used for real estate transactions, but they’re mostly used for fix and flips and long-term rentals. Hard money loans are otherwise known as short term bridge loans and last resort loans, but their biggest advantage in a seller’s market like Rapid City is they can be approved very quickly. Hard money loans have speeds of approval of a couple of days, which is significantly faster than traditional mortgage loans, which have speeds of approval of more or less a month.
The reason hard money loans can be approved so quickly is because they’re based don’t the property. In particular, they’re based on the after repair value the property. Traditional mortgage loans, by contrast, use the financial standing of the applicant as the terms and rates of their loans. It’s not like financial standing does not matter — hard money loans require minimum credit scores of 600 to 620. But most hard money lenders use the property as collateral, and if a borrower defaults on a hard money loan, they lender owns the property, which is much faster and more expedient than the bank initiating lengthy foreclosure proceedings.
Hard money loans have significant risks as a result. They have higher interest rates than traditional mortgage loans. The average hard money loan has an interest rate of 8–15%, which is significantly higher than the average mortgage which has an interest rate of 4.1667%. In addition, hard money loans have shorter repayment periods. They usually need to be repaid within a year, which is much shorter than the 15 to 30 year repayment periods of a mortgage.
It’s important to only trust the most reliable hard money lenders, so at Hard Money Lenders IO, we have made a list of the best hard money lenders in Rapid City.