Sioux Falls is the biggest city in South Dakota and the biggest city in the state of South Dakota. It is located in the southeastern part of the state and is the county seat of Minnehaha County. Sioux Falls has a population of just under 200,000 at 192,517 as of the 2020 census. The metropolitan area includes the population of over 30% of the state.
Sioux Falls is a great place to live with lots of tourist attractions. It is home to the famous Falls Park, which has the triple waterfall of Sioux Falls. It has many visitors every year, especially during the summer, and even during the winter. It is also home to a variety of farmers’ markets and restaurants. Sioux Falls is also home to the Washington Pavilion of Arts and Science, which gives many cultural opportunities for residents.
As a place to live, Sioux Falls is known as being extremely affordable, all while presenting the advantages of living in a major city. Livability ranked Sioux Falls as one of the best places to live in America. It is a great place to invest in real estate for its long term rentals and more.
Right now, Sioux Falls is known as an area with great public schools, a great place to raise a family, a place with great nightlife, and a very diverse city. Most people in Sioux Falls own their homes since the city gives a dense suburban feel. There are many bars and green spaces in the city, and Sioux Falls is home to many young professionals and young families.
Right now, Sioux Falls has a median home value of $189,900 and a median rent of $827, which makes it very affordable compared to the American average and especially the average American city.
Since the pandemic, Sioux Falls has been “heating up” very rapidly as a seller’s market. Demand is rapidly outpacing supply in the city, and homes are selling fast and for higher than the listing price. Real estate investors might get into bidding wars for prime real estate within Sioux Falls.
Hard money loans might be the best way to invest in real estate in Sioux Falls. Hard money loans are also known as last resort loans, but hard money loans are predominantly known for being used in fix and flips and long-term rentals as real estate transactions. The biggest advantage of hard money loans is their speed of approval. They can be approved within a couple of days, which is very beneficial in a seller’s market where homes sell so quickly (like Sioux Falls). By contrast, traditional mortgage loans can take more or less a month to be approved.
These loans are approved so quickly because hard money loans are based on the after repair value of the property. They are not based on the financial standing of the applicant, like traditional financing. Hard money lenders use the property as collateral, which is much riskier than traditional financing.
These risks are reflected in the unforgiving rates and terms of hard money loans. They have higher interest rates (8–15%) than traditional mortgage loans (just over 4% on average). They also have shorter repayment periods of more or less a year, which are much shorter than the repayment periods of traditional mortgage loans.
It’s important to find the best hard money lenders possible, which is why we at Hard Money Lenders IO have found the best hard money lenders in Sioux Falls so you don’t have to.