When it comes to the best markets for fixing and flipping houses in Texas, the city of San Antonio sometimes flies under the radar behind markets such as Austin or Waco. But, as pop-flippers like Armando Montelongo of A&E’s “Flip This House” have shown, there is a great market for entrepreneurs in the city.
Just prior to the pandemic, we identified San Antonio as a hot up-and-coming market for fix-and-flippers. The reasons were simple: more gentrification, more business, and more incoming residents meant the home of the Alamo was only going to increase in home flipping opportunities.
Flipping Houses in San Antonio: A Growing Trend
While not as drastic as its northern neighbors, the median sale price in the Alamo city has surged 16.6% year-over-year to $280,000. Even more drastic, however, is the average time on the market. Prior to the pandemic, a home would stay listed for about 1-2 months before being sold. Now? San Antonio homes are selling in just over 2 weeks, under half the time in 2020.
The housing market is moving at breakneck speeds, and flippers are either thriving or dying based almost singularly on one factor: funding time.
Financing Your San Antonio Home Flip
In order to take advantage of the San Antonio flipping market, you’ll need to ensure you have the capital needed to buy readily available in order for your home bid to be taken seriously.
To get the financing you need, you have two options: getting financed through a bank or through a private lender via a hard money loan.
San Antonio Flippers Use Hard Money Loans to Buy Homes
Fix-and-Flip entrepreneurs who rely on a traditional loan from a bank are missing out on the surging market. The reason? Because homes are being sold so quickly, those getting capital from a bank are not being approved in time and missing out.
To stay competitive in this market, you’ll need a hard money loan from a private lender. While rates may be higher and terms shorter, the benefits of fast loan processing mean you can get your bid offer to a seller before the competition.
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Private Lenders and your Texas Home Flip
Traditional banks are proving unreliable in this housing market. You’re competing with cash offers and other investors.
Simply put, if you’re not getting a hard money loan to finance your fix-and-flip project, you will never be able to get in on the action.
Hard money loans are the only way to gain the upper hand in a home bid.
How quickly can you get funded? A private lender can have you funded in less than 5 business days. For those in a real crunch, Park Place Finance has even been able to get some investors funded within 24 hours!
Get a Hard Money Loan for Flipping Houses in San Antonio Texas
At Park Place Finance, we pride ourselves in helping fix-and-flippers achieve their dreams and get in on the exciting action happening in the Texas home market.
If you’re ready to get competitive in the San Antonio home market, please talk to us.
With competitive rates and rapid processing time, you’ll be ready to take advantage of the booming home market in San Antonio
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