Like the intro to the film La La Land, people following their dreams have always found ways to come to LA and try their luck at being a star. They dream of having their name up in lights. Once here many of these dreamers learn first hand the struggles of Hollywood and find out that they need to create new dreams for themselves. They need to determine alternative ways to become the stars that they dreamed of becoming. For some these new dreams involve buying or selling real estate. If you are someone who has the call of real estate it is important to understand some of the many ways you can fund those dreams and become the star you dreamed of.
One way you can fund these dreams is through various types of loans. The good news is that loans are available even if your credit is not perfect. For example you might want to work with a Los Angeles hard money lender and consider taking out a hard money loan. These loans are a type of short-term loan based chiefly on the value of the property used as collateral and not creditworthiness. These loans are available up to a certain percentage of the value of your property. In addition, you may find that private lenders allow you greater control and understanding as compared to going through banks. It can be useful to have someone who is rooting for you and who is willing to look at your request and your context holistically and not dismiss you simply on your credit score.
In some cases you will find you can’t wait to be approved for your loan, or you might find yourself in the middle of a real estate project and suddenly learn the amount of financing you thought would be enough does not cover all your costs. When this occurs another type of loan called a bridge loan may be able to help you to continue on the path to reach your real estate dreams. Bridge loans are a type of short term loan, typically up to one year, which can be used until a person or company secures permanent financing or removes an existing obligation. These loans are also usually backed by some form of collateral, such as real estate or inventory. Like all loans, all the terms of the loan must be read and understood if you do not want to put yourself in an untenable position in the future.
Knowing that there is funding for real estate projects you can allow yourself to dream big. Are you going to build something that will carry your name? Are you going to focus on improving a property so that you can resale it at a better price? Are you going to build something that can be a retreat and an oasis for yourself? There are few limits on your real estate dreams. As the classic line goes “If you build it they will come” So dream big.
It does not matter if you have been a part of LA for generations or if you are a recent transplant seeking your dreams. It does not matter if you came here knowing you would be involved with real estate or if you unexpectedly found the spotlight on you and thought you would give it a try. No matter what your dreams are, know that there are financial services that will be a perfect fit for your needs. While you must think ahead financially don’t let the fear of not having access to money keep you from exploring your options. You are here in LA to make it big.
