July 21, 2021
How a Short-Term Loan in Kansas City Can Help You
Buying real estate can be a great investment. A home of your own can give you great comfort, and once you’re on the property ladder you can trade up to bigger and better things or rent out properties for a residual income.
But it isn’t without its ups and downs. Sometimes you need some money quickly to cover costs. For a short-term loan, consider a title loan in Kansas City. Kansas City title loans use your vehicle as collateral, so they’re secured loans. This means you typically have access to more money and you don’t need to worry about things like your credit score.
So, what types of situations are ideal for a title loan or a flex loan?
Getting your home ready for sale
If you’d like to move to another house, you usually need to sell your current home first. This means getting all of the little problems of the house sorted so that prospective buyers have nothing to stop them from buying your home.
Painting the tired walls, replacing carpets, new bathroom fittings, and deep cleaning don’t cost a lot, but they’re useful for making your home look its best when you’re trying to sell. You may also want to budget some money for advertising your real estate or using a real estate agent to sell your home.
Making a better offer
If you’re buying real estate, you might find you’re outbid by a small amount and you can’t quite match the current offer. If you know that the property you’re looking to buy is worth it, it can be very frustrating knowing you’re almost there but can’t quite afford it.
A flex loan or title loan in Kansas City can be just the ticket, as you can use the money from either of these types of loans for anything you like, including making a better offer on real estate. You’ll ultimately end up with the home of your dreams, which is certainly worth it.
Unexpected transfer costs
After you buy or sell real estate, you might be hit with some unexpected fees. There are title transfer costs, property taxes, and sometimes you have to pay a percentage of the sale as a transfer fee. A short-term title loan can help you get over the hump and cover these costs when your capital is at its lowest.
Fixing up a purchased property
You might buy a property that needs some renovation. Often, you can get a fantastic price on a house that needs fixing up. A title loan or flex loan is just the ticket, letting you quickly fix up the home so you can live in it or rent it out. The faster speed at which you can solve these renovation problems means you’re able to save on rent or make more of a profit sooner, so a short-term loan can actually save you money.
Landlord’s emergency fund
If you decide to rent out a property, you’ll need to worry about emergency expenses if something goes wrong with it. You can cover some of these problems with insurance, but you’ll still be out of pocket somewhat if the plumbing, roofing, electrics, gas, appliances, or basement need any kind of repair. Renters expect a swift resolution to these issues, and if you don’t fix them immediately then there can be legal repercussions.
You can keep an amount of money aside to cover these emergencies, but it’s just as easy to have a flex loan available taken out on your vehicle. A flex loan costs you nothing when you don’t use it. If you unexpectedly need money, like when there’s something that needs to be fixed in your rented-out property, you can dip into your flex loan like it’s a credit line. As interest is calculated on a per-day basis, if you repay the loan promptly it’ll hardly cost you any interest and you don’t need to keep a sum of money sitting around for emergencies.
A flex loan as an emergency fund is useful even when you don’t rent out your property and live in it instead, as there’s always going to be a time when you need that little bit of extra money quickly.
Kansas City Title Loans
If you’re ready to dive into the world of real estate, but need a financial boost, Midwest Title Loans is here to help. Whether a car title loan or a flex loan sounds like the best fit, our team of short-term lending experts can help you get the cash you need. Get started by filling out our online info sheet, and then stop into one of our Kansas City title loans locations to get your money.