Posts Tagged 'Exterior Rehab'

Check Out Our Latest Rental Property – Another Buy, Fix, and Rent

Posted on: June 23, 2010

Categories: Buy, Fix

Author: buyfixandprofit

Check Out Our Latest Rental Property – Another Buy, Fix, and Rent

Nothing Fancy – Just Another REO Purchase

This home was a standard REO home listed for $55,000.  We originally offered $35K and came to a final compromise of $38K with the bank.  Once again, our offer was accepted over other higher offers solely on the basis that ours was a non-contingent cash offer.

This is the 10th property added to our rental portfolio all of which are in the same neighborhood.  This property was purchased with all cash in order to keep things simple and provide leverage for our offer.  Based on the 50% LTV after repairs on this property and the large equity positions in our other properties, our commercial lender allowed us to cash-out 100% of the purchase price and and provided us 100% of the repair funds for our latest project.  So at the end of the… Read the rest

What do you think? [ 2 Comments » ]

What is a Hard Money Lender?

Posted on: November 7, 2009

Categories: Buy

Author: buyfixandprofit

What is a Hard Money Lender?

Short-Term Loans

A hard money lender makes short-term loans based on the value of an asset, in this case a property, with little regard to the borrower’s credit and/or finances.  Hard money lenders charge higher interest rates than standard banks due to the high risk nature of these loans.  Unlike traditional banks, hard money lenders can provide funds quickly, usually in 10-14 days, to purchase and rehab distressed properties.  These properties can be in need of significant repairs or be in various stages of foreclosure. This makes these loans popular with first time real estate investors that have little working capital or poor credit scores.  Look to use hard money loans to rehab foreclosures as your means to purchase and rehab your first couple properties.

Rehabber Loans

Hard money lenders will only provide loan terms of 4 – 6 months at… Read the rest

What do you think? [ No Comments » ]

Landlord’s Guide To Exterior Rehab Choices

Posted on: September 15, 2009

Categories: Fix, How To

Author: buyfixandprofit

Roof

A cheap and effective roofing rehab choice can be the use of roll roofing.  This choice is better suited for homes with steeply pitched roofs.  Instead of shingles, this roofing choice is rolled onto the roof and stapled in place.  This choice is cost effective and reliable if installed correctly.  Now it does not look as nice as a shingled roof, but we have not had any difficulty renting out homes because of this.  The appraisal was not effected either.

Another option is to add another layer of shingles to the roof depending on what the local building code allows.  If the roof is very old there is a good chance that the plywood will have to be replaced also.  Analyze the roof carefully because there is ~ $4,500 difference between a full tear off and replacement versus just… Read the rest

Related Posts Plugin for WordPress, Blogger...

What do you think? [ No Comments » ]