Crestview, Florida Hard Money Lender
Private Money Loan Terms
Florida Rehab Loans
Location: Crestview, FL
Purchase Price: $79,000
Reno Amt: $65,000
Loan Amt: $125,000
Actual Term: 7 mo.
Net Profit: $37,800
Cash-on-Cash: 97%
This gem of a deal was situated just north of Eglin AFB, in the small town of Crestview FL. Close to a major military base with lots of transient traffic, this project was going to make an incredible flip. The investor’s plans were to expand it from a 3br/1ba to a 4 BR/ 3 BA with a covered carport, and a detached additional mother-in-law suite.
Country Living
Sometimes a simple cleaning of the property is all that is needed to set it apart from others. The front porch posts were replaced with pine 4x4 and painted black. The shudders were custom-made cedar shudders also painted black. They made the house “pop” as the investor liked to say. We could not agree with him more.
Out with the 60’s…
For investors that have ever renovated a property that was built in the ‘50s ‘60s or even ‘70s, this type of bathroom decor is not uncommon. Horrid flesh color tiles, with a cast iron tub, are staples of this time frame. The investor had lots of experience, in preparing and renovating these types of properties. One thing of note is for frequent renovators be sure to have a plan and a material list for common renovation styles you may use. This reduces time and effort in finding the “right” material, color, and aesthetic for every project.
In with the new!
Replacing the tile with a more modern tile, and replacing the tub are key ways to improve the aesthetic of a bathroom, as you can see here. New Toilet and handwashing station ad a modern feel, and keep the room cozy. As a note renovators should note that the investor added a built-in “nook” for shower items. This is extremely helpful and many of the property viewers thought that was a nice addition even for a guest bathroom.
The bigger the project the bigger the profit
Sometimes investors can get leary when walking into a project with the roof falling in. This many times hold great opportunities. You can “open” the ceiling and you even have the opportunity to see behind the walls so to speak, so it’s actually a benefit to have the ceiling or walls falling down around you. At least then you know exactly what you're getting into.
Open concept kitchens always win
The investor really went all in with the kitchen. They opened up the dining room and the kitchen to make one great room, The appliances and cabinets were all builder’s grade yet that was the acceptable type of finish the community expected. Needless to say, this house was listed and under contract in less than a week, with multiple offers pushing our investor’s profit upward!
Are you looking for funding on your next Florida real estate deal? Why not work with a Florida Private Lender!
Are you interested to see what loan programs Blue Bay Capital has to offer? We fund Fix and Flippers, Builders, and Wholesalers!
