Jacksonville, Florida Hard Money Loan
Private Lender Loan Terms
Florida Rehab Loans
Location: Jacksonville, FL
Purchase Price: $ 52,500
Reno Amt: $ 45,500
Loan Amt: $ 96,500
Actual Term: 4 mo. with a Refi
Cash Flow: $1,125
This project was a perfect example of a BRRRR loan. The investor had a lot of experience, and we had already completed multiple loans with this investor in the Jacksonville area. The investors’ plan with this project was to renovate, rent, then refinance, which they did. They shortly thereafter sold the performing asset to a rental investor.
A fresh coat of paint makes all the difference
Sometimes all that is needed is a fresh coat of paint to the exterior of a property and dramatic changes can happen. As well windows though often looked at by BRRRR investors as an unneeded cost, this property needed new windows. While the extra costs could have been argued for revamping the existing windows, the cost savings to the tenant will be appreciated.
Out with the old in with the new
In many projects we have seen real estate investors refurbish cabinets… but these… there was no saving! outdated, wooden cabinets which were clearly pre-60’s date the property and will cause young tenants to shy away. Our investor knew this and they made the decision to replace the cabinets. We are positive the new rental property investor was grateful as well as the tenants!
Simple is better for rentals
One of the greatest challenges we see with rental properties is the over updating. Our investor went with builders grade finishes, and for the location this made the most sense. As well the exit strategy was clearly know from the beginning and this is key.
Barred and bland
The windows, as you can see, were such an eyesore. Bedrooms can be brought to life with a fresh coat of paint and new carpet. never underestimate the small touches to a renovation. You don’t need to go all out for a renovation project, especially if the end goal is to create a nice affordable rental. Stay on target and stay within budget.
Blinds can be a lifesaver
Everyone wants privacy. Installing mini blinds is affordable and adds that touch that many renters are looking for. You will notice this photo was taken before carpet was added, yet rest assured, the investor did install carpet. While this project may not have made it to the cover of Home and Garden, its these easy, clean and efficient renovations that can many times put the most cash in your pocket.
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!
