Pensacola, Florida Hard Money Lender
BRRRR Loan Terms
Florida Buy Renovate Rent Refinance Repeat Loans
Location: Pensacola, FL
Purchase Price: $ 87,000
Reno Amt: $ 45,000
Loan Amt: $ 114,600
ARV: $ 175,000
Refi LTV: $ 131,250 = 75%
Cash-Flow: $ 1,450
Many Real Estate investors want to get into BRRRR. But BRRRR’s ability to work in favor of the investor boils down to GREAT purchase prices, coupled with excellent refinance terms. Identifying your 30yr Refinance lender WHEN YOU buy the asset, is critical. Minding your credit score and completing your project on time and on budget will help keep you within the coveted 1.25x DSCR or higher.
Reddoor Phenom
What was it about the Red Door renovations that happened throughout the later part of the first and second decades of the 21st century? You will most likely find red door renovations near military bases, along with white trim and black roofing, and possibly siding of many projects. Why? Psychologist state that the red door, is very attractive to patriotic-minded home owners. Knowing your target audience and your market is key.
Base Level Kitchen Renovation
As a BRRRR investor it is key to remember that you are NOT renovating for a end buying home owner, you are renovating for tenants, on a property that you will own for the long term. Being aware of this and keeping your renovation budget inline with this fact will help you same money on areas that otherwise might cost more for a retail sell.
Finding Savings in the Small Things
What are a few ways this real estate investor was able to save on costs yet produce a very nice remodeled kitchen? Having a running account with large suppliers is one of the easiest ways. Due to this investor’s constant revolving orders at lowes and a special they were running on over stocked cabinets they were able to get these at 30% discount. As well all the appliances seen here come from the “scratch and dent” section. What could have easily been a $12,000 remodel ended up costing only $8,000 at the end of the day.
Bathroom Remodel Ideas
Whenever a real estate investor is looking to remodel a bathroom coming up with ideas to change a current bathroom into something bigger is always top of mind. In this case you will notice this was actually a half bath, as there was no shower. The wall right next to the toilet was a hallway storage closet, which was the perfect size for a shower / tub como.
Open Walls and Hello Sunshine!
The investor decided to open the wall to the hall closet, and then installed a window into the backyard. This added sunlight into a rather dark and cramped space, as well made this 3/1.5 into a full 3/2. Finding ways to improve your projects is an excellent way to set yourself above the competition and edge out the extra profit when needed, even if the project will ultimately be held for a long-term rental. Pensacola FL is an excellent area for rental investors, as they are able to constantly find new families in need of housing due to the military rotation of duty stations.
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