Tallahassee, Florida Hard Money Loan
Hard Money Loan Terms
Florida Rehab Loans
Location: Tallahassee, FL
Purchase Price: $ 35,000
Reno Amt: $ 175,000
Loan Amt: $ 135,000
Actual Term: 19 mo.
Sell Price: $ 375,000
Net Profit: $ 70,000
Cash-on-Cash: 200%
These are the types of projects we love to fund. The investor was a new investor for use yet they had plenty of building experience. They also had a great vision for the potential of this property and planned on using a modern and eco-friendly renovation. We structured a JV with them on this project and they walked away with a great amount of profit. The project did go longer than expected, and we did have to provide an extension, yet the final project was beautiful.
Going vertical is the name of the game.
Whether you like two-story homes or not, this burned-out property needed some major work, down to the foundation actually. The vision for the property was to go vertical. Interestingly enough as long as three sides of the existing wall stayed intact along with the existing foundation with no footprint extension, the house technically qualified as a renovation in the permitting department! Talk about a time saver. The Master bedroom and two guest bedrooms were placed upstairs while the downstairs had an open concept galley kitchen (see below).
Fire damaged properties offer opportunities
Manytimes investors can be hesitant in purchasing and taking on a burned out property. Unlike a wood frame house, cinder block homes offer unique opportunities. As mentioned earlier our investor was able to go vertical, doubling the square footage. The finished product is incredible!
New windows brighten the day
This room, the living room, was the focal point of the investor’s vision. Big bright, open windows allow plenty of natural light to stream in and brightened up the entire downstairs. On a sunny day you would not even need to have any lights turned on. By keeping the downstairs bright and open the property invited plenty of prospects and the house was quickly sold.
Well laid plans mean efficient work
As you can see there was A LOT of debris from the burned out interior. Our investor ended up removing over three dumpster loads of demo! As a side note the house to the right of our property, was bought by another investor and they improved their property as well. These two homes set new values in the neighborhood and were appreciated by the community.
What sells a home? Kitchens and Bathrooms
No matter what the “In” thing is for renovations and modern design, having an open kitchen is something most home-owners cannot go without. By dedicating time and effort and thinking slightly outside the box this open-concept kitchen galley allowed the dinning room, living room, and kitchen to be one flow-through area. It is perfect for hosting parties and inviting the family over for Thanksgiving.
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!
