No-Handshake Survival

I have had to really watch myself with this social distancing thing. I am a toucher. I lean into hugs, always shake hands, pat shoulders. I soak up touch. When I’m talking, I find myself creeping closer to the person I am talking to as if I can’t see them or hear them well enough at a distance.

I am certain this economy will recover. People still need homes and loans, but we still may not be able to shake hands for a long time.

In some American states, selling real estate is still an essential occupation as is banking. When we are selling homes or signing loan papers, we are working with others in small groups, but we may be working with people from other states or countries and need to keep ourselves and our families safe during this Covid-19 pandemic.

FIRST & IN THE FUTURE

Use only appointment-only open house formats this way you know who is coming when and you are not surprised. But advertise this new situation on the door so people don’t come in unannounced. This will help you assure that only one group is walking through a house at a time.

Use social media to make virtual tours, even if people will want to see a property before they buy. They can spend more time exploring the house online and visit the website multiple times without having to worry about personal protection equipment.

Fill out the BLN application at http://reicapital.blnsoftware.com/ or send my an e-mail or give me a call.

YOUR DAILY PREP

Prepare business cards and signs to reflect appointment-only restriction.

Place a separate set of clothes and shoes for home just inside the door to your home or in your mudroom if you have one.

Remove your wedding ring.

Stop using a purse or briefcase and instead use a plastic or washable cloth bag for business cards, open- house guest books and pens.

Place a fresh set of business cards and other items in 6 or 7 bags and label them for each day. Take a fresh bag of supplies with you to an open house or to the office every day.

Equip yourself with gloves, face mask, face shield, and booties for your shoes (For open house).

AT THE OPEN HOUSE

Spend time cleaning doorknobs and surfaces before and after a showing, A glossy kitchen counter can be a magnet for a tactile person. They just have to run their hands over the surface. Windowsills might also need some disinfectant. If your store is out of prepared disinfectant use original unflavored Listerine in a spray bottle.

Wash your hands before and after a showing.

Invite your potential buyer to wash their hands before and after touring the house. And, provide a hand sanitizer.

Remind everyone to be aware of where they set down their mobile phone so they don’t set it down on counters or in the bathroom or on other shared surfaces.

Stay alert to what is touched during a showing so you can be sure to clean these surfaces with extra attention after the showing.

You can wear gloves but know how to take them off and dispose of them correctly without contaminating your hands and everything around you when you take them off. Peel them off before you touch your car, turn them inside out and place them in a plastic bag and tie it shut. Put the plastic bag in the trunk of your car for later disposal if there is no trashcan nearby.

Keep your distance from each other. This is the best way to prevent the spread of a respiratory disease.

Wearing a mask will protect you and your client. While wearing a mask, smile more, wink and speak so you are sure to acknowledge people even if you keep your distance and do not touch.

coronavirus covid-2019 girl in mask – stop pandemic

COMING HOME

Hang up the bag of supplies you return with near the door, spray it with disinfectant and Let the bags hang unused for a week to 9 days so the virus will have time to die out before you use the bag again.

Strip out of your outside or work clothes and shoes near the doorway or in the mudroom.

Wash your hands.

If you are wearing gloves, dispose of them before touching your clean clothes. If you want to reuse them, place them in a plastic bag so you can disinfect them later.

Dress in your indoor clothes.

With gloves on, bag us your work clothes and wash them immediately.

Let jackets and hard items rest for a week or 9 days at room temperature before using them again to give the virus time to die out.

An open house is not as dangerous as a concert or a basketball game. Usually there are 3 people involved and they are usually adults. Perhaps sometimes parents bring their children, but that is something that can be avoided right now.

Unlike a family, the 3 people involved in the showing usually do not know each other intimately. The buyer does not know where the realtor had been recently and neither know where the homeowner has been recently if they are still living in the home being shown. Precautions need to be taken so you don’t catch the coronavirus or bring it home to your family.

I hope that I can be of help to you this month. I can be reached at

Patrick@REICapital.cash

512-213-2271

Austin, Texas

Funding the Gap

Posted on July 31, 2019 by Patrick StCin

There are several reasons why a fix-n-flip investor might want to secure a fast loan to cover a gap. A gap loan, as the name implies, is a loan that bridges a span of time. It helps you gain control of a property quickly even if you are still scrambling to get all your paperwork done for a full rehabilitation loan.

A Buyer in a Hurry
At some time or other, you might face a seller in a hurry. One situation that puts a seller in a hurry is foreclosure. Many property owners in this situation are in denial so they wait until the last week or so, or even days, before the foreclosure sale to act on saving their credit. To save their credit, they must pay the bank all they owe on the mortgage right now. The house might actually be worth much more than what they owe if they have been paying on the loan a long time or put a large payment down on it. But, a foreclosure on their record will ruin their credit. So, for them, it is better to sell at a discount and survive to buy another house another day.

In this scenario, an owner in foreclosure has agreed to sell the property to you at a steep discount, but they need to close the deal quickly. You, the investor, want to buy this property and you make an offer. However, the competition is extremely stiff, and another investor is sitting in the wings waiting to obtain the property. Your offer locks up control of the property temporarily. You need to move quickly to secure a loan. Normally the loan process takes a minimum of 7 working days and typically takes 10-15 working days.

A Nonrefundable Deposit

Another reason you might need funding in a hurry is that you have stumbled upon a wholesale purchase with a tight deadline to close, perhaps 2 to 5 days. The property is ideal for your purposes and you want to make an offer. However, if you don’t get the deal closed by the deadline, you will lose the nonrefundable deposit you are required to put down and control of the property you are seeking.

Getting Control of the Property

Here is where obtaining a gap loan is useful. A gap loan allows you to purchase the property as is while you are in the process of obtaining a rehab loan. The gap loan can be secured in 2 to 3 days typically. Your strategy is to obtain control of the property through this gap loan, begin paperwork to refinance the loan immediately and eventually complete the rehab and offer the property for sale.

REI Capital Resources has funds available for fix-n-flip loans with terms up to 6 to 9 months with a minimum of 3 months.

E-mail or call for more information on minimum and maximum loan amounts, interest rates, terms, and fees for specific project. I can help you with first liens only and these loans are limited to the Austin, DFW, Houston, and San Antonio Metro areas.

Pat St.Cin

Patrick@reicapital.cash

512-213-2271

Austin, Texas

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A Job: In June. In Texas

Posted on July 30, 2019 by Patrick StCin

The Bureau of Labor Statistics released the Employment Situation report for June 2019 on July 19, 2019.

In June, unemployment rates were lower in 6 states and stable in 44 states and the District of Columbia. Nonfarm payroll employment increased in 4 states and was essentially unchanged in 46 states and the District.

Unemployment

Vermont had the lowest unemployment rate in June 2019, 2.1 percent. The rates in Alabama (3.5 percent), Arkansas (3.5 percent), New Jersey (3.5 percent), and Texas (3.4 percent) set new series lows. (All state series begin in 1976.) For Texas, the unemployment rate went down from 3.5% in May 2019 to 3.4% in June 2019. Statistically, this was a significant decrease. Housing sales go the way of jobs. When there are more jobs and higher salaries, more families are looking for homes to buy near where they work.

Nonfarm Payroll Employment

Twenty-eight states had over-the-year increases in nonfarm payroll employment in June. The largest job gains occurred in Texas (+315,600), California (+296,100), and Florida (+218,800). The largest percentage gain occurred in Nevada (+3.3 percent), followed by Arizona (+2.8 percent) and Utah and Washington (+2.7 percent each).

Falls, Slips, and Trips

55% of the injuries reported by education, training, and library workers 55 and older were injured in falls, slips, and trips. 36% of the injuries reported by healthcare support personnel 55 and older were injured by falls, slips, and trips. 46.7% of the injuries reported by sales and related workers 55 and older were injured by falls, slips, and trips. 34.7% of the injuries reported by farming, fishing, and forestry workers 55 and older were injured by falls, slips, and trips.

Overexertion and Bodily Reaction

43.2% of injuries reported by installation, maintenance, and repair workers 55 and older were injured by overexertion and bodily reaction. 38.5% of injuries reported by production workers 55 and older were injured by overexertion and bodily reaction.

The Metropolitan Area Employment and Unemployment news release for June is scheduled to be released on Thursday, August 1, 2019, at 10:00 a.m. (EDT). The State Employment and Unemployment news release for July is scheduled to be released on Friday, August 16, 2019, at 10:00 a.m. (EDT). I’m looking forward to seeing how our Texas large metropolitan areas did this quarter.

REI Capital Resources is “focused on funding your success.”

Give me a call or send an e-mail and share with me your plans and needs, and I’ll see what lending solution I can generate for you.

Patrick St.Cin

W – 512-213-2271
Patrick@REICapital.cash
Info@REICapital.cash e 01050000

Beauty of a Hard Money Loan

Posted on July 25, 2019 by Patrick StCin

Like an old tin roof and gingerbread trim, hard money loans have a beauty all there own in the right hands. Hard money loans are short-term loans secured by real estate and used by fix-n-flippers to purchase and renovate property. They have high interest rates but only for a short time. These loans usually finance the purchase of the property and the renovations.

Secured by Real Estate

REI Capital Resources hard money loans finance up to 90 percent of the purchase price of the home, up to 100% of the renovation costs, and a maximum of 70% of the after-repair value (ARV). An appraisal is required.

High Interest Rates but for a Short Term

Hard money loans are intended to be paid back quickly (in 24 months) so the high interest rate does not hurt for long and is included in your budget calculations. Hard money loans usually do not have a prepayment penalty. REI Capital Resources interest rates start at 9.5%.

Lender fees, permit costs, property assessment fees, loan originating fees, loan processing fees, inspection fees, points, interest, closing costs are taken out of the loan. REI Capital Resources points are as low as 2.5%.

Payments

Monthly interest-only payments are made during the loan and the principal repayment is made at the end of the loan term when the renovated house sells.

Borrower Qualifications

REI Capital Resources hard money loans carry minimum qualifications of a credit score of a minimum of 600, debt to income ratio of 35% – 45%, and experience that includes two to three past renovation projects or a licensed contractor budgeted to help.

More is Better

More experience and higher credit scores may qualify for lower rates and fees and higher borrowing limits.

REI Capital Resources

REI Capital Resources is a hard money lender and is able to help you fund your project based on your experience, the value of the property, and its after renovation value. We have money to lend, and you need money quickly. A perfect fit is out there.

We are focused on funding Your Success.

Patrick StCin

Call me at 512-213-2271

e-mail: patrick@REICapital.cash

Cloud on Title

Posted on July 24, 2019 by Patrick StCin

A cloud on title is something odd about a deed for real property that has been recorded that might invalidate or impair the title. It usually stems from unresolved issues with the property. Buyers should proceed with caution because there is something about the deed that requires closer attention.

Some examples of a cloud on a title include:

A wrong spelling of the property’s address in a deed conveying title.
Foreclosure proceedings underway by mortgager in response to a borrower defaulting on payment.
Failure to transfer certain property rights to the former owner, such as mineral rights.
A mortgage lien whose repayment has not been officially recorded with a local record office.
Covenants are rules, conditions, or restrictions place on a property by a subdivider or other landowner to create uniformity of building and uses within tracts of land or groups of lots.
Probate matters that involve estates and inheritance can create a cloud on title. If a property owner dies without a will defining who gains control of their estate, the property title may become in doubt as heirs challenge each other in court.
A fraudulent title recorded would create legal confusion and a cloud on the title.
An encumbrance is a claim or right held by some party other than the owner or a claim that is not a lien that limits the ownership of the property such as conditions, restrictions, easements, reservations, etc.
A mechanics lien placed on the property for construction work contracted. The lien remains on the property and does not follow the owner, forcing a buyer to assume responsibility for repayment.
Any pending lawsuit before a court of law over ownership of the property.

Title Insurance

Title insurance protects the insured and their heirs from loss or damage due to defects, liens, or encumbrances in the title or actual ownership of the property as of the date of the policy.

A Clear Title

A clear title is one without any kind of impairment, lien, or levy from other parties and poses no question of legal ownership.

In most cases problems with a title can be cleared up when proper documents are submitted to the local record office. This lifts the cloud on the title. This is not complete legal advice. Please be sure to consult your real estate agent and attorney.

Closing Delays

One thing is sure: a cloud on the title will slow down the paperwork associated with buying and selling property.

Patience may be a virtue, but it is one that is often tested when you are eager to close a loan and get on with your project. To save your dream and your nerves, Clean up the title ASAP.

REI Capital Resources

REI Capital Resources built its reputation on finding private funding for investors for quick turn purchases and difficult situations. This is still true today.

Give me a call or send an e-mail and share with me your plans and needs, and I’ll see what lending solution I can generate for you.

Patrick St.Cin

W – 512-213-2271
Patrick@REICapital.cash
Info@REICapital.cash a hand an

Austin, Texas

References

https://www.investopedia.com/terms/c/cloud_on_title.asp

https://en.wikipedia.org/wiki/Cloud_on_title

http://www.realestateproarticles.com/Art/25272/263/What-You-Need-To-Know-About-A-Cloud-On-A-Title.html

Partners in Private Funding

Posted on July 23, 2019 by Patrick StCin

I know a banker and his partner who recently purchased and remodeled a building that was once a doctor’s office. They turned the space into 7 small suites, a conference room and a kitchenette. They advertised for occupants with an ad looking for entrepreneurs with ideas for a business who needed some space in which to grow and offered seed loans for the startups. His motive is multifaceted, to rebuild the downtown business section of the town he lives in and to put some of his money to work for his community. He also wants his hometown to be vibrant and is offended when someone says, there is nothing going on in that downtown. Like all good investors, the partners are also interested in putting their money to work to make more money in the form of income.

These partners specialize in fix-n-rent business investments. Most recently the duo closed on a property that they will remodel from a Victorian house on the corner of a small downtown into a used bookstore, bar, and coffee shop with an outdoor patio area. The purchaser? A publisher who still loves physical books more than online articles.

What else has these small town fix-n-flip investors been up to? They remodeled a ballet studio into a financial investment office with a family psychologist renting a back office with a separate entrance, turned an insurance office into a yoga studio, turned a paint store into a gift and DIY furniture rehab shop, and helped a daughter purchase her mother’s restaurant business lock, stock, and liquor license.

If you are interested in putting your money to good work in your community, become a private lender and work with me. I am focused on funding success, both yours, and the buyers.

Competition for good rental properties is stiff, and in order to buy a property in a climate of competition a buyer need funds fast. As a broker, I help people find funds for their fix-n-flip and fix-n-rent project. Be a private lender with me and put your money to work for you.

Call me and let’s set up a meeting.

Patrick StCin, 512-213-2271

e-mail: patrick@REICapital.cash

55+

Posted on July 22, 2019 by Patrick StCin

Renting and “aging in place,” but not alone, is a growing preference for aging baby boomers and seniors and offers a unique opportunity for investors who want to invest in and operate multifamily units.

Baby boomers are defined as those born between 1946 and 1964 while seniors are defined as those born before 1946.

According to research done by ARBOR, an increasing number of senior renters now live with unrelated adults across all multifamily property types. Small apartment buildings (5-49 units) have slightly higher shares of senior renters with roommates compared to large multifamily properties (50+ units). However, the co-living senior renter segment is growing the fastest in large-asset multifamily.

Co-living among seniors is highest in the single-family rental (6.1%), then the duplex/quadruplex (5%), next small-asset multifamily rentals (4.6%), and last, large-asset multifamily rentals (3.2%). To put this in perspective, among Millennial renters, the share of renters living with a roommate in a small-asset multifamily situation is 14.4%.

Sharing is motivated primarily as much by social connection as by income needs. According to Psychology Today, “20% of people over 60 frequently feel intensely lonely.” Loneliness can be a risk for heart disease, Type 2 diabetes, arthritis, and Alzheimer’s disease. Because of health risks associated with loneliness, seniors that share a home are actually dealing with their current and potential future loneliness.

In addition to social connection and apartment affordability, sharing is also motivated by personal security, and sharing of daily chores. The need to “age in place” is driving the increase in co-sharing seniors in the large asset multifamily rental because these buildings tend to be located near urban services and health care centers, have elevators and wheelchair lifts, and have higher levels of amenities.

Amenities Promoted in 55+ Adult Living

When looking over senior housing options available in Houston, I found most of the advertising in the higher end communities mentioned affordability, distinction, style, lifestyle, freedom from chores, and choice. Specific advantages and amenities listed by the higher end properties in the facility advertising included:

Independence
Affordability
Beautifully landscaped grounds
Luxurious and spacious interiors
Locations close to dining, entertainment, parks
Locations close to and medical centers
Diverse and colorful neighborhood
“Dynamic alternative to the ordinary”
“Live your lifestyle with passion”
Luxury
Style
Home
Distinctive living experience
Restaurant-style dining
Resort amenities
Complete freedom
Infinity pool
Court yards
Dog park
Wine tasting lounge
Media room
Chef quality demonstration living
It’s a lifestyle
Boutique, resort style

Amenities Advertised at Less Expensive 55+ Community Options

Retirement and 55+ community combinations in a lower price category advertised:

Activities and programs
Privacy
Aging in place
Gym
Garage
Outdoor grills
Designer living
“Trade your to do list for a bucket list”
Pet-friendliness
Outdoor pool
Yoga and art classes
Access to meals
Choices
Community
People of similar life stages
Leave home maintenance and yard work behind
Water gardens
Swimming pool
Computer room

The youngest of the baby boomers are approaching 55, and the huge number of 55+ adults who are still active but looking for reduced housing maintenance responsibilities and costs as they age and live within a fixed income makes this group a dynamic market for senior living situations. Not all are turning to apartment renting, but this tend is worth watching.

Competition for good rental properties is stiff, and in order to buy a property in a climate of competition you may need funds fast. As a broker and a direct lender, it is my job to help you get a hard money loan easily and quickly. Private Lenders, not banks, are willing to help you fund your project based on the value of the property and its after renovation value. We have money to lend. A perfect fit is out there.

Give me a call or send an e-mail. I am focused on funding your success.

Patrick StCin, 512-213-2271,

e-mail: patrick@REICapital.cash

Tech Considerations for Multifamily Housing

Posted on July 19, 2019 by Patrick StCin

Just this week, I said that one of the mistakes a real estate investor can make is not seeing the property in person before buying it. I said that so I could eat my words today, at least with regard to buyers of finished properties. I still think it is unwise for an investor to buy a property to fix, flip, develop, or fund without inspecting it in person. However, Multifamily PRO is reporting that augmented and virtual reality technology is expected to increase the number of residents willing to sign leases without visiting the property in person because they will be satisfied with viewing the property using virtual self-guided tours.

New technologies are and will be changing the apartment-buying, apartment-selling, apartment-living and apartment-operating experience. Considering this, investors, builders, and remodelers need to focus on communications and electronic infrastructure to support these new technologies when planning, budgeting for, building, and marketing multifamily housing. A few areas to focus on include:

Excellent Internet Connections

The first things to think about are internet connections, their quality, number, location, and security. Smart-home technologies like smart locks, lights, thermostats, as well as visual monitors for pets, children, and deliveries will be expected in the new high-tech apartment unit. These will impact the way the resident interacts with facility operators. For the resident, chat bots may make routine maintenance requests on behalf of the resident, reserve facilities, and schedule hair and dining appointments. For the facility operator, chat bots may provide routine information to residents and collect repair orders and rent payments. All these electronic interfaces will require excellent internet infrastructure in the multifamily complex.

Numerous Charging Stations and Outlets

The demand for electric cars, electric scooters, and electric-motor-assisted bicycles will drive the demand for charging stations and charging outlets at multifamily properties. Planning, budgeting, and locating these facilities for convenient access, exit, and safety will be important.

Locating Autonomous Vehicle Dropoff Points and Parking

Autonomous vehicles, both driven and flown, will need places to park and drop off clients, meals, and other products. This will affect the size of the parking area you will need and the layout of delivery sites around the building. Robots and drones may deliver and pickup within the apartment. A drone may deliver to a dropoff point with directions for a robot that will complete the delivery inside the apartment community. Conventional vehicles will also be expected to make deliveries and pickups and need space to maneuver.

Facial Recognition

Artificial intelligence technologies will enable facial recognition for customer identification and for criminal background checks, and these facial recognition systems can track a person as they move around a property. This will improve security but raise privacy concerns.

Planned Office Space in Apartment

People working from home will need an excellent internet connection and may want an office available as part of their apartment.

An electronic interface between operator and potential buyer may be a way to design flexible space for the customer with the hope that they will stay longer in a space that fits them well.

These ideas, with some speculations added, came from the NAA Apartmentalize conference in Denver through reporter Andrew Stephens on Multihousing PRO.

REI Capital Resources built its reputation on finding private funding for investors for quick turn purchases and difficult situations.

Give me a call or send an e-mail and share with me your plans and needs, and I’ll see what lending solution I can generate for you.

Patrick St.Cin

W – 512-213-2271
Patrick@REICapital.cash
Info@REICapital.cash fffff

Adaptation and Survival in Commercial Real Estate

Posted on July 17, 2019 by Patrick StCin

In 2019, the United States is the most preferred location for commercial real estate in terms of inbound capital according to the Deloitte 2019 Commercial Real Estate Outlook. This Outlook report hits hard on the ability of investors to be agile in their real estate businesses, but the agility must be based on awareness of trends that are occurring based on trend analytic and artificial intelligence applications that allow a business owner to see what is happening in and around his property so that decisions can be made quickly to adjust and/or mitigate and survive changes.

Some of the key terms popping up in the commercial real estate investor and real estate investor trust literature include diversification, multi-use properties, healthcare properties, data centers, distributions centers, flexible leases, and flexible spaces.

Healthcare Facilities Follow Domestic Trends

Investors seem to be increasing their investments in health care facilities that include senior housing and in data centers according to the 2019 CRE Outlook. Health care and senior living residents are looking like safer investments because they are not as dependent on global trade but more on domestic trends, demographic trends, and the health of the overall economy.

Data Centers Float Because Digital Goods Continue to Move

The 2019 CRE Outlook also shows that investors are putting more capital into data centers in 2019. Data centers seem to be more immune to global trade tensions at the moment because businesses are focused on expanding their digital infrastructure across borders, according to the wsj article by Esther Fung, “Real-Estate Stocks in High Demand as Trade Battle Brews.” Even though physical goods are stopped by tariffs, digital goods are still moving.

Distributions Centers Move Goods Within the Borders

Distribution centers that support the movement of goods within the United States are also looking like safer investments because they will not be as disrupted by global trade tensions that disrupt centers in port cities dependent on global trade.

Simulation Allows Buyers to Visualize Space Options

Investors are including “flexible spaces” and experiential and engaging spaces as part of a more diversified portfolio. When I read the Deloitte 2019 Commercial Real Estate Outlook, the term flexible space seems to refer to a marketing concept rather than the physical reality-morphing room seen on Star Wars. It involves using 3D and augmented reality simulation to allow buyers to visualize a new property in multiple 3D finished options both inside and outside and choose what they like best. I’ve seen an app like this on television recently that helps you visualize how to arrange furniture in an empty room. The buyer participates in the space design.

Varied Experience Adds Value to a Space

Catering to mixed tenants is another way to diversify a property so that they are not all one type and come and go at one time. By making a property a mixed-tenant space, the landlord services tenants that may be office workers or retail incubators mixed in with places to eat, workout, and shop all within walkable distances from one another other. The experience of renting the space is of higher value to the tenant because of the foot traffic and opportunities to network the space provides.

Flexible Leases for Mixed Tenants to Manage Uncertainty and Attract Startups

Working in tandem with the mixed tenant model is another business model that involves offering short-, long-term, and hybrid lease agreements of different lengths to varied tenants to fill vacancies in the short-term rather than having spaces continue to be vacant. The shorter lease lengths appeal to startup businesses and to established businesses struggling with market uncertainty. This strategy is a form of thriving on chaos in that agility is planned and business tenants can move around within a space or in and out of a space more easily as business fluctuates.

The message I received loud and clear from the wsj article and the 2019 Commercial Real Estate Outlook is that investors must become comfortable with change and agile in maneuvering to survive in the current marketplace.

Patrick St.Cin

W – 512-213-2271
Patrick@REICapital.cash
Info@REICapital.cash n1 \lsdunhid

Fourteen House Flipping Mistakes to Avoid

Posted on July 16, 2019 by Patrick StCin

I decided to visit fix-n-flip websites to come up with a list of the top rooky mistakes you can make when buying, fixing, and reselling a home for profit. One of the websites I consulted while compiling this list of mistakes to avoid while fix-n-flipping houses for profit is Dave Ramsey’s website. Dave Ramsey is well known for his advice that all of us get out of debt, and that is good advice. If you have cash that you can spend to finance your fix-n-flip project, you will not feel so much pressure if the house does not sell quickly. You won’t be tempted to sell the property for a loss because loan payments and interest costs are eating away at your bottom line. You will be able to wait out the market and sell for a profit.

However, if you need to find funding, there are private lenders and hard money lenders out there that will finance your project and I can help you find them. Calculate how much you need and give me a call. I’ll do my best to find you the right loan for the right price quickly.

Below are 14 mistakes fix-n-flippers make in the areas of planning and budgeting, buying, renovating, and reselling properties.

Planning and Budgeting: Not calculating permit costs, property assessment fees, loan originating fees, loan processing fees, inspection fees, points, or interest in your budget. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Planning and Budgeting: Not knowing how much you can afford for the entire project before making a deal, including purchasing a home, making repairs, completing renovation projects, and selling the house.
Buying: Buying a property sight unseen. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Buying: The location you choose to buy in has a housing inventory shortage and such a high demand for houses that you become entrenched in a bidding war and end up paying above-market prices for a fix-n-flip property. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Buying: You bought a house to renovate that is far away from your residence causing you to spend too much money on gas getting to and from the job site, and the repairs take longer to complete than they would if the house was nearby. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Buying: Not knowing the market and not knowing if you are getting a good deal on the house you are buying. https://www.daveramsey.com/blog/how-to-flip-a-house
Buying: Not looking for black mold, a bad roof, or a cracked foundation when evaluating whether to buy the house to fix and flip. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Renovation: Putting in high-end upgrades while renovating the house that cause the house to cost more than the neighborhood can afford. https://www.daveramsey.com/blog/how-to-flip-a-house, https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Renovation: You did not have a reliable contractor help you estimate the repairs for the house and a surprise repair broke your budget. https://www.daveramsey.com/blog/how-to-flip-a-house
Renovation: You underestimated repair costs and did not add 20% to your estimated repairs. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Renovation: You tried to do repairs yourself without experience and without budgeting for contractors when you need them. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/; https://www.daveramsey.com/blog/how-to-flip-a-house
Reselling: Because you don’t know the market and have not done your research, you can’t accurately calculate the house’s potential value, and you don’t know how to price the house for sale. https://www.daveramsey.com/blog/how-to-flip-a-house
Reselling: Failure to network with buyers and build relationships before picking a house to fix-n-flip. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/
Reselling: You did not list with a real estate agent even though you hate hosting open houses. https://www.moneycrashers.com/five-tips-for-effectively-flipping-a-house/

REI Capital Resources is “focused on funding your success!”

Contact me at
Patrick@REICapital.cash
512-213-2271 Grid Table 7