12 Tips for Real Estate Investors to Make Money
I can do Conventional
FHA VA Jumbo and Super Jumbo, Hard Money, Purchase and Refinance
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| Foreclosure for Sale Flip |
Buy foreclosures and distressed properties rehab and flip or repair and hold for the market to improve?
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5-10 Financed Properties for Investors
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Understand Mortgage Underwriting and keep in
contact with your lender. Having a lender that can do all kinds of loans, or
knows where to refer you to the right source is valuable. If your credit is weak,
I can give you tips to repair that or a referral to raise that FICO. Pricing on
Mortgage Interest rates are driven by
FICO
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Cash out Refinance for Investors who bought REO
foreclosures and distressed properties in the past six months, no seasoning
required to get the appropriate ( loan to value per guidelines) cash back
return on investment when investor is holding property, even short term hold to
flip
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Investors can get cash back by refinancing with
me in the first six months. In this market sometimes you have to close with
cash to get the deal.
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No bank overlays (extra requirements our
government has on each bank that sells loans to Fannie and Freddie) Understand
that Wells Fargo has different rules than J P Morgan Chase. Going to a bank is
a middle man, just as most mortgage
brokers are middle men. Go to a mortgage
banker who is direct.
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Purchases close in 15 days if you have your
paperwork all complete in advance of the offer– no bank slow boat to nowhere
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Make your offer in person with seven day
appraisal contingency
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Refinance close in 29 days
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Assume in any foreclosure you purchase it will
need a new water heater and HVAC. Be aware of local planning permit laws about
strapping water heaters and wiring for HVAC. Knowing the rules is important because
your plumber of installer may not. Don’t use a 24 hour water heater service
that charges more for the instant repair. Shop for water heater by size of
existing space and compare prices.
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Number one thing in purchasing investment property
is the location. You can’t change or fix location. Check for blue ribbon
schools in area, this is a great starting point for desirable location.
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If you are going to rehab and flip, assume
everything will cost 30% more than you think. Save the extra paint, parts, and supplies
as you will need these for repairs later and the next project. Have a general
theme of your design project: a favorite paint combination that matches with
your finishes. Keep design simple, so a variety of people can see themselves
loving the property. Be aware of curbside appeal to buyers. Pencil out your
costs, time line and keep to the schedule. You may have to actually go pick up
your laborers/ contractors to work your schedule. It is a great idea to network
with others and compile a list of a great: plumber, dry wall guy, painter, the
local wholesale landscape grower etc…
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If you are deciding to hold the property, aim
for a two year lease. It costs time and money to have vacancy. The types of finishes
you choose for leasing a property should be durable and simple.
The market in
California has seen gains of 7% - 10% of median price. Don’t fall in love with
one property and overbid. Keep shopping and making fair offers. I’ve seen
offers that state $100 over anyone else’s bid. This seems risky.
My website: http://mywjb.com/caroline-gerardo/
My website: http://mywjb.com/caroline-gerardo/
Quick response any time you need call me and let’s brain
storm on how you can make more money as a smart real estate investor. Turn that house into a pot of gold. Photo shows an image of me taking this picture.