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Updated over 4 years ago on . Most recent reply

Stefano Tavella's profile image
Stefano Tavella's profile image
Stefano Tavella
  • Investor
  • from New York, NY
  • Member since Aug 12, 2020
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Stefano Tavella's profile image
Stefano Tavella's profile image
Stefano Tavella
  • Investor
  • from New York, NY
  • Member since Aug 12, 2020
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Stefano Tavella
  • Investor
  • New York, NY
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BRRRR - Buy, Rehab, Rent, Refinance, Repeat

Cash Loans - Renovation Costs

Stefano Tavella
  • Investor
  • New York, NY
Posted

Happy Monday! I'm new to the BRRRR Strategy and BiggerPockets so appreciate any help.

I'm trying to understand the Cash Loan/Hard-Money lender process for renovation costs. For the majority of the hard money lenders I've spoken to, they are willing to fund 100% of renovation costs as well as a percentage of the purchase price. 

My question pertains to determining the renovation budget. Is there any rule-of-thumb when calculating renovation costs? What happens if you don't use 100% of the renovation budget? Do you have any recommended hard-money lenders for a first-time buyer?

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