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30 July 2017 | 13 replies
If you can buy right with the appropriate budget to provide all of the updates, they can be a real treasure.
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10 July 2017 | 4 replies
We want to get funding to cover the approximately $100,000 remaining rehab budget.
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16 August 2017 | 39 replies
@Melissa Kirchhoff Not to complicate your analysis further but in order to understand your budget around cleaning, supplies, etc. you need to know your strategy.
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2 November 2015 | 17 replies
The budget problems have been getting bigger and bigger every year, but it did not start with the current administration.
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8 July 2016 | 5 replies
I know I could find some myself, but if anybody has had some good experiences with budgets and timeframes let me know...ThanksPJ McInerney Pinnacle Realty LLC 1930 St Andrews Ct NE, Cedar Rapids, IA 52402Licensed REALTOR® in the State of Iowa
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9 May 2016 | 17 replies
But of most of the deals I've analyzed, (assuming I'm budgeting for safe 10% maintenance and "regular" rates of tenant vacancy - 5% or 1/20 months), there's no way to achieve those sorts of returns, even with a 80% LTV leveraged position.So am I missing something?
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4 May 2018 | 10 replies
For rehab you'll need roughly 30% of the rehab budget in order to rehab enough to get the reimbursement draws.
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23 April 2018 | 22 replies
Any ideas on any preferences your have, or budget, etc?
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22 April 2021 | 23 replies
HI Bradford,Most lenders can do the 203k FHA streamline or full K / standard program or the home style conventional loan program.The problem is most have not done a rehab loan program or have construction experience or the process on the lending paperwork side.There is quite a bit of paper work such as:- scope of work + revised scope of work or adjustments- consultant review depending on the depth of your construction project and work being done- resume for contractor- certain lenders have requirements for contractor experience such as you cant GC (general contractor) your own project and such- reserves or margin of error in the project such as the 35k streamline 203k loan which only leaves about 28-30k of actual construction cost with the remaining 5-7k for reserves and contingency- only 203k standard FHA can finance your carrying costs (so you dont have to make a mortgage payment during your 6 months of construction)- Home style conventional rehab loan cannot have a project that is more than 50% of the after improved value (meaning your rehab cannot be 250k on a 450k valued project after you finish) youd have to lower your rehab to 225k or less in this example) This is not limited on 203k products- much moreAfter the construction details and process theres the typical financing aspects which include regular FHA or conventional qualification guidelines.The rule of thumb though is to qualify for way more than you need or to do a max purchasing power assessment to see how much borrowing power we have to ensure we have enough room to budget for the 1) purchase, 2) rehab / construction budget, 3) reserves and contingency budget to fit in loan approval criteria.Let me know if you have any questions on what to look out for.
10 May 2018 | 30 replies
What is a realistic rehab budget for these types of houses?