What Do You Do With Your Rehabs?
I am curious what the preffered method is for filling your rehab. Do most of you rent - retail - lease option or owner finance? I am trying to learn some new alternatives to refinancing my completed projects, my credit scores have taken quite a hit the past few months.
Thank you for any help here
Ron
Thanks for your input Kim it is always appreciated.
I always have an exit strategy in place, I have done 11 houses or so the past 1 1/2 years. I started by retailing but the market started to drop off and I had alot of calls on rentals, so the last 4 i kept and have 3 more i am working on. The 3 I am working on I have mortgages in place for when i am finished and will be at 70% of appraised value. My problem is that I do not know how many more i can refi, since my score keeps taking a hit everytime i do a mortgage. Curious if anyone has had that problem and how they overcame it?
Yes there is ALOT of forclosures up here. Every deal i look at is bank owned these days. Unfortunately the banks over lended on the properties and home prices are approximately 10% over priced. So trying to get them to acept an offer is very grueling. I had a deal that a realtor called and said the bank told him they would take $40K for this duplex. It had been listed at $58K for 6 months with no offers. So i put the offer in at $40 K, it took them 2 months to reject the offer. Apparently they sent an appraiser that said it was worth $68K as is. Six months at $58K and no offers but yet they wanted to relist $10K more. Go figure.
I flip everyhting that I rehab and sell....
I like the cash and the property that I want to hold is the larger multi unit complex...
[addsig]