Homes Need Rehabbed to Adjust to Today’s World

Forbes recently released an article discussing the importance for real estate renovations on older homes and their success for real estate investors.  Many of America’s homes were built years ago and are outdated for those looking to purchase a home today.  According to the National Association for Home Builders, 52% of homes were built before 1980.  These older homes are usually not energy efficient and usually do not have open floor plans, things that current house buyers are typically looking for in a new property.  As a rehab investor, you should make your rehab investments adapt to today’s technology.

Read the Forbes article here – https://www.forbes.com/sites/forbesrealestatecouncil/2019/06/12/how-something-old-can-become-something-new-again/#1068ce3d7fb9

With the cost and regulations associated with new builds, rehabbed properties are becoming more successful, especially since new builds don’t always appeal to everyone. We have mentioned in previous posts that kitchen and bathroom renovations usually have the highest return on investment, but have you had success with updating home offices?  “According to Gallup, 43% of Americans work remotely at least part of the time.” This is one of the points that Forbes mentions as something to consider when rehabbing an older investment property.  What else have you noticed about rehabbing older homes?

Customer Service is Important

When you research people and/or companies to work with, is customer service something you take into consideration?  If not, it should be.  It is important to work with people you trust and can get a hold of when needed. You should always look at recommendations when considering a new person or company to build a relationship with.  Not only should you follow this for your rehab investment business, but for personal areas too.

You don’t want to work with realtors, brokers, home inspectors, insurance agents, and other real estate professionals that are impossible to get in touch with as this could hold up the process of investing in a property, which in the end could cost you more money.

One great aspect of working with ReCasa Financial Group is the company size.  We may be a smaller company, but that makes us unique.  When you call ReCasa to speak to someone regarding a loan, you do not go through a never-ending animated recording including pressing multiple numbers to be connected to someone (or if you are like me, pressing 0 until someone answers). When you call ReCasa, you will talk to a live person.  We take pride in being able to speak with our customers and knowing our customers personally, instead of treating someone as a number.  We are there to help real estate investors get the process of financing the rehab quickly.

Meet ReCasa Financial Group here – http://recasafinancial.com/meet-recasa/.

We still do things similar to larger financing companies.  We still fund large loan amounts.  We still close a large number of loans each year.  We also service all the loans, so you know who is handling all your paperwork.  What do you know about the company servicing your real estate loans?

Common Questions for ReCasa Financial Group

Lately, I have been getting questions from real estate brokers regarding brokering our 100% rehab financing.  We love working with real estate mortgage brokers, as well as other real estate professionalsMortgage brokers can earn up to 2 points on every funded loan with ReCasa Financial Group.  Real estate investors create recurring business, so mortgage brokers can keep earning broker fees with repeat business.  Also, we can personalize our rehab loan package with a broker’s contact information as soon as we build a working relationship with him or her.

Find out more here – http://recasafinancial.com/mortgage-brokers-can-earn-up-to-2-points-for-each-rehab-loan-closed-with-recasa-financial-group/

I have also been asked what happens to the rehab loan after the 9-month term.  The easiest thing for a real estate investor to do, is to refinance the loan if they are unable to pay it off at the end of the term.

Find out more here – http://recasafinancial.com/exit-strategy-for-real-estate-investors/

What other questions do you have about building a relationship with ReCasa Financial Group?

Unusual Items Found in Properties

Some abandoned and foreclosed properties contain items left behind from the previous owner.  Furniture, clothes and trash are items that are commonly left behind, but have you ever found interesting items hidden within the house?

Some people have reported finding:

  • ashes belonging to the previous occupant
  • hidden cash
  • skeletons
  • living pets
  • chicken carcasses inside the property walls

I have always hoped to find something interesting when moving into a new property, but so far, no luck.  What is the oddest item you have ever found in a rehab property?

Read one of the articles regarding unusual items found in real estate properties here:
https://www.houzz.com/magazine/you-wont-believe-what-these-homeowners-found-in-their-walls-stsetivw-vs~14620335

Avoiding Frozen Pipes at Your Investment Property

A few weeks ago, Ohio experienced some very cold temperatures.  Many renters and homeowners were nervous about the potential of frozen pipes.  Of course, many people took proper steps to help with avoiding frozen pipes, including leaving cabinet doors open in cooler areas of the property and turning faucets on to a drip in cooler areas of the property.

Read The Rooter Works Plumbing & Drains’ Facebook post of great ways to avoid frozen pipes.

Weeks later, I heard about a property in my town which is vacant that had an alarm sounding as well as water pouring from an outside spigot.  Luckily, a neighbor noticed this and made a post on a social media site wondering if anyone know who owned the vacant house so they could alert the owners of what was happening.  Many people gave the neighbor ideas on how to figure out who owned the property.

How do you protect your investment properties from something like this happening?  Real estate investing is not your whole life, so you are not able to stay at your investment properties 24/7.  Do you take any precautions in case something like the alarm and water spigot were to happen to your investment property?  Do you introduce yourself to the neighbors and give them contact information if they were to witness anything unusual?  Do you set up cameras around the property so you can keep an eye on everything?  As always, it is important to have insurance on your investment property in case that is too late to prevent events like this.

Read our blog post, Protect Your Rehab Investments, to learn about insurance options for your investment properties.