Project Destined

Many professionals are passionate about their career, and hope that younger generations will follow in their professional footsteps.  With your real estate knowledge and experience, you are able to help mold the minds of others.  Two real estate experts did just that.  Cedric Bobo and Fred Greene are the co-founders of Project Destined.

Project Destined is 501(c)3 non-profit that administers a real estate based education program focused on empowering underserved communities through training in financial literacy, total health and leadership development.” Through this non-profit, inner-city students experience real world real estate investments within their own community. Currently, this program is only offered in certain areas including Memphis, Miami and New York City.

The program teaches real estate and financing topics to the students through an online platform.  Then they form teams where each team concentrates on one real estate property.  These teams create an investor pitch which they present to a panel of real estate experts.  Not only are these students gaining real estate knowledge, experience and connections, but the winning team has the opportunity to earn a cash scholarship up to $5,000.  According to CNBC, “Some of the kids from this program have gone on to get internships and even jobs in the real estate sector.”

Does your community offer anything similar to Project Destined?  The Project Destined website allows you to vote for their next city where they will expand this non-profit.

 

Connecting with People Today

There are countless ways to connect with numbers of professionals in any industry.  There are ways to connect in person and there are ways to connect online.  You will have to put in the effort as good connections take work.  With today’s technology, it is easier to meet more and more people in any industry.  You can meet people not only from your location, but with people from around the world.

Learn what connections you should have as a real estate investor – http://recasafinancial.com/building-your-team-who-the-seasoned-investor-knows/

New connections can be great resources for real estate investors.  People can be helpful for your business, or they may offer referrals.  No contact is a bad contact to have.  It is a good idea to find places where you can connect with people in your industry and places where there may be a mixture of professionals.

Below are some resources that we have found to be successful for us as a real estate financing company.

What additional resources should we know about?

A Brady Bunch Renovation

Who watched Brady Bunch when they were younger?  Well, did you hear what happened to the memorable Brady Bunch home?  In November 2018, HGTV announced plans to restore the Brady Bunch house to the way it looked in the show.  This exact home is the one used when the television show would display the exterior of the house.  The inside of the house, was actually filmed on a set.  In HGTV’s A Very Brady Renovation, some of the Brady Bunch worked with some of HGTV’s best including Drew and Jonathan Scott to renovate this iconic property.

Before pictures of the Brady Bunch home – https://www.onecountry.com/lifestyle/the-brady-bunch-house-pictures/

After pictures of the Brady Bunch home – https://hip2behome.com/2019/06/02/brady-bunch-house-renovation-complete/

How do you feel about this renovation?  Do you know what has happened to other iconic, television homes?

Renovation Permits and Requirements

I currently reside in a 3-bedroom, 2.5 bath house.  We have an unfinished basement and recently discussed the idea of finishing it to add two bedrooms and a living space. We began our research on requirements for residential renovations, such as adding additional sleeping and living space.  Legal requirements vary by each state, so we needed to look at our specific area.

To start any basement or electrical renovations we were considering, we would need to get permits. According to Zillow, “A lot of people start by talking to an architect or a designer without understanding their options. These professionals will charge you for information that the city or county can tell you for free.  Go to your governing municipality’s planning office, tell them what you’re think about doing and ask what your options are.”  The municipality’s planning office would be able to tell you the proper steps in order to add additional living space to a current residential property.

In addition to these permits, this department should be able to tell you the requirements for a room to be considered a bedroom.  Most areas have a specific room size requirement, egress requirements, and a height requirement. This is important to understand before listing a property as an additional room can increase the property’s value.

In most areas, if the proper permits are not issued, the owner can be charged a fee and may have to remove any and all renovations that were completed.  Our county has a list posted of permits needed in order to start renovations on a residential property.  Permits ensure building codes for constructions, plumbing, electrical, heating and cooling, and other property aspects meet the minimum standards, as well as to reassure future homeowners that they purchased a safe property.

What other steps are important to take before starting renovations?

100% Rehab Investment Financing and Immediate Loan Draws Offered by ReCasa

You certainly know by now that ReCasa Financial Group is unique in private lending and hard money circles by offering 100% purchase and 100% rehab financing.  What you may not know is that ReCasa also provides a first draw to investors the day after their loan closes.  This prevents an investor from having to come out-of-pocket with initial costs related to the repairs.  This allows for qualified investors to truly purchase, rehab, and then sell or rent a property with no money down and no personal money needed to begin the rehab process.

Waiting on loan draws can decline a real estate investor’s possible return on investment (ROI) because it delays their ability to complete the project.  As a real estate investor, if you are not able to obtain your loan draws immediately after closing, you either have to wait to start rehabbing your investment property, or will need to use your own money.  With ReCasa Financial Group’s rehab loan program, you can start growing your ROI instantly.

Read more about calculating ROI here – http://recasafinancial.com/what-will-your-investment-give-you-in-return/

As a real estate investor, what do you want from your rehab loan?