Taking on a home renovation can be an intimidating and confusing process and most investors have plenty of questions. Below, we have comprised a list of some of the most common questions we receive, click on the plus sign to see the answers. We also encourage you to give us a call with any other questions, or click on our contact page and send us a message. We are here to help.
Prior to starting the rehab, you will be set up on Draw (payment) schedule. The draw schedule is based on the estimated time it will take to complete the rehab and payments are divided equally over this period of time with one payment due weekly.
Your first draw is due approximately 2 days before the rehab begins. Keep in mind that your lender will only pay a draw on completed work, so this will require you to pay at least 1-2 draw payments out of pocket before your lender will processes a reimbursement payment to you.
Partial or full in-house financing is available for those who qualify but will need to set up in advance. Make sure to ask about this option early in the estimating process.
It depends on the lender. Most will, but will require a release of liability document on file. Lender pay must be worked out early on, if not, it could delay your start date while necessary paperwork is being processed. Also remember that your lender will only pay a draw on completed work that has been inspected, so you will still have at least 1-2 draw out of pocket before the lender will begin processing payments.
Start dates are not issued until you have signed and returned your approval of the final revisions to your estimate. Depending on season, a start date is typically 5-7 days after your signed approval of the estimate is received in office.
Yes and No. We do not charge for a “ballpark” estimate. But there is a $100 charge for a full detailed room-by-room breakdown and hard number estimate. The $100 fee is credited to the rehab if you decide to go forward with the project.
A ballpark estimate is brief visit to the property (approx.. 15-20 min) with visual inspection of the major components of the house. Based on the projected ARV (After Repaired Value) and a few other key factors, a rehab cost will be given as an estimated cost. Ballpark estimates are essential to know whether the property will fall within the financial parameters that you have set. It is a quick way to know whether to move on or investigate further. If the ballpark number works, the next step would be to request a detailed estimate.
Unfortunately, we only work on unoccupied properties for real estate investors. Our only exception is warranty or service work on tenant occupied properties that were previously rehabbed by us.
Yes, but we do pass on the 3% processing fee from the credit card companies.
Yes, we have clients across the U.S and as far away as Canada, Israel, and Australia with whom we work with on a regular basis.