The recent coronavirus pandemic is causing a lot of uncertainty. For many of us, that uncertainty is related to the housing market. COVID-19 will certainly have an impact on the economy. However, it’s not all bad news- especially if you own rental properties. Learn more about what to expect in the coming months below.
What We Know- And What We Don’t Know
While it might feel like COVID-19 has been with us forever, the disease is still very new. When experts talk about the economy, they are comparing our situation to other financial crises in the past, such as the 2008 recession. Because the 2008 crisis had such a negative impact on the housing market, it is easy to feel discouraged about our current situation. However, the National Real Estate Investor reports that the majority of recessions do not impact the housing market. We don’t know what the future holds, so there is no need to panic at the moment.
Good News for Investors
Regardless of what happens with the economy, people will still need places to live. This simple fact is one of the reasons that real estate investments make sense, even during hard times. Renting out your investment property will provide security to another person in your community. It’s a financially smart decision that you can also feel good about.
Renovations During a Pandemic
It’s important to be realistic about the current situation. Lots of industries (like manufacturing and construction) are currently on hold. This means renovating your property might be challenging right now. However, you can avoid issues with a little planning. Call around to local contractors and see who can work with on your new property.
Ready to Invest in Real Estate?
Red Door Funding makes it easy to get the funds you need for your investment property. Explore our website to learn more about the loans we offer. If you have any questions, give us a call at 832-539-1099.
If you want to increase home value, then you might be overwhelmed. Renovations can be expensive. They can also involve lots of time-consuming planning and building. However, you don’t need to panic. While many renovations are long-term projects, there are also easier ways to boost a home’s value. Below are just some of the many quick and easy options to consider
The Importance of Curb Appeal
Your house’s outdoor appearance will be the first impression that potential buyers and renters get. Thus, it’s important to make it count. Landscaping is a simple way to add value and a welcoming look to your home- no expensive renovations required. Moreover, consider things like outdoor lighting, an updated garage door, and a clean, repaved driveway. These little touches will add up, making a big difference.
Technology has made it easy to give your home a quick upgrade. Smart home devices like thermostats, security cameras, and digital locks add value and convenience. They are also easy to purchase and install on your own. While the devices themselves are a minor investment, they are far less expensive than most home repair projects.
Replace Dated Features
An older home will often need some TLC to bring it into the 21st century. While some homes might need large-scale renovations, others will just need a few things replaced. You might swap old carpeting for wood floors or update old cabinets and hardware. Even a modern paint color can drastically change the look of your house.
Start Investing Today
A home renovation allows you to invest in your local community while also being creative. Now that you know how to increase home value, it’s time to find the right property. If you are an investor call Red Door Funding on 832-539-1099 and find about your options of acquiring loans..
Screening potential tenants is one of the most important things a landlord can do. If you are considering an investment property, then you should learn how to screen people properly. This is important not only for financial reasons but also for personal security. The right tenants will make your job as a landlord easy. Below, we’ll share some easy ways to start the screening process.
Get to Know Your Potential Client
The first thing you should give a prospective tenant is a rental application. You can download a standard application form on the internet, or you can create your own. The application is an easy way to complete the rest of your screening process. It also gives you an opportunity to look for red flags, like a lack of information. Furthermore, you can personally interview your potential tenants to get an overall sense of their trustworthiness.
Talking to References
Potential tenants will list references, as well as past landlords, on their application. Talk with every reference for the clearest picture of who your potential renter is. You can also confirm employment and rental history, which is crucial for choosing the right tenant.
Getting the Full Picture
Technology makes it easier to screen people than ever before. You will want to run both a credit check and a background check on your potential client. These can both easily be done online. Checking this data will allow you to see your potential renter’s credit score, credit history, and current debt. You can also see any previous criminal records or public records. This can include previous evictions and landlord/tenant court cases.
Learn More About Investment Properties
Now that you understand screening potential tenants, it’s time to learn more about rental properties and ways to acquire loans. If you are an investor and want to acquire loan in this regard call Red Door Funding on 832-539-1099 to find out necessary details.
A duplex is a great investment property. However, many investors don’t consider these homes. Why is that? Firstly, some people don’t even know they are an investment option! Others simply don’t realize the potential. Regardless, there are plenty of reasons to choose a duplex. Below are a few of our favorites.
What is a Duplex?
Firstly, we should explain what duplex is. A duplex is a type of home that has two separate living units. These units are completely separate. This means that two different families can live in the house at once. There are different styles of duplexes. Some look like townhouses, with each floor functioning as its own apartment. Others look just like traditional single-family homes. However, they will have two separate entryways for each apartment.
Get More For Your Money
Duplexes offer two units for the price of one home. This is obviously a big benefit! There is no additional construction work required to convert the space either. This means that you will save time and money if you are looking to create a rental space.
Potential For Rental Income
Duplexes offer great rental income potential. Some people purchase these homes and live in one half. They will rent out the other half and use their rental payments to pay their mortgage. Essentially, they are living rent-free! However, most real estate investors will enjoy renting out both halves of their duplex for double the rental income.
An Easy Property to Lease
While the real estate market can be unpredictable, duplexes are usually easy to lease. They offer flexibility to large or multigenerational families. Additionally, many families prefer the look and feel of a duplex unit to an apartment.
If you are an investor and wish to have a loan for investing in the duplex property call Red Door Funding on 832-539-1099.
Financing a real estate loan can be intimidating. While financing options are available, many people don’t know what their options are. This is especially true for people working with big banks or impersonal loan providers. But if you are an investor Red Door Funding makes it easy to set up a payment system that works for you. Below are some of the creative ways you can finance with us.
No Penalty for Pre-Payment
We understand that people’s finances change. While we will set up a flexible payment plan for you, you should also be able to pay extra towards your loan if you would like. We don’t have any penalty if you would like to pre-pay a part of your loan. This will allow you to pay on your own terms. It also offers peace of mind to people with flexible incomes.
We offer interest-only loans. This allows you to look at properties in a larger price range than you might expect. Payments are always low during your loan term, which gives you more flexibility as well. Additionally, you can use the extra cash flow for other projects. There are never additional fees if you pay your loan off within six months.
Everyone’s needs are unique. This is why we work with every investor individually to help them choose the best loan for them. We will go over all of our financing options and listen to your investment plans so we can give you tailored advice. While big banks might be convenient, they cannot match our personal service.
Ready to Get Started?
If you are ready to invest in real estate, then you should contact us. Red Door Funding understands the Houston real estate market and can make things easy for you. Learn more about what we do. Give us a call at 832-539-1099.
Foreclosed properties are among the most common investments that house flippers make. However, understanding the foreclosure process can be intimidating. Maybe you’ve even had friends and family members warn you not to invest in these properties. In this article, we will explain the basics of the foreclosure process in simple language so you can decide if investing in foreclosed homes is right for you.
What is Foreclosure?
When a person purchases a home, they usually take out a mortgage, which is a special bank loan designed for homeowners. If a person cannot pay their mortgage, the bank can take possession of the home through the foreclosure process. While some states require the bank to go through the court system during foreclosure (called a judicial foreclosure), Texas and 27 other states do not require this (called non-judicial foreclosure). This means that foreclosures tend to move faster in these states.
Investing in Foreclosed Homes
One of the main reasons that foreclosed homes are common investment properties is because they are typically sold well below market value. Why is this? Usually, it is because the bank is simply trying to cut their losses. Selling the foreclosed property quickly will get it off the bank’s hands and allow them to make back some of the money lost. There are pros and cons to investing in foreclosed properties. We will explore these in future blog posts.
Texas Real Estate Investor Loans
Whether you decide to invest in foreclosures or not, real estate investments, in general, can be lucrative.
Red Door Funding is available to share all the details for investment. Call us on 832-539-1099.