Well, today went great. You “won” the auction and you’re now the proud owner of a 2,300-square foot house, though it will need some work and rehab money. Despite what you see on those HGTV shows, such as Love it or List it, Flip or Flop, Beach Flip, Holmes Makes it Right, et cetera, a $6,000 kitchen remodel is unrealistic. The new appliances alone would cost that much and as for those wood cabinets, wood floors, and massive island? They are not cheap. In addition, there are always unexpected expenses.
Rehab Money for Unexpected Expenses
They do cover a myriad of unexpected expenses on those shows, don’t they? Maybe the roof is leaking around the chimney, but when they go up there and have a look, they discover the roof must be replaced. They say that’s going to cost $5,000. Okay, is that for an overlay? Because if there are already two layers up there and you want the buyers to be considered for a VA or HUD loan (Believe it, you do not want to leave out any options!) you’re going to have to rip everything off and replace it. That means more labor for the rip-off, at least one more dumpster than you planned on, more roofing materials, new gutters, and downspouts, etc. Nothing’s as easy as it seems on TV, and the expenses are always higher than estimated.
Bank Financing vs Private Loans
Every time you must go to a bank to ask for rehab money to finish a renovation project, the lyrics from that old Elton John and Kiki Dee song starts playing non-stop in your head doesn’t it? You know the one, “Don’t Go Breaking My Heart,” because you know it will not go well, and it will not happen quickly. There is perhaps no worse feeling than begging a banking institution for a loan.
All they seem to be concerned with is that overdue payment from four years ago or some pie-in-the-sky number they call a credit rating, made up by some finance company that knows nothing about you or your home renovation knowledge and prowess.
They’re not in the least concerned with the fact that you need to buy materials and make payroll to complete the job, even though you’re only a few thousand dollars short of the money you need to finish up and put that property on the market. Red Roof Funding does not care about your credit history; the main factor for you to get your rehab money is the appraisal on the finished project. That is the basis for your loan. You can even apply online. So, there’s no need to sit around a bank waiting for the next available loan clerk.
Get Rehab Money from Red Roof Funding
Call the private loan experts at Red Door Funding at (832) 539-1099 and get the rehab money you need to finish that project and put it on the market.
When you need money for an unexpected expense during a renovation or “fix and flip” project, you need to see Red Door Funding to receive the cash you need for your property in the Houston, TX area, or any other reason, complete the credit application here. View our website or send an email to dwilliams@reddoorfunding.com with any questions you may have.