I hope you had a great week! For the past few weeks, we have been finishing up one of our properties in Indiana. We have agreed to sell it with owner financing to a local family. This family has a special needs child. We were supposed to close the transaction this week, but there was an emergency with their child to where they had to take him to OH for surgery. We had the family scheduled with our Title Company to sign documents and close. With this emergency, they could not close and the Title Company charges a fee for “No-Shows”. I was able to talk to our title representative and explain the situation. She was very thoughtful and wiped out the fee. She then told me that when the family comes in to close next week she had a few gifts she wanted to give them. It really touched me, and I thanked her many times. She said something that reminded me why I am in the business ” Ryan, we all go through tough times in life, and if we cannot help one another why are we on this planet”. One of the core values we live by is “Doing The Right Thing”. This situation definitely falls into that category! I am really excited to get this family into their home next week! I will share some pictures with you once we get them in.
Here are seven options to consider for funding your investment property purchase or upgrade. Home improvement loan For the most part, getting a home improvement loan makes sense if you’re upgrading something you’ll keep for the long term. Home improvement loans also can be useful for income-producing properties. As with a home improvement loan, it’s possible to get a line of credit based on your long-term investment property. “That can make getting a home improvement loan impractical for any real estate investor.” The downside to using a home equity line of credit from your primary residence or your rental property is that you are putting your investment at risk. Instead, he pointed out, many real estate investors turn to more creative home loan solutions such as hard money lending. “This is used a lot by investors who flip homes,” said Machado. You could lose that money if you can’t make payments and the seller repossesses the home. Personal loan Is your home improvement project relatively small? Whether you need a home improvement loan to upgrade a revenue-producing rental property or you hope to buy a home to flip it, research your options and decide which one works best for you.