After you’ve found the ideal investment property, one of the most important things you can do is learn how to properly guesstimate the costs of any necessary repairs.
In this issue, PB Financial Group – leading hard money lender in Los Angeles – will take you through the initial steps for gauging how much rehab costs will total for your investment property.
- Have an idea for the finished product.
(Some high-end properties can take months to complete, while those that are intended to be quick turn-arounds can be done in a matter of days. Take a look at the houses in the neighborhood to give you an idea of what’s expected.)
- Think in terms of function rather than by room.
(Rather than thinking in terms of bathroom rehab and bedroom rehab, think in terms of electrical, plumbing, interior work and exterior work. Ask your contractor for a line-by-line estimate on all necessary repairs.)
- Secure the cost of the materials and labor needed for repairs.
Knowing how to properly appraise your investment property is a vital step in realizing its worth, and receiving a fair return on your investment (ROI).
If you’re looking for an investment that can provide you with a higher yield than what you would find in money markets, a hard money realty loan could be the right ticket for your financial security.
For further information or to schedule a consultation please call the highly reputable PB Financial Group at 877.700.3703 or complete our easy online form.
PB Financial NMLS #357614/CalBre #01522495