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Tips for First-Time Fixer Upper Rental Property Investors

Renovate Your Idaho Rental with a Hard Money Loan

Investing in rental properties can be lucrative.

Purchasing your first rental property is a big move. For first time real estate investors on a budget, it can be a challenge.

Many new investors are willing to buy fixer upper properties to save up front costs. But before you make an offer on a “sure thing” rental property, you should know what lies ahead. Seemingly simple upgrades or repairs can quickly escalate into bigger projects, costing more than anticipated in both time and money.

Follow these tips to make sure a fixer upper is your best investment choice.

Should You Buy an Idaho Fixer Upper Rental Property?

Purchase price: Fixer uppers need renovation. But they are priced to sell – and are often negotiable. If you’re a first time buyer dealing with a competitive housing market, less than perfect credit score or limited resources, a fixer upper can be your “in” to real estate investing.

Renovation cost: There are fixer uppers. And there are properties that aren’t worth the effort. A professional home inspection and written cost estimates from contractors will tell you if you can afford the cost of renovation.

Financing: Few first time investors have vast financial resources, and traditional lenders often won’t step up when you need fast cash for renovation. Know what options are available, including hard money loan services like Gregory M. Russell.

Timing: Plan for roadblocks and surprises. Fixer upper upgrades always take longer than expected, whether you’ve got pros on the job or are DIY. You need time, money and patience at the ready.

We Provide Real Estate Equity Loans to First Time Investors

Our Gregory M. Russell private money lending team works with rental property owners throughout Idaho and the Northwest. If you need fast cash or have less than sterling credit, our stress-free loan process can quickly finance your project. We approve hard money loans based on your available equity, not your credit history. Fill out our short online loan request form or give us a call at 1-888-477-0444 to learn more. We’re here to help meet your investment needs!

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