Albert Einstein once said: “If you cannot explain it simply, you don’t understand it fully.” This is what I typically think when we get a phone call where a caller wants to know if we are a private lender or a hard money lender. “What’s the difference?” I ask and typically get a rambling explanation that is difficult to follow. It has something to do with institutional money, asset-based lending, credit profile, and what-not and, needless to say, makes no sense whatsoever. So what is the difference between hard money lenders and private lenders? I would argue very little.
Hard Money Blog: Invest, Revitalize, Create, Prosper
Personally, I like modern home design. Still, no one can deny the charming nature of century-old, historic homes in Maryland, Virginia, and Washington, DC. Their character-building historical features help them fetch a nice price on the real estate market. However, real estate investors purchasing a DC-area vintage home should be careful in considering both stylistic options and financial aspects of the transaction.
The bathroom may not be the most glamourous room in the house, but that doesn’t mean that D.C. property rehabbers should ignore this small but important room. Actually, remodeling a bathroom can be an expensive home renovation project. Since the bathroom has so many fixed appliances like the bathtub, shower, sink, and toilet, it can be costly to replace everything. According to HomeAdvisor, the average bathroom remodel costs around $11,183 as of June 2022. That estimate covers a complete tear-out and replacement of fixtures and appliances for an average bathroom. Rehabbers tackling a large master or high-end bathroom in Maryland, Virginia, and Washington D.C. can expect to spend $16,000-$28,000.
Any experienced rehabber understands the awesome power staging the property plays in successful real estate transactions. Potential buyers have a strong emotional reaction to a property that actually looks like a home. An elegant coach, a plush chair, a cozy bed, and a fluffy towel can transfer even the most bare-bone renovation into an upscale vision of what living in this property might feel like. You are no longer selling a property. You are selling the lifestyle. And that lifestyle cannot be defined by appraisal alone.
They say a picture is worth a thousand words. When it comes to real estate transactions, a picture might be worth a thousand dollars or more. Professional photos present a property at its best. Thus, professional images engage potential buyers so much better than amateur photos.
When it’s time to sell a fix-and-flip home, you want to attract a buyer willing to pay top dollar. When potential buyers walk through your house, you want them to feel at home. They won’t feel at home in a house with empty rooms. Empty rooms are cold, uninviting, and impersonal. In contrast, homes with stylish furnishings and decorations are attractive and welcoming. As a result, buyers can easily visualize themselves living in these rooms. Thus, they are more likely to consider purchasing the property. To bring a home-like atmosphere into a rehab property, property investors rely on professional home staging.