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If you have been closely watching the DC-area housing market, you cannot help but be in awe of both its performance and its future potential. The home prices in Maryland, Virginia, and Washington, DC more than doubled in the last twenty areas. Since 2000, our local area has enjoyed steady appreciation rates of close to 4% annually. For real estate investors, the DMV real estate market offers plentiful opportunities of making money by flipping homes and accumulating long-term wealth by building a portfolio of rental properties.
Grow Your Hard Money Rehab ROI – Continued
This article is a continuation of our series on increasing your hard money rehab ROI. In the previous installment, we’ve discussed ways to strategically allocate your hard money rehab dollars to the areas that have the most impact on your sales price. Today, we will be tackling additional strategies. As a hard money lender, I’ve seen many of our experienced borrowers make their rehabs look more expensive than they actually are by getting the right materials and playing with modern design trends. Here are three best tricks of the trade to give you the bang for your rehab buck.
How To Use Hard Money to Rehab for ROI
The key to a successful rehab is to control your costs. That doesn’t mean, however, that you should use the cheapest materials. The trick is to think wisely and choose when to spend your rehab money and when to go with a budget option. As a hard money lender, I can testify that in our business it’s all about ROI. The goal is to create the most upscale look-and-feel for your property while keeping your costs down. Our most successful clients do so by concentrating their rehab money in strategic areas, using the right materials to get the most bang for the buck and by simply displaying good taste. Let’s unpack each of these recommendations.
