Real Estate Investing: It Takes a Village to Raise the Bar!
There is a Proverb: It takes a village to raise a child. Wikipedia has a straight-forward definition that basically states: it takes a lot of people to interact with a child to experience and grow in a safe environment, but the whole village does not raise a child for their parents.
Real Estate Investing is similar: It takes a village to raise the bar of sprucing up houses into homes! One person cannot possibly do all the work required: research housing trends, market themselves, negotiate, purchase, renovate, resell, and still breathe while focusing on a distressed property and redevelop neighborhoods. This is why a network of other professionals is crucial- not only to take on the various tasks required- but also to gain insights, ideas, and inspiration for the property at hand. Unfortunately, situations arise when people are no longer able to live in their homes. Whether a job transfer to life changing events that require up-sizing or downsizing to uncontrollable disasters, the piece of property has capability to be restored back into a cozy home again. Reel Property Solutions, LLC is passionate about helping people with their distressed situations, coming up with a variety of WIN-WIN solutions, and everyone is happy! Therefore, it takes a village to raise the bar !
A house comes available for purchase, the property is toured, but then contacting a remodeling (licensed) contractor could be the next step to determine if the property is worth pursuing. If this is a go, then communication with financing is crucial to get approval. After that, various other professionals- attorney, title company, mortgage lenders, etc. are contacted to ensure the transaction will happen in a seamless manner. Indeed, it takes a village to raise the bar in real estate investing!
Reel Property Solutions, LLC also renovates distressed properties to keep up with trends. A house with wall-to-wall paneling from
the 70’s typically is not cherished by a possible new homeowner. This may cause a property to not sell at its full price point. Perhaps a property is a foreclosure, therefore, has been vacant for a long time, but has the bones to become a beauty once again. However, getting back to that “beauty” state will take a lot of time, dedication, and of course, it takes a village to raise the bar with all the various professionals required. Reel Property Solutions, LLC has learned from Fortune Builders some “tricks of the trade” with real estate investing. First, it’s important to have quality professionals to craft a property into like-new conditions. This could entail all new windows, flooring, and seamless patchwork as deemed necessary. Also, Reel Property Solutions, LLC must ensure the numbers are aligned to cover any/all costs that could arise (and insurance on the property for incidentals.) Another type of property that may lack in keeping up with the trends in a house where the homeowners had the thought: After all, if it’s not broke, why fix it????? For example, Grandpa and Grandma lived in the same house for 50 years and shingled the roof once, replaced appliances as they wore out, but everything else was never updated. Now the windows are rotted, the electrical panel is fuses when it should be updated to a circuit breaker or perhaps have all new wiring, the bathrooms should be gutted, etc. Generally, houses built around 1900 have a limestone foundation which could be crumbling. Asbestos can be a huge concern. Lead paint was once a popular route to go. These are all costly repairs that banks may not be comfortable allowing a homeowner to borrow money. For the financial aspect, a traditional bank is not used; instead private money lenders or a specific rehab lending institution is sought after for the funding. Reel Property Solutions, LLC again realizes it takes a village to raise the bar in this situation.
Even though Reel Property Solutions, LLC does focus on distressed properties, Private Money Lenders are welcome! Investing with us will result in double-digit returns for you! Have you received a flyer from your bank to invest in a long-term CD with appalling rates of 1-2% or LESS? Forget an invisible CD and put that money into something TANGIBLE- real estate! This rate of return could raise the bar for your financial well-being! Of course, if you are interested in Reel Property Solutions, LLC taking a look at your property, contact us at info@reelpropertysolutionsllc.com or 507-218-8788. We are here to help you and to redevelop neighborhoods. It takes a village to raise the bar in real estate!