Looking for a potential partner and some guidance on first foreclosure rehab

Member since 2024 · 16 posts · 2 votes

Hello everyone,

I found a foresclosure that is in a great location in Virginia, near Shenandoah. It is going for around $80K, up front cash. The whole house needs to be remodeled due to lots of wear and tear and being outdated

I am planning to use a HELOC on my current property for mostly all the repairs. Does anyone have a company they recommend for HELOCs? Also, what techniques do you all recommend to estimate a full house repair?

My plan is to fix this place up then STR. Does anyone invest in this area? If so, I would love to connect with you!

Any insight on foreclosures are much appreciated too 🙏🏼

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Kisaki Nicole Kaopua:

Hello everyone,
I found a foresclosure that is in a great location in Virginia, near Shenandoah. It is going for around $80K, up front cash. The whole house needs to be remodeled due to lots of wear and tear and being outdated
I am planning to use a HELOC on my current property for mostly all the repairs. Does anyone have a company they recommend for HELOCs? Also, what techniques do you all recommend to estimate a full house repair?
My plan is to fix this place up then STR. Does anyone invest in this area? If so, I would love to connect with you!
Any insight on foreclosures are much appreciated too 🙏🏼

1. Start with your current lender on your home and see if they will give you one. Local credit unions are good for LOC's as well as other local lenders.
2. Since its a foreclosure and you cannot see the inside, I would contact a contractor and ask him to give you a range for full gut rehab on X sf of a home.
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Luckson Dambo
Belmont, MA · Member since 2024 · 12 posts · 10 votes
1y
l'd look into local credit unions, they often have lower rates and better terms than big banks. Look into Virginia Credit Union, Freedom Bank of Virginia or Dominion Energy Credit Union. Good luck!
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Kisaki Nicole Kaopua
OP
Member since 2024 · 16 posts · 2 votes
1y

Quote from @Chris Seveney:

Quote from @Kisaki Nicole Kaopua:

Hello everyone,
I found a foresclosure that is in a great location in Virginia, near Shenandoah. It is going for around $80K, up front cash. The whole house needs to be remodeled due to lots of wear and tear and being outdated
I am planning to use a HELOC on my current property for mostly all the repairs. Does anyone have a company they recommend for HELOCs? Also, what techniques do you all recommend to estimate a full house repair?
My plan is to fix this place up then STR. Does anyone invest in this area? If so, I would love to connect with you!
Any insight on foreclosures are much appreciated too 🙏🏼

1. Start with your current lender on your home and see if they will give you one. Local credit unions are good for LOC's as well as other local lenders.
2. Since its a foreclosure and you cannot see the inside, I would contact a contractor and ask him to give you a range for full gut rehab on X sf of a home.

Thank you for your insight! Planning to reach out to local lenders. The home is a bank owned foreclosure so we luckily can tour it! Great advice with contacted a contractor for an estimate
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Kisaki Nicole Kaopua
OP
Member since 2024 · 16 posts · 2 votes
1y
Quote from @Luckson Dambo:

l'd look into local credit unions, they often have lower rates and better terms than big banks. Look into Virginia Credit Union, Freedom Bank of Virginia or Dominion Energy Credit Union. Good luck!
I will look into those - thank you so much!
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Peter MckernanBusiness Member
Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
1y
I would run the numbers on that HELOC and and the rental numbers too. Also underwrite deals as if they were going to be a long term rental and then work up to an STR. You always want the best numbers to be the last deciding factor not the first. For example over the last four to five years a lot of people went out and bought STRs thinking it was going to be a great investment only to find out that the numbers did not work a year later and needed to try to use it as a LTR to make ends meet.
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Cassidy BurnsBusiness Member
Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
1y
@Kisaki Nicole Kaopua reach out to @Michael H. Cook . He can assist with connecting you with contractors so you can get general scope of work / budget and then ARV (after repair value)
You will need to know both of those metrics in order to execute

[email protected]540-960-1507
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