All Forum Posts by: Ryan Cruz

I would really watch your step right now with a renovation, as your ROI may just not be as high as you think. Maybe you can charge more in rents, but that is all based on what the property is making before you renovate it. The reason I say to watch out is the cost of EVERYTHING is crazy right now. Lumber, concrete, steel, oil. All the things which make up the things homes are made of, are skyrocketing. So run those numbers now, and add 10% for the future when you are ready to actually start renovating in a few months. Supply chains are messed up do to tariffs, mostly but other things too.

But to answer your question, if your loan to values are good, a lender shouldn't have any trouble tacking on an extra principle amount to your principle amount. You would probably need a track record of remodeling or building to do that. When I started out, I would max out a credit card, then transfer that to another card with a 0% promo fee, and eat the finance charge, then pay that off before the offer ended. Worked well for me.

Hi Michael,

This is actually a really good point that I never considered thanks so much. I am also thinking about doing a credit card with 0% apr if renovation costs are very light and basic. Will definitely look into this!

0 Votes

Hi guys!

I'm finally making the move to purchase my first ever real estate property and I'm currently applying to various different lenders and talking to real estate agents in 2 different cities. I'm leaning towards purchasing a turnkey property just because I'm not really familiar yet on the different types of ways to get funding for renovations but to be honest I would much rather purchase a property that I can fix up myself if I had a lender help with renovations. With that being said, what is your preferred method on getting funds for renovating and why? So far I know of hard money, private, fannie mae, heloc loans and credit cards . Is it possible to purchase the property using a conventional loan and then getting a hard money/private just for renovations? Or is it also possible on getting a conventional loan that also adds on renovation fees onto it?

0 Votes

Hello everyone!

I'm new to real estate investing and am looking to make my first ever purchase this year. I am currently contemplating rental properties (SFH, multifamilies) with good cashflow in the Ohio (Columbus and Cleveland), and the Indianapolis area. Currently I am able to put down 30-40k as a down payment to a loan and I am also putting aside 2k/month in savings for future real estate investments. Was wondering which of these 3 cities you guys like and why? They all seem pretty promising in the long run but I am open to other areas as well.

3 Votes

All Forum Posts by: Ryan Cruz

Ryan Cruz has started 2 posts and replied 3 times.

Post: Options for getting renovation funds

Post: Options for getting renovation funds

Post: Cleveland, Columbus or Indianapolis for first time investment?