Ready4Remodel – Sacramento, CA

This Fixer Upper is missing something? Hint… If you like “Take-Out” you won’t mind. Comes with a large gated yard and a huge beautiful tree in the front yard. One loan to purchase and finish the remodeling that was started but never finished. Need a renovation loan? You can close “As-Is” and complete the work after the Close of Escrow!

Hi and welcome back to the ready for remodel show where we virtually tour fixer homes on the internet and show you how to buy a fixer home with a fixer loan hi my name is skip schenker and i’m the regional renovation sales manager for loan depot and today we’re gonna preview a fixer home in sacramento and the listing agent says that the remodel is about 80% done

So it looks like someone got in there they started to do the remodel and may have run out of money whatever the case is it’s being sold and it’s not complete so unfortunately the listing agent hasn’t been properly informed by her lender that financing is available because she’s marketing the property as cash only and and so katie call me i can hook you up with

A loan so anyway let’s check out and show you how you can get an fha loan on a house it’s not complete i’m gonna switch my monitors and share my screen so we are this is the house and it’s in north sacramento just south of the 80 freeway close to the airport close to downtown it’s a really nice location it’s got that beautiful tree right in the front yard and

The front yard is all fenced in so if you have a dog or kids what a great house to raise a family and it’s very well protected so this house says remodel all over it the outside needs to be painted and let’s take a look and see what the inside looks like so there again is the outside the it is a beautiful tree they did a real nice job remodeling the bathroom you

See also  VA - seller pays most of the closing costs and prepaid expenses

Can see the shower and the vanity looks like nice flooring and baseboards looks like they’ve got all brand-new windows in the electrical looks like it needs to get done you can see the wires hanging out from the walls there and there so that’s one thing that’s going to need to get done is the electrical system like i said the windows look like they’re new and

Good quality windows the doors they got nice six panel doors this i’m assuming is the challenging area you can see it’s you can see the windows you can see some some construction materials and tools i’m assuming that this is the kitchen because i don’t see any pictures of a kitchen here and if the kitchen was done they would show it so it probably needs to have

A brand new kitchen there’s the water heater the electrical panel looks like it needs a to be updated and to get completed so that’s not complete either and the backyard needs some landscaping so and again it’s a it’s a huge front yard so looking at buying this house with a fixer loan which is a renovation loan which is one loan that you can use to buy that house

And complete it and fix it up so we’re talking about one loan that gonna include enough money to finish all the electrical finish the paint finish the kitchen and whatever else needs to get done so let’s look at the financial scenarios that i created so i’m like i’m thinking somewhere between twenty-five and fifty thousand dollars is gonna get this house in great

Shape and so we looked at two scenarios one at $25,000 for home improvements and one at 50 both on the fha 203k renovation loan and our conventional renovation loan the fha you can get in with just three and a half percent down and the conform the conforming conventional law you can get in with just five percent down so if you bought this house at the list price for

See also  2023 BMW X7 M60i Review // Dont Buy That Range Rover Just Yet

219 and included twenty five thousand dollars your down payment and closing costs is eighteen thousand two hundred and fifty three dollars and your total monthly payment is just sixteen sixteen that includes principal and interest on the loan property taxes insurance and mortgage insurance now if you increased your budget from twenty five to fifty thousand dollars

On an fha loan you’re increasing your down payment less than two thousand dollars so you’re gonna get you’re gonna bring in two thousand dollars more or less than two thousand dollars more up to less than twenty thousand and your monthly payment goes to 1778 so for an extra twenty five thousand dollars that’s a small price to pay both in the up front for your down

Payment closing costs and your monthly payments so great way to look at the difference between investing 25,000 or 50,000 in your home now let’s look at our conventional renovation laws one of the benefits of getting a conventional loan over an fha is you don’t have the upfront mortgage insurance so you see on fha forty one eighty three for this first scenario with

Twenty five thousand dollars and home improvements 4695 for this scenario for fifty thousand dollars in home improvements you don’t have any upfront mortgage insurance that’s being financed in the loan so that saves you money with 5% down and with the interest rate it’s 3 and 3.75 as opposed to three point nine nine for the fha your total monthly payment is just

Fifteen hundred and nineteen dollars was a total cash to close of less than twenty two thousand dollars that’s the conventional scenario with $25,000 in home improvements so what we’re saying is bring us a bid from a contractor that bid if that bid is $25,000 this is what your down payment closing cost and monthly payments going to be if you want to do some extra

See also  Should You Get A Mortgage From A Bank Or A Mortgage Broker?

Work perhaps and i didn’t see a garage there perhaps build a garage in the back and let’s say that increases your bid up to $50,000 your down payment and closing costs is less than $24,000 to close and your total monthly payment is about 1664 so this works for any property that you see out there this is not just for this particular property and again we’re trying

To educate the real estate professionals there is financing available for homes like this that are in disrepair where there is no kitchen or bathroom or the roof leaks or the windows are broken it doesn’t matter what condition the properties in we can finance it and we can give the new buyer the new homeowner the money that it needs to get that house fixed up dialed

In and customize the way they want it i’m skip shanker and if you want to reach me you can reach me here on my toll free number 838 five three five zero three i’m with loan depot and also i would love for you to go to my youtube page my youtube page is where is it it it’s ready for remodel where you can buy fixer homes for with fixer loans and subscribe like and

Share these videos so we can help spread the word that you can get financing for fixer homes with a small down payment and get all the money you need to remodel it the way you want so you can thrive in your new house i’m skip shanker until the next ready for remodel be safe out there

Transcribed from video
Ready4Remodel – Sacramento, CA By Ready4Remodel