Renovation Loans with the Fixer Upper Cocktail

Are you having a hard time finding the perfect house that is fitting all of your wants and needs? What about a renovation loan? Find a house that has the potential to be your dream home and renovate it to make it everything you are dreaming of!!

Another episode of mortgages and mixology here it’s all the gm mortgages welcome to another episode of mixology and mortgages with the hatch man so today i want to talk renovation loans this question comes up a lot and the cool thing is with renovation loans you can use these to purchase a house just a absolute piece of house that is in really bad shape even an

Fha loan and when it comes to refinancing if your house is in bad shape you’re worried about appraisal or equity this is a great option for you renovation loan i’ve done videos on this on the past but i want to dive a little bit deeper into the gist of the renovation loan so let’s talk about buying first right in this market right now it’s tougher to find a home

You find a move-in ready house especially as a first-time homebuyer you’re either going to be paying a higher dollar amount probably than you planned on or you’re going to be up against you know six or seven or 20 other people trying to buy the same house whereas a lot of these homes that are maybe are in tougher shape or older homes that have been on the market

For a long time nobody wants take a look at those ones because you one you can get them at a little bit lower of a price if it’s the area that you’re looking for location is everything guys so these cheaper homes that are getting passed over they’ve been on market for a long time they have a lot of projects that not the average person wants to take on maybe you

Don’t even want to take them on maybe you’re not the type of person that knows how to fix stuff up that’s okay the renovation loan utilizes a contractor they’re going to go in there and they’re going to fix the house and make it your own even if you don’t have a vision you can hire people that will help you with that stuff give me a call i can show you kind of

What to look for with with houses when it comes to like where they’re located the good the bad all of that good stuff you can really get a deal on these fixer-upper homes and the cool part is the cost of the renovation let’s say it’s going to cost 50 grand to fix this house up do you have 50 grand if you do great if not renovation loan could be a good option for

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You because what we can do is we can take that renovation cost and finance it into the loan so what we do is we take the base price of the house we add the total estimated cost of the renovation then that gives us a new final price and your down payment is based off of that so you can do an fha loan on these guys as little as three and a half percent down or a

Conventional loan with as little as three percent down off of that base price plus renovation cost now here’s where it gets cool when we go to appraise this house and again realtors out there if you are concerned about a home appraising due to issues where maybe the roofs caving in or foundation issues you know that this thing is not going to pass appraisal this

Could be a great opportunity to talk about the fha renovation loan the 203k or even the conventional one because we don’t need it to pass in fact when we order the appraisal it’s going to come back subject to meaning it’s not an as is appraisal the value is going to be the value of the home with the cost of the renovations done to it if you can buy a house at

Let’s say 250 grand you throw 50 000 into renovations in it that’s 300 000 investment right that value is probably gonna be closer to like 350 400 depending on the home the location all of that good stuff again this is an opportunity for you to get in and find that little diamond in the rough that not everyone else might be looking for so you can get a chance to

Sneak in get the home of your dreams it’s going to take a little bit longer because obviously there’s construction there’s things that go into it but with a renovation loan you get the added benefit of a specialist that’s going to go in there and ensure that the contractor gets their job done on time and on budget this is a great opportunity for you home buyers

Out there maybe looking to get a fixer-upper but don’t really know want to do all the work and don’t have the money for the renovations great option this option is also good if you’re a current homeowner maybe your home is in a little bit disarray and you’re worried about you know we talked about cash out refinancing when it comes to using the existing equity in

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Your home if you know that equity is not there maybe you just bought the house a year ago and it needs a lot of work same thing we can order that appraisal showing what we’re going to do to it and that’s going to give us the future value the value on that appraisal is going to be based off of what it will be worth after we do all of those renovations really cool

Product i’m a huge fan of the renovation loan this is available for fha conventional and even va maybe you’re a disabled veteran or you know a disabled veteran they’re gonna have to do renovations to the home so that it can be livable for them shower bars wheelchair ramps things like that va renovation loan is fantastic for that because again 100 financing on those

Bad boys i’m a huge advocate for the renovation loan i think it’s a very underutilized product you need help walking through how it works or if you need advice on you know who to go to for a contractor let me know and i’d be happy to help now let’s get into the cocktail this cocktail i literally just made up about 20 minutes ago i have never had it i’ve never made

It i’m calling it the fixer-upper because we’re talking renovation loans this is going to be my fixer-upper it’s going to have a little bit of sweet and a little bit of heat i’m a big foodie i love food when i’m trying new things i’m a huge fan of sweet and heat i feel like when you can combine those two elements of sweetness and a little bit of spiciness that’s

Where the magic happens so that was my inspiration for this cocktail today if you’ve ever gone through a renovation or if you built a house there’s some sweet moments but there’s some scary moments where you feel like quitting as well so when you can bring it all together that’s when the magic happens so let’s let’s get to it i don’t think i’ve made a mescal one

Yet if you’ve ever had an escal it’s uh it’s fantastic kind of like a smokier version of tequila this one is made by dos hombres the mezcal of aaron paul and brian cranston from breaking bad you got to check out their instagram they talk about this thing all the time but it’s actually really good it’s a hove in the skull it means it’s a younger a younger one it’s

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Not an age two ounces of the del sombras mezcal there is one and two ounces okay we’ve never had the skull guys i don’t know there’s people who love it people that hate it i love it then we’re gonna get some of this luxardo cherry liqueur whatever any sort of cherry liqueur would be fine i’ll use a half ounce of this and then uh grand marnier which of course

Is a orange liqueur half ounce of that so we’ve got two sweet elements here with that smoky mascara then finally i don’t know if you guys ever heard of this this is called the ancho reyes chile liqueur so this is a chili flavored liqueur it is a spicy liqueur which i know sounds a little weird but again when we bring it with the sweet and smoky it’s gonna come

Together at least i hope so because i’ve never actually made this oh that smells good and another half ounce of enchoreas we’re gonna get half a lime in there we’re gonna get a little smoky flavor again in here so get the torch get the wood we’re gonna use uh hickory this time so a little bit of hickory smoke okay that’s gonna get our glass nice and smoky

And then we’re going to rim that glass with a smoked salt so i don’t know if you can see this here we have salt that has been smoked so we got smoke we got sweet we got heat we got lime it’s gonna be good i’m excited for this one we need to uh rim this guy so there we go got a little bit of smoke in there and then we’re gonna get our smoked salt on the rim of the

Glass okay oh that’s cool looking then we’re gonna get one large ice cube barely fits in there now we’ll shake this okay we’re gonna double strain this into our smoky glass with the big ice cube look at that that is beautiful and this one actually hang on so instead of a fresh lime we’re gonna go ahead and use one of these dried limes i feel like it’s a little

Bit more rusted there you have it guys the fixer upper a mescata cocktail hope you found this enjoyable fun informative tell your friends and as always cheers i

Transcribed from video
Renovation Loans with the "Fixer Upper" Cocktail By HatchManLoans