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Should You Invest In Good Carpet Padding To Flip A House?

You’ve got your eye on a potential investment property. You’re creating your budget. You want to cut some corners. Should you get cheap carpet padding?

Most investors find that a good carpet padding increases buyer interest even more than a good carpet would. Good padding can absolutely help you flip a house. Buyers assume that if you’re willing to invest in a quality padding, the home must have quality products everywhere. You can even go with a cheaper carpet if you choose a better padding. It wouldn’t even be deceptive. Quality padding can help even low grade padding last longer. The good padding can help carpet absorb the impact from traffic from below.

Plus, the feeling of nice carpet padding beneath a buyer’s feet goes a long way. It absolutely goes further than the same cost investment on a higher quality carpet. Keep in mind that residential carpet should have a minimum six-pound density rating, but many prefer an eight-pound padding. You can install up to half-inch carpet padding beneath cut pile carpet. Still, for berber carpet, you should keep it under 3/8 inch thickness.
Tip: If installing carpet padding yourself, don’t forget to cover all seams with seam tape!
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for […]

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    If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If you don’t have all the funds you will need for your real estate project, be that flipping a house or renovating a potential rental property, don’t take that risk. That’s a gamble that could end up with you in a really bad situation. If you want to start a real estate project, be sure to start with more debt or more funds than you think you will need. That’s right, always starts with a loan for more than what you think you will need to complete the project.

See, it’s easier to get initial funding than subsequent funding. If something comes up and you don’t have the funds to cover it, your entire project could stall, and then fall apart. You don’t want to spend countless hours and resources only to lose all of your work in the eleventh hour. It’s not unheard of for someone to get 90% finished on a real estate project and then lose everything. Why? Because they tapped out of funds. Don’t learn the hard way. Take our word for it. Never start a real estate rehab project unless you have all of the money that you will need to finish the job.

 
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use […]

  • How to find a qualified skilled tradesman near me.
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    Clever Way To Find A Good Tradesman For Jobs You Don’t Want To Handle

Clever Way To Find A Good Tradesman For Jobs You Don’t Want To Handle

Tired of skewed social media reviews leading you to unskilled skilled tradesman? Let’s face it, people have friends and family more than willing to give skilled tradesmen and other contractors stellar reviews. Here’s one way to get the real scoop on skilled tradesmen like plumbers, HVAC technicians, and electricians.

Go to where they buy their materials.
Good Skilled Tradesmen Rarely Only Shop The Big Box Stores
It’s true. Though skilled tradesmen often have to stop by big box stores like Lowes and Home Depot, they generally buy their materials from local suppliers. They go to these suppliers because they usually get better prices, better materials, and better service. These local suppliers often know the skilled tradesman by name. They sometimes even know their history. Often, they know how busy they are. Plus, they usually know what type of supplies they purchase. A skilled tradesman who uses sub-par materials isn’t for you, if you’re looking for a good person for the job.

So, head on up to your local supply store. Introduce yourself and explain the job you need help with. Then, ask them who they recommend. Now, sometimes they have policies against recommending contractors. Of course, that doesn’t mean they won’t. Still, if they won’t give out names, ask them in a different way. Tell them that you want referrals about their products and ask them the names of their bigger clients instead. They will know that you’re simply rephrasing the same question so that they don’t have to break policy and likely give you your answer!
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the […]

  • How to expose brick to save money.
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    Tips For Exposing An Internal Brick Beneath Plaster And Laths

Tips For Exposing An Internal Brick Beneath Plaster And Laths

Some house flippers remove plaster and lath walls to expose the gorgeous, vintage brick beneath. Here’s the truth though: It’s often easier to remove plaster and lath walls than it is to repair them. So, if lovely brick is hidden by old, damaged plaster and lath walls, the choice is obvious. Exposing the brick will save money on materials and plenty of time. Framing old walls that have settled and shifted is a pain. Taping, mudding and painting just adds extensive man hours to a house flipping project.

Costs involved in removing plaster and lath walls pretty much only include permits, demo tools, garbage bags, a dumpster, and respiratory masks. If you’re flipping a house, those things will be needed anyway. Extra costs include brick cleaning materials and tools, of course. You’ll also need to invest in some brick sealant.
Tip #1
Don’t just smash through the walls. Not only will the plaster crumble in pieces, but the laths will break into all sizes. It will be much harder to keep your dumpster organized and stay safe.
Tip #2
Remove the plaster/sheetrock first. Leave the wooden laths. When you do it this way, it’s easier to clean and the laths often come off in whole pieces.
Tip #3
Once you’ve removed everything and cleaned up your demo debris, you can begin cleaning the brick. That’s much easier than many people expect. To remove cobwebs and dirt, use a stiff bristle brush.

If you notice stains, make sure to clean them with a mild stain remover or detergent made for masonry.  If you don’t remove the stains, they will be even more obvious once you seal the brick. Then, let the brick and mortar dry completely.
Tip #4
After cleaning and drying, you will want […]

Can I Use A USDA Loan To Flip A House?

Requirements for USDA Loans are pretty set in stone. Though income limits will vary based on the location of the property, other rules do not vary. Unfortunately for people hoping to qualify for a USDA loan in order to flip a house, these loans can’t be used to purchase an income producing property, and they only apply to owner occupied properties. So, if you want to use a USDA loan, it will need to be used for your permanent residence. You also have to be a U.S. citizen or a permanent resident.

So, if you already have your own home, and you’d like to purchase a property to fix-up and quickly sell, a USDA loan won’t serve that purpose. You also can’t use them to buy a house to rent to others.

These loans exist to help people find safe and sanitary housing. They help people purchase their residential homes in rural America. They are intended for people with low to moderate income. Some USDA loans even accept buyers with poor credit. Home buyers with poor credit simply face manual underwriting. USDA loans are great for the purpose they serve, but people interested in making a quick profit need not apply.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan […]

  • Which color for front door to sell a house.
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    How A Can Of Paint For The Front Door Can Increase Sale Price By $1,500

How A Can Of Paint For The Front Door Can Increase Sale Price By $1,500

If you earn money flipping houses, every upgrade needs to increase the sale value of your investment. You know you need to paint the front door, because it’s weathered looking. But do you know what color to paint it to get the most money from the sale of the house? We do.

Zillow analyzed thousands of photos from residential property sales. It looked at specific colors and specific locations on the houses that increased or decreased the average sale price, and by how much. Color makes a huge impact on buyers. Even though it would be easy for the buyer to paint a front door themselves, for example, they don’t necessarily have that ability to envision it. They might not even know what they don’t like about the new house you just renovated. Maybe it just doesn’t stand out.

It turns out that if you paint the front door of the house you’re flipping a shade of navy blue, dark grey or charcoal, you could drastically increase the sale price for such a minor cost investment. Doors painted these colors on average see a boost of $1,514 added to the sale price of the house.
What About Metal Front Doors?
If you need to turn a drab white metal door a lovely shade of charcoal, here are some tips:

Use an angled brush and paint the recessed panel areas and then let them dry completely (at least 45 minutes).
Use the grey primer formula to lessen the number of coats of charcoal paint you’ll need to apply.
Paint from the top down.
Oil-based paints may take longer to dry, but are great for use on metals that rust. Typically, water-based paints are best for exterior use though. If you […]

What You Need To Know About Note Purchases

Smart investors often make an extreme profit by investing in promissory notes. See, a note purchase means the purchaser is buying a lender’s promissory note instead of the actual property. The foreclosure process can be expensive in time and money for financial institutions. When a loan under-performs, these institutions are often willing to sell them at a discount. Note purchases are a risky business though. Legal counsel is strongly advised for all note purchases.

Again, when an investor purchases a promissory note, the buyer buys a lien right from a lender. This means, the buyer can’t actually possess the property. Consequently, the buyer often can’t have the property inspected. The property is generally occupied by the original borrower.

Now, this is important: If the borrower can’t repay the loan, the buyer will then have to go through the lengthy foreclosure process that the first financial institution was trying to avoid.

Now, here’s the deal. These can work, especially if the buyer is able to reduce the borrower’s monthly payment. The buyer will also have to make a profit, of course. So, a low-priced note means all the difference.

Investors purchasing a promissory note can view a foreclosure like a landlord views a tenant eviction. Well, except that a foreclosure is far more expensive and time consuming. Foreclosures usually require lawyer and trustee fees upfront.  The potential for having to foreclose on a borrower is the main reason so many investors shy away from note purchases.

Thankfully, there are many ways to invest in real estate.

Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.
Are You Looking for […]

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    Are You Sure You Want To Pay Retail Price For A New Sink From A Big Box Store?

Are You Sure You Want To Pay Retail Price For A New Sink From A Big Box Store?

Don’t pay retail price for a kitchen sink when like-new used sinks, sinks from competitively priced online specialty shops, and salvaged sinks save you bundles. Look, if you’re flipping a house, a gorgeous kitchen sink makes a real difference. That doesn’t mean you should pay full price for the sink though. You also don’t have to spend time and gas money hoping for a great find at a Habitat for Humanity store. The online market offers sink basins in remarkable shape at a serious discount.

 

Used Farmhouse Stainless Steel Sinks On Amazon

If you buy a new Kraus farmhouse stainless steel sink basin, you’ll pay between $400-$480 for a brand new, handcrafted premium 16 gauge T-304. The extra-deep basin, clean lines and apron front compliments any décor. This sink creates a dramatic kitchen focal point buyers love.  This same sink costs under $300 on Amazon used. It ships repackaged in excellent condition. The buyer won’t know you saved a bunch of money. If you flip multiple houses, one to two hundred dollars can add up to thousands saved quickly.

Vintage Sinks From Specialty Online Stores

Online specialty stores sometimes offer amazing reductions from retail prices on kitchen sinks. Some online specialty stores earn their big bucks from glorious vintage tub basins, but they slash the prices of items like kitchen sinks.

For example, Vintage Tub & Bath, offers free shipping on orders over $50. It’s been in the industry for decades, but it’s a smaller shop located in Pennsylvania. You could save hundreds on a Randolph Morris fireclay apron farmhouse sink. Sinks like these are even hotter with buyers than the gorgeous stainless steel sinks. This high quality sink would cost you several hundred dollars, but for less […]

What is Home Staging?

If you’re selling a flipped house, whether you’ve already gotten a hard money loan or you’re just thinking about branching out and making an investment, you always need to look at the big picture – and part of that is considering home staging.
What is Home Staging?
Home staging is the act of setting up a house you’re trying to sell so it’s as appealing as possible to potential buyers. You want buyers to walk in and envision themselves living there – and to do that, the house has to be (at bare minimum) spotlessly clean.

You’re a house-flipper, so you don’t necessarily have to declutter or add furnishings (although homes with furnishings generally sell faster than those without).

But you do need to make sure it’s clean.

That probably means hiring a professional cleaning service – one that specializes in new construction or move-in cleanings.
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

 

What is the 70% Rule in Real Estate Investing?

If you’re interested in flipping houses, you’ve probably heard of the 70 Percent Rule – but what is it, and how does it apply to you?
What is the 70% Rule?
The 70 Percent Rule is a pretty common term among real estate investors. It refers to a way to determine what price you should pay for a house and the costs of rehabbing it in order to make money.

Typically, under this “rule,” an investor should pay about 70 percent of the house’s ARV, or after-repaired value) of a property, minus the repairs.

Let’s say a house’s ARV is $150,000. It needs $25,000 in repairs. Under the 70 Percent Rule, an investor should only pay about $80,000 for the house.

Here’s the math:
$150,000 x 0.70 – $105,000

$105,000 – $25,000 – $80,000
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

 

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