Lately we've had a ton of Dallas properties that have had amazing transformations. So we're bringing you one more Dallas Turnkey Transformation this month that is quite the fixer upper. From a new roof to tearing off the back addition of the property, this house got an extreme makeover with the help of our Dallas renovations team.Plus find out how the buyers for this turnkey property purchased this and 3 other homes all within the last year.
With 169 days to complete this renovation and a $50,000 budget for this project, our team did a great job making this house look new again. There were obvious signs of neglect when it came to the exterior of the property, with garbage inside and out and overgrown landscaping. On the back side of the home, there was a dilapidated, illegal addition that was literally falling off of the house. Rotten wood and an unsecured roof made it an easy decision to remove the space that was being used as a den and turn it into a back patio.
The clients for this Turnkey Transformation have bought four homes total with Memphis Invest within the last year, all using conventional financing. There's a variety of purchase methods investors may use for their turnkey properties, depending on the type of capital they have available, and their financial goals. Conventional financing follows the guidelines of Freddie Mac or Fannie Mae and is not backed or insured by the federal government. Typically with conventional financing, the standard loan down payment is anywhere between 20-30% of the home's purchase price, depending on the lender requirements and the buyers' preference.
Your credit score and credit history will help determine your eligibility for a conventional loan, and these items can also dictate what kind of interest rate will be applied to the home's mortgage. Additional factors that can effect your interest rate can be things like home location, purchase price, loan amount, loan term, and rate type (fixed or adjusted rate). Lenders typically look at income and assets to ensure that the borrower can afford not only their existing mortgage(s) if applicable, but also the monthly loan payments for the property they are wanting to acquire.
In fact, many investors are unaware that it's possible to hold up to 10 conventional loans under their name when investing in real estate. (Of course your eligibility depends on your lender's requirements and your financial standing). Its actually not uncommon for couples and business partners to apply for conventional loans individually so that they can acquire even more properties over time together.
Ultimately, when investing in turnkey real estate, it's up to the investor to decide the best purchase method for their situation, but our team of licensed real estate portfolio advisors help clients all the time choose the best option for their needs. If you have questions regarding turnkey investing, or financing a turnkey purchase, give our team a call today (877) 371-2625.
About this Transformation:
The investor for this property is a client with Memphis Invest from California, andThis property was renovated for our Memphis Invest client, here's more info about the house:
- 3 bedrooms, 2 baths
- 1,400 sq. ft.
- House was Built in 1983
- Installed New Hot Water Heater
- Installed New Air Handler
- Installed New AC
- Updated Electrical Panel
- Installed New Roof
- Installed New Garage Motor
- Repair Existing Garage Door
- Installed New Dishwasher
- HVAC, Plumbing and Electrical repairs as recommended by licensed contractors.
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